Wells Fargo Gallup Investor Survey Shows Just 2% of Americans Hold Bitcoin
A new Wells Fargo Gallup Investor and Retirement Optimism Index poll shows that just 2 percent of Americans investors surveyed own bitcoin.
These results are from the second-quarter Wells Fargo/Gallup Investor and Retirement Optimism Index survey, conducted online May 7-14, 2018, via the Gallup Panel. The poll was based on US adults who have at least $10,000 or more invested in things like mutual funds, stocks, and bonds. The same survey also reveals that 26 percent of the US residents surveyed are “intrigued” by bitcoin but have no plans in investing any time soon.
75 percent of the longitudinal panel of U.S. investors surveyed stated they found cryptocurrency investment “risky” while 23 percent of those polled found the investment to be “somewhat risky”. Only 2 percent of the investors polled said bitcoin investments were “not too risky” and just 0.5 percent found it to be “not risky at all”. The study found that because a majority of individuals believe bitcoin is risky, most prefer “security over growth” and “US investors prefer to play it safe with their investments.”
The report’s author Lydia Sadd said:
“Bitcoin, the leading form of digital currency that has seen its price soar, crash and rise again in the past year, has made little headway with U.S. investors.”
Sadd’s web study also concludes that out of the 2 percent that owned bitcoin, ownership is more common among wealthier investors (earning $90,000 USD a year or more) while low-income investors don’t invest in bitcoin as much.
Limiting bitcoin's popularity as an investment, only about three in 10 investors (29%) say they know something about digital currencies. Most of the rest — 67% — say they have heard of these currencies but don't know much about them, while 5% have not heard of them. The bigger constraint on bitcoin sales is likely the widespread perception that trading in the currency is not safe. While risk is central to how investing works, three in four investors who have heard of online currencies consider bitcoin a “very risky” investment.
It can easily be inferred that awareness of cryptocurrencies differs by gender and age. Men and younger investors are far more likely than women and seniors to say they know something about bitcoin or other digital currencies. Related to the age differences, investors with less than $100,000 in investments are more likely to be familiar with the innovation than those with higher asset levels.
The price of bitcoin is back on an upswing after crashing earlier this year, causing some to say its bubble is again about to burst and others to argue that its value will only accelerate as more merchants inevitably adopt it. For now, most investors are on the sidelines, knowing little to nothing about bitcoin. Few are already invested in it, and even fewer plan to jump in soon.