Meet the typical American crypto owner: A millennial who voted for Biden and earns over $50,000

December 9, 2021, 8:03 PM UTC

The popularity of cryptocurrencies has seemingly exploded in the past year. So much so that now one in five Americans owns some form of cryptocurrency, including ​​Bitcoin, Dogecoin, Ethereum, and Ripple. 

But most of the ownership is concentrated among younger, college-educated Americans earning more than $50,000 a year, according to a new survey of more than 2,000 U.S. registered voters commissioned by venture capital firm Andreessen Horowitz and conducted by Morning Consult from Dec. 1 to Dec. 3.

About 45% of crypto owners are millennials, born between 1980 and 1996, according to the survey. And more men than women are currently invested. Over half, 55%, have a college or post-college degree, and nearly as many, 53%, earn over $50,000; a third of crypto owners earn over $100,000. 

One in five crypto owners is Black, and 27% are Hispanic, compared with 19% who identify as white. In fact, according to the Morning Consult breakout, Black and Hispanic Americans are far more open to using a wide range of crypto services than the general public. Additionally, Black adults are more likely to invest in a celebrity-endorsed cryptocurrency. 

Crypto owners also lean more liberal than conservative in their politics. Most swung for Democrats in the last presidential election: 61% say they voted for Joe Biden, while 32% reported voting for Donald Trump, according to the survey. 

The results of the Andreessen Horowitz survey mostly square with previous polling done by Pew Research, which found about 16% of Americans have invested, traded, or used cryptocurrencies in a survey conducted in September. 

Yet, despite many Americans jumping into the space, crypto remains a volatile investing class. Earlier in the week, Bitcoin, Ether, and Shiba Inu were experiencing a slump following last weekend’s flash crash

Money managers actually named crypto as the top contender for a major correction next year, and three out of four say the tokens are not an appropriate investment vehicle for the average retail investor, according to a recent survey done for Natixis Investment Managers.

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