It appears that there is just no stopping the adoption of cryptocurrencies these days. Even institutional investors are joining the fray, while crypto ATMs might soon become a common sight in more cities in the near future if the current installation rate of seven ATMs per day continues. Despite this, a recent report has discovered that crypto ownership in America is just 8 percent.
Two Fifths of Americans Do Not Want to Invest in Cryptos
Surprising as it may seem, only 8 percent of Americans actually invest in cryptocurrencies such as Bitcoin, Litecoin and Ethereum, according to a report by Fortune. The data were collected from a June 2018 survey of 2,000 adults by analytics firm Harris Insights and crypto app Gem. For comparison, roughly 52 percent of Americans own stocks and shares according to a separate survey by Gallup.
Here’s an even bigger surprise from the survey. Around two fifths or 41 percent of the respondents are adamant that “nothing could motivate them to invest” in cryptos.
This is understandable given the volatility in the market and especially since prices have nosedived from their December 2017 highs. January’s massive correction is a constant reminder to potential crypto investors that while the market has produced countless millionaires, the same market could also eat up any investment due to the volatility.
Younger People More Open to Crypto Investing
Here’s another interesting finding from the survey — people with more than $100,000 in household income are less likely to invest in cryptocurrencies, with only 6 percent in that income bracket owning a token or two. On the other hand, data from the survey revealed that those from the lower-income household are more likely to invest in cryptocurrencies.
For instance, 11 percent of the respondents from households with annual income between $50,000 and $74,900 own cryptos. Surprisingly, 7 percent of respondents from households earning below $50,000 own digital currencies, even beating households with $100k in annual income.
Explaining the result, Micah Winkelspecht said that this is more likely because younger people are more open to crypto investing. According to the Gem app founder and CEO:
“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.”