Crypto is second most popular savings tool in US

Cryptocurrencies now constitute 17% of consumer savings in 2023, placing them as the second most favoured savings method in the United States, according to an analysis by Stocklytics.com.

This emerging trend underscores the widespread adoption and utilisation of digital assets, the uncertainty over crypto’s future is clearing up.

Although digital assets lag behind savings accounts by over 30%, their lead over other saved assets, such as real estate and gold must be recognised.  Crypto had an impressive 8% lead over gold and a marginal 2% lead over real estate.

“The expanding portfolio numbers serve as evidence of the escalating interest and momentum surrounding digital assets,” explained financial analyst Edith Reads.

Challenge to cash assets

“The ascendancy of cryptocurrencies is on the rise and may eventually pose a challenge to our reliance on traditional cash assets in the future.”

The Stocklytics analyst said that undoubtedly, the crypto space is at the centre of unprecedented growth, with experts predicting further progression in the coming years.

It is projected to have a revenue of up to $23.2 bln in 2024 and a whopping $32.9 bln by 2028, with a CAGR of nearly 10%.

The impending growth of the crypto domain is the ideal magnet for users seeking high returns. Therefore, the increased savings in the US are only the beginning of the revolutionary journey of this digital asset.