Survey Reveals 92.05% People Haven't Invested in Cryptocurrencies Yet! Why?

Survey Reveals 92.05% People Haven’t Invested in Cryptocurrencies Yet! Why?

A recent survey by reveals that only 7.95 percent of American adults have actually purchased a cryptocurrency.

Despite the hype surrounding cryptocurrencies—especially Bitcoin—an astounding 92.05 percent of American adults haven’t invested in a single cryptocurrency. With the price of Bitcoin exploding towards the end of 2017, every person would have a little bit of knowledge about cryptocurrencies.

Regardless, there haven’t been many who have actually gone ahead and purchased cryptocurrencies.

Why haven’t people bought any Cryptocurrency?

Of all the people who haven’t bought any cryptocurrency, 7.76 percent said that they plan to buy cryptocurrencies in the future, while 40.01 percent have said that they don’t feel a need to buy cryptocurrencies. The reason is followed by about 35.02 percent people who find the risks to be too high, while 27.04 percent who find it difficult to use. According to the survey, 17.97 percent feel that it is a scam, and are hence not investing in cryptocurrencies.

There a lot of crypto proponents who disagree. Yet 16.12 percent wait for the so-called bubble to burst. Further, 5.75 percent feel that the fees involved are very high, and 11.40 percent feel that it is difficult to use.

Which Cryptocurrencies have seen Investments?

It comes as no surprise that Bitcoin is the cryptocurrency which has seen most of the investments. According to the survey, of those surveyed, about 5.15 percent owned an average of 3,453.89 USD in the cryptocurrency. Not too far behind was Ethereum, with about 1.80 percent of the people owning 1,243.42 USD on an average.

What Compelled People to Invest in their Chosen Cryptocurrency?

More than one person in two (54.09 percent) said that they did their own research before investing in the cryptocurrency/cryptocurrencies they’ve invested in. While so many people researched before investing, 41.51 percent said that they invested either because the crowd did so or someone they know made a profit from it.

An estimated 40.25 percent said that one of the factors behind their investment was the presence of the cryptocurrency in the news.

Other Important Results

According to the survey, men are twice as likely to hold cryptocurrencies than women—11.86 percent men said they held cryptos while just 4.27 percent women said that they held cryptos. The average amount of Bitcoin purchased by men was higher as well—3,923.16 USD compared to 1,821.65 USD invested by women.

Even if we consider those who don’t hold cryptos, 9.47 percent men said that they plan to purchase them in the future—compared to 6.28 percent women who said they would.

Millennials lead the way when it comes to investing in cryptos—with 17.21 percent of millennials saying that they own cryptos compared to 8.75 percent of Gen X.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.