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While Bitcoin might be exciting and intriguing for some, the overwhelming majority of U.S. investors are extremely hesitant to buy it – this is the main conclusion drawn from a recent Wells Fargo/Gallup survey among almost two thousand people over 18 years old who presently invest at least $10K in traditional financial assets.
It appears that the Bitcoin roller coaster over the past year – rising and falling and rising and falling again – has taken its toll amidst investors, who are anxious and reluctant to acquire the cryptocurrency. Merely 2% of investors currently hold Bitcoin, while a whopping 72% answered that they “have no interest in ever buying Bitcoin”; interestingly, however, 26% stated that even though they don’t plan on buying Bitcoin anytime soon, they’re nonetheless intrigued by it. Only less than 0.5% affirmed that they’ll probably buy Bitcoin at some point in the near future.
Accordingly, there is a broad consensus among investors that Bitcoin is an awfully dicey venture. 75% defined it as “very risky,” 23% as “somewhat risky,” and 2% as “not too risky.” Additionally, wealthier investors are more inclined to acquire Bitcoin: there are three times over Bitcoin holders amidst those who earn more than $90,000 than those who earn less. Bitcoin is perceived as a risky business, and wealthier individuals are more prone to take on those crypto chances.
Perhaps also linked to the hesitation of investing in Bitcoin, two thirds of investors (67%) affirmed that they did hear about cryptocurrencies but know very little about them, whilst additional 5% admitted that they didn’t hear about cryptocurrencies whatsoever; only 29% professed that they “know something” about cryptocurrencies. There are also great variations in knowledge of crypto between different age and gender groups: among men, there are twice as much investors familiar with Bitcoin than there are among women; among people between the ages of 18-49 there are two times as much investors familiar with Bitcoin than people between 50-64, and three times over than people above 65.
I think that, if anything, this poll shows how much more potential Bitcoin has: with very limited awareness and knowledge about it in the general public, Bitcoin still made a huge progress in the last several years. Just imagine how much more it could advance if larger portions of the population would become acquainted with cryptocurrencies.