An intricately small group of people are the only investors of cryptocurrencies in the United States. Most of the population is skeptical about tokens like Bitcoin and Ethereum. People that buy it make up less than 10% of the country’s population according to a survey taken this summer, 2018.
Harris Insights polled some 2,000 adults to produce the data on three out of five of the world’s leading cryptocurrencies. Bitcoin, Litecoin, and Ethereum were the central subject matters for the poll; other altcoins were also included.
It turns out most American’s prefer stocks to cryptocurrency, something that should come of no surprise. Numbers are determined from recent surveys as well as those taken back in 2016. One number that is making a lot of cryptocurrency enthusiast a little worried is that 41% of American’s who claim they will never invest into virtual currencies like Bitcoin. According to a large number of people, there is nothing anyone will ever do that is enticing enough to invest in cryptocurrency.
The scary part comes with 2018’s low price line for every cryptocurrency there is. Even King Bitcoin hit near rock bottom after it plummets down from a high of $20,000 in Winter of 2017. For the last month or so, Bitcoin has stayed somewhere between $6,000-$8,000, numbers that are lower than those proposed by many crypto-analysts, earlier this year. Many believe regulations are needed for the market to mature, only then will prices see improvement.
Luckily, talks of regulations are standard practice now – they’re just taking more time than most desire – and the people involved are gliding towards a generalized consensus that Bitcoin is here to stay. Much of the industry, however, is still in the dark and looking for clarity on what will happen next. Traditionally, cryptocurrency is for people who make more than a $100K a year income, anyone who makes less tends to shy away from such unstable investments.
It’s still a relatively small number on how many people own cryptocurrency. Only 11% of people bringing in $50K $70K a year own cryptocurrency and even less who bring home $100K a more. According to surveys, there is also a small percentage of about 7% of people making $50,000 or less who own cryptocurrency, or so they claim.
There is no secret that the younger generations are most accepting of cryptocurrency. They are also the ones who are willing to invest in it. Cryptocurrency is ideal for younger investors who already have a sophisticated understanding of technology, whereas older adults see it as obscure.
Much of society sees cryptocurrency as a fad and nothing more, some phenomenon for people looking to attract fast money. Still, there are plenty of worthy investors who are committed to crypto for the long haul, ready to do whatever it takes to see it brought to mainstream adoption.
People are naturally afraid of change, especially when that change means they must step into the wildly chaotic environment of cryptocurrency. Taking risks is essential to making money with crypto which is something most of the mainstream public won’t do. It’s still important to point out that although 41% said they would never invest in crypto, at least 50% said they would at least try. Half of the population is a good start in the right direction for those who want cryptocurrency adopted for everyday use.
Education problems are the dilemma of keeping crypto-tokens out of most homes. There isn’t enough necessary information provided to everyday people to make them comfortable with investing in it. The lack of understanding is a significant problem; luckily it is an issue that the BRI or Bitcoin Research Institute is attempting to figure out.
Once potential investors get more understanding of the principles of Bitcoin and other altcoins, investing should be more attractive. Providing people with a quality education will be a breakthrough for the cryptocurrency industry.
How is Bitcoin perceived in your area? Do people know about it and understand the principles behind it? Tell us how it is in the comment section below.