Who Are Crypto Users and What Do They Do? Now We Know
Back in 2014, researchers were already trying to understand cryptocurrency users by trying to learn more about the crypto community. Via a questionnaire posted on social networks, the University of Illinois Urbana-Champaign tried to gather information about who was using Bitcoin. According to Cointelegraph, although they did gather some data, they found it was “nearly impossible” because the use of Bitcoin was “still not widespread”.
In 2020, this is no longer the case. Nowadays, the crypto community has a lot more of options and solutions to operate with and use their cryptocurrency in their day to day life, such as 2gether, which allows its users to buy, sell, send and spend crypto without fees with its mobile app and the 2gether Visa card.
Based on the data from 2gether’s users in 2019, the collaborative financial platform has created a detailed and comprehensive infographic that shows the average profile of the crypto user in 2020 and their spending behaviors. The study shows data from more than 10,000 users across the eurozone that was gathered from April 2019 to December 2019.
The infographic starts by giving some information on 2gether’s crypto community. Based on 2gether’s data, more than half the platform’s userbase (56%) is 26–45 years old, and 77% of the whole userbase are men. Besides that, 15,64% of users work as “lawyers, accountants or economists”, 8,82% are “senior executives or businessmen” and 11,20% of the users identify as “students”.
Based on that information, 2gether deduces that the average crypto user is a middle-aged male white-collar work with an advanced academic background. This representation of the crypto user is very similar to the one discovered by the research of the University of Illinois Urbana-Champaign, which showed very similar information regarding the gender and the age range of crypto users back in 2014.
After establishing who uses crypto, 2gether moved on to discovering how much euros and crypto were the platform’s users spending with their 2gether cards. 37% of the expenses with the 2gether card are done with crypto, and the average 2gether card user spends around €112,56 worth of cryptocurrency and €132,65 euros per month. These numbers are a statement of how much the use of cryptocurrency has extended in the last few years.
Regarding which are the users’ favorite cryptos to spend, more than half the expenses (51,80%) are done using Bitcoin, followed by 39,28% of the expenses made with Ethereum. However, considering that Bitcoin has a market capitalization that is way higher than Ethereum’s (117,421M against 14,304M), what 2gether’s data actually shows is that ETH has a higher payment use.
After discovering who is spending crypto and how much, the only thing missing to discover is on what are users spending their digital assets. 2gether’s infographic shows that 32,71% of all the crypto spent with the 2gether card was spent at restaurants and hotels, followed by 19,13% of the crypto spent at supermarkets and grocery stores. Compared to the consumption habits of average European citizens who only use euros, these expenses are the fourth most popular ones amongst the mainstream consumers, with house supplies being the most popular expenses.
Nowadays, crypto is way more popular than in 2014, and there are many alternatives that allow users to use their crypto easily and freely, which means that we can gather more data about the crypto community than ever before. This helps companies and society understand better the profile of the average crypto user and observe the changes in the consumption habits of the new generation that will lead the financial revolution.
