A recent survey by Finder shows that approximately eight percent of Americans have invested into Bitcoin or another form of cryptocurrency. Even with the recent dramatic plunge in value amongst nearly all cryptocurrencies, prices still remain at much higher levels than they were just a year ago. So, when you couple the still favorable market with the ever-present media coverage surrounding Bitcoin and blockchain technology, why have so few Americans hitched a ride on the crypto train?
According to the study there are a number of reasons why Americans are hesitant to buy into crypto. The number one reason, and possibly the hardest to believe for crypto proponents, is that people are simply disinterested in the technology and do not see the point of investing. The rest simply cannot understand the technology, dismiss it as a scam, or believe the risk is too high to invest their well-earned money.
The Choice Is Yours (Or Is It?)
Now, if you are reading this article, you are probably ahead of the curve and have either bought into crypto or are considering doing so in the near future. The graph below shows where the 7.95% of Americans who have done so have placed their money and the average amount in USD they hold.
Unfortunately, yet not surprisingly, only 54% of the Americans that have invested into cryptocurrencies have picked their coin of choice due to their own research. When determining which coins to invest, two in five Americans relied on news coverage presence to dictate their decision and another 41% chose to follow the path of a peer who had made money off the coin.
It has been well documented that the cryptocurrency space thus far has had an overwhelmingly male population and the numbers of the study can confirm this stigma. Around 73% of those holding crypto are male and on average they purchase over 3 times the amount of cryptocurrency than females. Surprisingly, men seem to be more skeptical of cryptocurrencies as a whole with roughly 47% of the male population stating it could be a scam or bubble as opposed to 23% of women holding the same beliefs.
As far as age, the results are fairly predictable with over 17% of the Millennial population holding crypto positions compared to nearly 9% of Gen Xers and slightly over 2% of Baby Boomers. Of those who haven't purchased crypto yet, Millennials and Gen Xers are more than twice as likely to get into the market than Baby Boomers.
While it may seem like crypto talk is constantly around you, these numbers should provide surprising insight into just how many people are out there that have yet to hop on the blockchain bandwagon. For those of you who have, congratulations, you are early adopters and you will reap the benefits of an ever expanding market and increased demand.