Trends, tendencies, and public attitude towards crypto trading: the analysis of Gemini’s 2021 report

Trends, tendencies, and public attitude towards crypto trading: the analysis of Gemini’s 2021 report

Cryptocurrencies are a relatively young phenomenon that has not yet become familiar to most people around the world. Similarly, the attitude of the general public to this type of currency has not been fully formed. In recent years, it has undergone a transformational stage which, however, has steadily led to a more enthusiastic perception of cryptocurrencies as an integral part of the global financial system.

To determine the dynamics of human attitudes toward cryptocurrencies and other human-related aspects of the field, stakeholders regularly conduct surveys and other sociological activities in which they learn the public’s position on specific issues. The 2021 report by Gemini, prepared based on the answers from more than 3,000 people and written on 16 pages, contains a number of interesting findings on the human attitude to cryptocurrencies and the main trends that characterize this area.

One of the most noticeable trends in the field of cryptocurrencies identified by the report was the gender dynamics of its development. At present, the number of cryptocurrency carriers in the United States alone is more than twenty million people. At the same time, the gender composition of cryptocurrency carriers is very disproportionate. Men make up the dominant majority in this category. They constitute over 74% of all cryptocurrency holders. In turn, the proportion of women among these people is slightly more than a quarter, equal to 26%. These data identify a worrisome trend in which cryptocurrency trading is beginning to seem like a “boy’s game.”

Based on the report’s data, it is impossible to clearly identify the reasons why such a strange gender dynamic exists in cryptocurrency trading. However, we can speculate on this issue. Thus, experts note that the primary dominance of the industry by men has played a key role in shaping the demographic proportions among crypto-holders. Also, some other specialists identify different approaches to risk-taking as the reason why the volatile and unstable field of cryptocurrency attracts more men than women.

At the same time, in addition to the unsatisfactory status quo, in terms of gender relations, the report also identifies positive trends that may occur in the future. Thus, the document introduces such a new category as “crypto-curious” citizens. These are people who are not yet carriers of cryptocurrency but are already showing interest in it, having a high chance of becoming real crypto investors in the future. In turn, according to the respondents, the dominant majority of such people are female. Therefore, if all crypto-curious citizens realize their potential and allow their interests to manifest themselves, the proportions between men and women among crypto-holders will definitely improve in favor of the latter.

Another area of information that the report directly touched on was human sentiments about different types of cryptocurrencies. It is no secret that, throughout the existence of the crypto market, Bitcoins have enjoyed complete and irrefutable dominance within it. Moreover, Bitcoin is also known among those people who are not involved in cryptocurrency trading. Thus, according to existing statistics, more than 90% of Americans are aware of the existence of Bitcoin, even if not all of them can explain the mechanisms by which cryptocurrencies are traded.

Meanwhile, the same cannot be said of other cryptocurrencies. Thus, crypto investors know that Ethereum is the second most popular cryptocurrency in the world, right after Bitcoin. However, outside of enthusiasts interested in news and trends in this field, less than 40% of the general population has heard of its existence. Most other cryptocurrencies, even those whose markets cover hundreds of millions of dollars, are unrecognizable to most people. Their levels of recognition rarely exceed 10%.

This situation identifies that people in America and beyond need additional cryptocurrency education. Given that cryptocurrencies have a high chance of becoming one of the most influential factors that will determine the development of the economies of the future, people should at least understand the basics of this concept. Fortunately, today, anyone has access to general information about cryptocurrencies (as well as other trading processes) through specialized platforms such as evotrade.com. It is possible that in the future, the insights that such companies share will become much more exclusive than they are today. However, as long as such information is free and available to all, people should take this opportunity.

Considering all the above, today, crypto trading is characterized by a number of specific features and trends that could significantly change this industry in the future. Changes in gender dynamics, increasing the visibility of cryptocurrencies among citizens, and other similar processes provide significant opportunities for people who will be able to properly use these processes to their advantage. This situation once again demonstrates that such a young and emerging field as operations with cryptocurrencies can take a variety of turns, and knowledge of the main trends that characterize it give people a clear advantage over those who navigate it blindly.

John Norwood
John Norwood is best known as a technology journalist, currently at Ziddu where he focuses on tech startups, companies, and products.