Ripple CLO: "Cryptocurrency is Mainstream Finance"...67 Million Americans Already Use It, Is It Still a Niche?

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A diagnosis has emerged that cryptocurrency is moving beyond the periphery of the U.S. financial system and permeating into payment, investment, custody, and financial management infrastructure.

According to crypto media outlet Bitcoinist on May 29 (local time), Ripple's Chief Legal Officer Stuart Alderoty stated in an interview with the New York Stock Exchange on May 28 that cryptocurrencies are gradually being integrated into the everyday financial system of the U.S., rather than existing as a separate financial system. He added that Ripple provides cryptocurrency infrastructure for large and medium-sized enterprises to adopt payment, custody, tokenization, liquidity, and financial management functions, making it a “one-stop shop” for corporate crypto adoption.

Alderoty cited the latest holder report from the National Cryptocurrency Association, where he serves as chairman. The association collaborated with Harris Poll for two consecutive years, surveying 40,000 Americans, and found that 67 million Americans currently hold or use cryptocurrencies. He stated, “We have confirmed that 67 million Americans currently hold or use cryptocurrencies,” adding, “Cryptocurrency is no longer a niche product. We believe it is moving deeper into the mainstream.”

According to the report, 12 million Americans newly entered the cryptocurrency economy in the past year. Alderoty explained that the new influx was not concentrated solely among Silicon Valley engineers, fintech professionals, or early crypto investors, as per old stereotypes. He said, “That growth is coming from women. It's coming from construction workers. It's coming from manufacturing workers.” Bitcoinist also reported that cryptocurrency holders are distributed across states and congressional districts throughout the U.S., not just in specific tech and financial hubs.

Alderoty observed that the boundaries between cryptocurrency and traditional finance are increasingly blurring. He stated, “It's not an either-or choice. It's not a dichotomy of using crypto or using traditional financial services. We are now in a world where we use both, and they are becoming interchangeable and interoperable.” He gave an example of opening the OnePay app at a Walmart checkout and selecting a payment method from cash, debit card, credit card, or cryptocurrency wallet, explaining that crypto payments can be processed seamlessly in the background, much like Apple Pay.

Generational figures also supported the trend of cryptocurrency's integration into the financial sector. According to Alderoty, 18% of new holders are between 18 and 24 years old, and 28% of all holders are over 55. He predicted that although the cryptocurrency industry is young, about 15 years old, Generation Z, Millennials, and Generation X will accept cryptocurrencies as a normal part of the financial product landscape in the future. Alderoty said, “They will not grow up in a world where crypto was not part of the financial product set available to them.”

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