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Cryptocurrency adoption has increased remarkably over the past year, driven by European customers, and younger generations. according to a new survey commissioned by Gemini. Positive developments, including the launch of US cryptocurrency exchange-traded funds (ETFs) and pro-crypto policies from the Trump administration, have also contributed to rising confidence and interest in digital assets, the study found.
Conducted in H1 2025, the research polled more than 7,200 consumers in the US, the UK, France, Italy, Singapore, and Australia. It sought to assess the level of awareness of cryptocurrencies, motivations for owning and trading cryptocurrencies, general attitudes towards cryptocurrencies, and opinions on recent industry developments.
Europe leads in crypto ownership growth
The survey found that although crypto ownership increased across all studied geographies in 2025, growth was the strongest in Europe. In the UK, crypto ownership rose 6 points year-over-year (YoY), reaching 25% in 2025. France also recorded a significant gain of 3 points YoY, climbing to 21%.
Growth was more modest in Singapore and the US, with increases of 2 and 1 points, respectively. Nevertheless, these two countries remain among the global leaders in crypto adoption, with ownership rates of 28% in Singapore and 22% in the US in 2025.
YoY ownership percentage in crypto, Source: 2025 State of Crypto Report, Gemini, May 2025qYoY ownership percentage in crypto, Source: 2025 State of Crypto Report, Gemini, May 2025 Gen Z and Millennials dominate crypto investment
Unsurprisingly, the study found that crypto ownership is significantly higher among younger demographics. Among respondents aged 18 to 44, 52% of Millennials and 48% of Gen Z reported owning or having previously owned cryptocurrency. That’s significantly higher than the general global population, at 35%.
In contrast, Gen X and Boomer respondents, aged 45 to 70, recorded significantly lower rates of owning or previously owning crypto, at 26% and 11%, respectively.
Percentage of owners versus past owners versus non-owners by generation, Source: 2025 State of Crypto Report, Gemini, May 2025 Memecoins drive broader crypto adoption
The report also highlights the role memecoins have played in attracting new investors, with many users beginning with these cryptocurrencies before moving into more established ones such as bitcoin or ether.
In the US, 31% of investors who now own both memecoins and traditional cryptocurrencies reported that they purchased their memecoins first. Similar patterns were seen in Australia (28%), the UK (28%), Singapore (23%), Italy (22%), and France (19%). However, globally, 94% of memecoin owners also own other types of crypto, suggesting that memecoins mostly serve as a first step into broader digital asset investment.
The study found that overall, France led in memecoin adoption, with 67% of crypto investors owning memecoins. France was followed by Singapore (59%), Italy (58%), the UK (57%), the US (55%), and Australia (45%).
Memecoins have drawn significant trading volume over the past year. The category’s total market capitalization currently stands at US$62 billion, with daily trading volume stands at US$8.5 billion now amounting to about US$8.5 billion, according to data from CoinMarketCap. Dogecoin dominates the category with a market capitalization of US$28.5 billion, followed by Shiba Inu at US$7.6 billion, and Pepe at US$5.3 billion.
Percentage of crypto owners who allocate at least half of their assets to memecoins, Source: 2025 State of Crypto Report, Gemini, May 2025 Spot crypto ETFs continue to gain market share
The research also highlights the growing popularity of spot crypto ETFs. In the US, 39% of crypto owners reported investing in a crypto ETF, up from 37% in 2024. These products have also become popular in Italy (47%), the UK (41%), Singapore (40%), Australia (38%), and France (32%).
Spot crypto ETFs were first launched in the US in January 2024, marking a major milestone for the sector. These instruments, which are traded on traditional bourses, allow investors to gain direct exposure to cryptocurrencies through a regulated investment vehicle, making it easier for traditional investors and institutions to enter the crypto market without needing to manage wallets or use exchanges directly.
Since their introduction, spot crypto ETFs have attracted billions in inflows. Within the first month of trading, daily trading volume totaled nearly US$8 billion, marking a 63.8% increase from their first day of trading, and demonstrating strong investor interest.
Percentage of people who bought crypto in an ETF in the US versus a wallet versus both, Source: 2025 State of Crypto Report, Gemini, May 2025 Trump administration’s support sparks confidence
Another key driver of crypto adoption outlined in the Gemini report is the pro-crypto stance of the Trump administration. According to the survey, nearly a quarter (23%) of non-crypto owners in the US said President Trump launching a Strategic Bitcoin Reserve increased their confidence in the value of cryptocurrency, a sentiment that was echoed globally by non-owner respondents in the UK (21%) and Singapore (19%).
Percentage of non-owners who said the Strategic Bitcoin Reserve make them more confident in the value of crypto, Source: 2025 State of Crypto Report, Gemini, May 2025
President Trump has pledged to support digital assets, with initiatives including the establishment of a Strategic Bitcoin Reserve and a US Digital Asset Stockpile, the appointment of crypto-friendly regulators, and backing for proposed legislation on stablecoins and digital assets. The President has also embraced the memecoin frenzy, having launched the $Trump and $Melania crypto-tokens.
Featured image: Edited by Fintech News Switzerland, based on image by thanyakij-12 via Freepik
