48% of US Consumers Invested in Cryptocurrency But Nearly 40% Don’t Know They Can Buy A Fraction of A Coin: Bakkt Survey
While 32% of those who have invested in crypto are interested in buying even more crypto in the next six months, 24% don’t even know where to start.
Nearly half of US consumers, 48% have invested in cryptocurrency, found ICE’s digital asset platform Bakkt Holdings in its latest “U.S. Consumer Crypto Survey,” involving more than 2,000 consumers across the US.
32% of those who have invested in crypto assets also said they are interested in buying crypto in the next six months. The survey was conducted in July of this year.
However, education remains an important part of crypto adoption, with 24% of respondents saying they don’t know where to start.
Interestingly, nearly 40% of respondents did not realize that they don’t need to buy a full coin and could buy part of a cryptocurrency, indicating financial literacy and consumer understanding are crucial to uniting the cryptocurrency and digital assets ecosystem, the survey noted.
According to the survey which was conducted via an online survey tool, younger generations remain interested as ever, with 37% of respondents aged 18-29 and 30-44, who haven’t purchased crypto in the past six months, “somewhat” or “very interested” in investing in crypto.
Those aged between 45-60 and are over 60 and haven’t invested in crypto show less interest, knowledge, and confidence than their younger counterparts, with only 25% interested in the 45-60 age range and 19% in the older group. Bakkt CEO Gavin Michael said,
“The results of the survey demonstrate that Gen Z and millennials are adopting crypto en masse and for alternative forms of payment, but the biggest roadblock standing in their way has been lack of understanding on how to get started and concerns with market volatility.”
The survey found that a good 58% of crypto investors view it as a long-term investment, while 43% plan to sell to make a short-term profit.
Long-term return on investment at 28% is the most appealing attribute of cryptocurrency, closely followed by lack of fees, ease of access, FOMO, and lack of centralized control.
Additionally, 24% said they plan to use it for online purchases and 12% for in-person purchases, while 11% are also interested in using it for peer-to-peer (P2P) transactions.
While crypto is increasingly gaining mainstream adoption, the key hurdles in its path involve “too much volatility,” according to 32% of respondents. Another main hurdle to buying cryptocurrency, at 24%, is not knowing where to start. A smaller percentage of respondents (11%) also said prices are high at the time.
While 45% of women surveyed said they don’t know anything about crypto, only 24% of men said they didn't have any knowledge.
Among men, for 39%, volatility is the greatest hurdle, and 29% are most concerned with the cost and fees of buying cryptocurrency. In comparison, the main hurdle for women (30%) is finding where to start, and 28% wanted an easy-to-use platform.
Overall, almost 30% of respondents are either “very” or “somewhat confident,” and 34% are neutral when it comes to trusting cryptocurrency.