The number of Americans using cryptocurrencies is on the rise.

On Thursday, CNBC released the results of a survey that looked to understand just how many Americans are trading or investing in cryptocurrency. It found that approximately 21% of American adults have used a cryptocurrency in some capacity.

Men reported the highest amount of cryptocurrency involvement with half of the men between the ages of 18 and 49 in the survey saying they dabbled somewhat in cryptocurrency while about 40% of Black Americans said they did so. However, a large majority of respondents said that they did not know enough about digital assets to have an opinion with 56% saying so.

These findings line up with previous studies into Americans' understanding of cryptocurrency and how they use it. What they also highlight is how an increasing number of Americans are beginning to try their hand in cryptocurrencies at a time when the young industry continues to gain ground.

Last July, a survey by the National Opinion Research Center (NORC) at the University of Chicago found that 13% of Americans reported purchasing or trading cryptocurrencies in the last year. At the same time, it also found that a lack of understanding was the biggest barrier to more consideration of getting involved in crypto with 62% of respondents saying they did not understand it enough.

This finding comes as the federal government begins to increase its scrutiny of the crypto market to determine where best it can help reduce risks to current and future investors.

The chairman of the Securities and Exchange Commission (SEC) Gary Gensler previously described the crypto market as the “Wild West” and has sparked conflicts with industry players, who say the SEC has been inconsistent in how it regulates them.

President Joe Biden has ordered federal agencies to begin studying the risks associated with cryptocurrencies for investors and as a potential security threat.

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