Are Web3 Wallets Just for the Wealthy? New Data Says Yes
Key Takeaways
- Americans earning over $100,000 are 3x more likely to own a self-custody wallet than those earning $40,000 or less.
- Usability and confidence are the top pain points for Web3 wallet adoption.
- Just one in four U.S. adults thinks Web3 wallets are easy to set up.
Amongst crypto wallet users, there’s a growing divide between the wealthy, who are three times more likely to use a Web3 wallet, and the average person, who stands to benefit the most from the amazing features they offer.
Is it a matter of wealth, lifestyle, culture, or something else?
CCN speaks with Petr Kozyakov, co-founder and CEO of Mercuryo, a Web3 payments firm that recently published an insightful report on crypto wallet ownership.
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Crypto Wallet Inequality
The report , which dives into the crypto wallet ownership, attitudes, sentiment, and economic status, found that just 12% of U.S. adults are using self-custody wallets.
Arguably, this places them into a niche category of adopters.
According to Kozyakov, it’s not a sign that the tech is being rejected, but a sign that ”
many people just don’t yet see where they (Web3 wallets) fit in their financial lives.”
Noting the 16% of Americans who have seen a crypto wallet used in real life, he adds that “visibility and familiarity are powerful trust signals.”
Kozyakov reiterates that it’s not a matter of people being disinterested in self-custody, it’s just that people are yet to see simple, safe, secure use cases that “feel relevant to them.”
But this fails to address the elephant in the room.
Mercuryo’s report found that Americans earning $100,000 or more were three times more likely to own a self-custody wallet compared to those earning under $40,000.
“It’s a paradox. The groups that stand to benefit most from tools such as Web3 wallets that can help enhance financial autonomy appear to be the least likely to access them.”
Kozyakov explains that crypto is now at risk of repeating the same inequality patterns seen in traditional finance.
“The message for the industry is clear in our opinion; if tools such as non-custodial wallets are meant to empower people, they have to be designed in a way that makes their use intuitive and accessible to all.“
Despite the low ownership numbers, around a quarter of Mercuryo’s survey respondents believe that Web3 wallets offer a “meaningful benefit” over other digital wallets.
Kozyakov says that people “see the point” of financial independence as they can engage wth DeFi, tokenized assets, and ultimately, conduct economic activities without banks and intermediaries.
“For these users, ‘meaningful’ means control, transparency, and global reach. But for the majority, those benefits can still feel abstract.“
Now, he says, the next challenge is turning this autonomy into everyday convenience, and actively showing how Web3 wallets can make transfers, saving, and earning, “a little simpler, thereby enhancing levels of financial freedom.”
Leaps of Faith
So, if the everyday user stands to benefit so much from the nifty features, solutions, and tools that Web3 wallets can offer, what’s holding them back?
Kozyakov says that usability and confidence are the top barriers to entry.
He describes a gap between technical and human readiness. The infrastructure of Web3 is “there”, yet there are questions that remain as to whether it’s actually ready for users who “expect things to ‘just work.’”
People aren’t looking for miracles, Kozyakov adds; they want the same level of experience and design that they expect from any traditional financial app or platform they can access today.
“Only around one in four adults believe Web3 wallets are easy to use after setup, and many fear losing funds if they…
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