Only 7% of Americans use cryptocurrencies and 70% of trading on exchanges takes place in pairs with USDT

Poll: only 7% of Americans use cryptocurrencies

According to a survey by Statista, 7% of US residents have used or owned cryptocurrency.

According to Dan Tapiero, co-founder of 10T Holdings, bitcoin is still at the “birth” stage.

“It’s still so early for bitcoin. Still at the birth of a new global asset class,” was the businessman’s comment on the survey results.

Statistica data show that in only six countries, more than 10% of the population uses digital currencies. The leaders are Nigeria (32%), Vietnam (21%) and South Africa (17%). Tapiero pointed out that the survey did not cover all countries in the world. For example, South Korea, in his opinion, should occupy high positions in the list, but it did not participate in the survey.

70% of trading on exchanges takes place in pairs with USDT

Today, about 70% of the trading volume on exchanges is carried out in pairs with Tether (USDT), 15% — in pairs with Bitcoin, another 4% — in pairs with other stablecoins, according to The Block Research resource.

For comparison, in the first quarter of 2017, bitcoin pairs accounted for almost 50% of the turnover, USDT accounted for only 5%, and pairs with the dollar — about 40% of the trading volume.

One of the reasons is the decline in the dominance of the BitMEX derivatives exchange. According to The Block Research analyst Larry Cermak, BitMEX accepts only bitcoins as collateral, and the dominance of the exchange in 2017 contributed to the leadership of bitcoin as an underlying asset. Now competitors including OKEx, Huobi and Binance are taking market share from BitMEX — all of these sites support Tether as a collateral instrument.