Cryptocurrencies may be easier to buy than ever, but most Americans still don’t want a part of it.
A new Gallup survey found that only 14% of US adults own codes.
The study, conducted in mid-June, revealed deep skepticism about cryptocurrencies. 60% of respondents said they were not interested in purchasing cryptocurrency, and only 17% admitted they were intrigued. Only 4% of respondents said they plan to purchase the code in the near future.
Gallup also found that 55% of US investors who own stocks, bonds or mutual funds over $10,000 are viewed asset classes as “very dangerous.” Still, ownership rates skyrocketed from 2% in 2018 to 17%.
This skepticism is not surprising, despite the US having more clear regulations with the recently deployed custody president. The 2021 Bull Run was led by extreme volatility, making Crypto the mainstream topic.
Since then, Crypto has helped institutional investors jump into the market and become more legitimate, but many retail investors burned by past losses may still be on guard.
Four years ago, Gallup discovered that 6% of US investors own cryptocurrency. The figures are rising as the Fed survey revealed 12% ownership among US investors, but they may be conservative.
With a deep dive into ownership, demographic disparities are tight. One in four men aged 18-49 own the code, but the survey found that ownership between women and seniors is significantly reduced.
University alumni and high-income earners report above average participation, while older people and low-income households remain largely absent from the space, the study shows.
The knowledge gap also persists. Almost everyone who surveyed had heard of codes, but only 35% said they actually understood how it worked. The friendliness was the highest and wealthiest among young men.
Even among those who claim to understand the code, most still call it a risky bet. Of US investors, 64% consider their asset class to be “very dangerous” from 60% in 2021.
The survey found that about one in seven Americans own codes, with six in ten stocks or real estate holdings around six people. Only 4% of adults say Crypto is the best long-term investment.