- Fairfax County Shifts Part of its Pension Funds to Blockchain Technology Investments
- LocalBitcoins Intends to Fully Comply with the Upcoming Anti-Money Laundering Regulations
- Crypto Holders Now Trade Derivatives in Order to Cover their Losses
- Morgan Creek Digital Announces $40 Million Crypto Venture Fund Backed by Pensions
- General Motors Financial Teams Up with Spring Labs to Utilize Blockchain against Identity Fraud
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.