U.S. Poll Shows 8% of Americans Invest in Cryptocurrency
By Marianne White
Analytics firm Harris Insights showed at the beginning of August that 8% of American adults invest in cryptocurrency. Although a 2016 gallup poll conducted revealed 52% of Americans own stocks, it shows massive moves forward for such a young industry.
The full results are from a June 2018 survey. In conjunction with the 8% of cryptocurrency investing adults, they also found that more than 41% of the 2,000 polled stated they were not going to invest in crypto and nothing could motivate them to do so. The largest roadblocks for the lack of trust in investing in crypto is price volatility and the market is too green and therefore too risky which makes it unappealing to older generations. But, the poll also revealed that younger adults and people with less capital were more willing to take a chance on a risky market. Gem’s founder Micah Winkelspecht said, “We find that younger people with less income are more willing to put money in crypto. My guess is that crypto is of the digital age. And the younger generation is of the digital age and used to doing everything on the internet.”
A surprising result from the survey was the reluctance of adults of any age who earned over $100,000 annually to invest in cryptocurrency, but the percent of crypto investors is increasing with people who make less yearly income. Winkelspecht also said that “The cryptocurrency space is still in its Wild West phase, so there’s potentially some of that going on. When you have less to protect, you are more willing to take the risk.”
The survey was done in the middle of an extreme bearish market in cryptocurrency, with Bitcoin falling from the $20,000 of December 2017 to under $7,000 making investing seem much more volatile. The poll might have showed different results if it had been done during last year’s bullish fourth quarter. Unlike 2018, where the majority of buzz around cryptocurrency is shifting to higher regulations and talks of a Bitcoin based Exchange Traded Fund.
Apart from the negative stance towards digital assets, the survey also found that 50% of American adults are interested in trying digital assets in the future which coincides with another reported finding that cryptocurrency will make up 5% of all investments in 2019. People slowly seem to be waking up to the possibilities of the cryptocurrency age.