41% Americans Will Never Invest in Cryptocurrencies – Survey

A survey carried out by Harris Insights revealed that approximately 8% of Americans invest in cryptocurrencies. The Gem analytics firm carried out a survey among 2000 adults which put forth this information. 

According to the survey carried out in 2016, 52% of Americans have invested in stocks. The reports also say that 41% of adults are will never invest in cryptocurrencies or other digital assets.

Given the volatility of Bitcoin that reached a value of $20,000 in 2017, a large part o the American population sees cryptocurrencies as a risky affair. As of writing this news, the value of Bitcoin stands at $6,400. The initial glamour of Bitcoin is quickly disappearing given the unpredictable surge and drop in prices.

Another interesting finding was that 6% of the American population with an annual household income of $100,000 or more invest in cryptocurrencies as compared with those with lower annual earnings. 7% of the population whose income is under $50,000 also invest in cryptocurrencies.

Micah Winkelspecht, CEO, and Founder, Gem says that the younger generation is a more interested in the crypto space as everything is shifting to an online platform. According to Micah, the younger generation is interested in cryptocurrencies as a way to get rich quickly. This is also in line with the fact that people with lower household incomes are more likely to enter the lottery.

Despite the reports, Mr. Winkelspecht is still hopeful that the adoption of cryptocurrencies will increase among the general population over time. Gem carried out a survey which tired to uncover the reasons why the American population is holding back from purchasing digital assets. Interestingly, 50% of the respondents say that they will consider investing in digital assets in the future. The problem is that a major chunk of the participants still lack the basic understanding of cryptocurrency. This makes them skeptical from entering the crypto market. At least 20% of the participants said that more information on cryptocurrencies will not be a motivating factor for them to consider investing.