A new study has revealed that fewer than 10 percent of Americans have purchased a cryptocurrency. To be precise, out of 2001 American adults, just 7.95% have said that they have invested in a cryptocurrency. Despite this low figure, the popularity and awareness of cryptocurrencies are still growing, particularly over this last year, with Bitcoin hitting an all time impressive high of $19,000 at the end of last year.
There are a number of reasons as to why Americans just are not jumping on board when it comes to virtual currencies. Forty percent of those who said they did not invest said the reason was that they were ‘disinterested or they think that there is no need’. Thirty five percent said that the risk was too high, 27 percent find it too difficult to understand and 18 percent believe that it is a scam.
Sixteen percent believe that the bubble will burst soon, and just 6 percent thought that the fees were too high. The former is no surprise really when you consider the new regulations causing some countries to shut down their exchanges completely.
When it came to looking more closely at those who invested, and the reasons why, it was discovered that the majority of investors are millennials; in fact more than 17 percent claimed to own cryptocurrencies, compared with nearly nine percent of GenXers, and just 2 percent of Baby Boomers.
It was also discovered than men are twice as likely to invest in cryptocurrencies than women, with 11.86% of men saying they had holds in crypto, compared to just 4.27 percent. It should also be noted that the average amount owned is lower for women as well; just $1.821.65, compared with males $3,923.16.
The most popular cryptocurrencies of those interviewed were Bitcoin and Ether; however, this comes at no surprise really given that these are the top two coins by market capitalisation anyway.
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