Survey Results: Only 8% of US Citizens Own Cryptocurrency
According to results recently published by Harris Insights’ analytics pole, an average of eight US citizens have invested in digital currency. Although these results may seem only a fraction of Gallup’s 2016 pole stating that roughly 52 percent of US adults own crypto stocks, for such a newly developing industry, investment rates are substantial.
App Based Survey Indicates Major Divide Between Generations
The survey was circulated this June via an app called Gem, in which two thousand participants expressed their current stance on the digital currency field. The pol received a largely negative response to the topic of cryptocurrency, as 41% of participants stating their distrust of crypto based investments with no future desire to get involved with the community. Survey results also indicated that the majority of the general public relate this negative response to their perspective that the crypto scene has not matured, is considerably risky, as well as unreliability of price values. These qualities have made the crypto movement less accepted by elder generations.
On the other hand, the pole found younger investors as well as those who owned less capital behaved more willingly to take part in this emerging market. The Founder and Chief Executive Officer at Gem, Micah Winkelspecht, stated that younger generations who generate less income are significantly more willing to invest in digital currencies. He correlates this behaviour with the generation gap, digital emphasis on younger generations, and particularly the reliability of the internet for young people today.
The pole also showed a correlation between crypto investments and those with a lesser annual income. Winkelspecht noted that for younger generations who earn less capital, investing in virtual assets offers a benefit that outweighs potential risk or financial loss. He also mentions that this particular trend of less wealthy investors applying their earnings to digital currency is an attempt to make money fast while ignoring market risks.
According to Fortune, the pole took place during a bearish trend regarding the cryptocurrency market. To make matters worse, Bitcoin’s dip from $20K USD to $7K USD had a significant effect the public's perspective of volatile rates.
Hope for the Future of Cryptocurrency
Although only eight percent of surveyed Americans claimed to have crypto investments, the pole did however indicate a change for the future, with fifty percent stating their interest in future digital asset investment. As industry events such as the SEC’s final decision regarding Bitcoin ETF’s, in addition to regulatory proposals and increased industry adoption, there remains the possibility that the crypto market still has a chance to grow in the near future.