Key Takeaways:
- A poll indicated 48% of more than 2,000 American consumers have invested in cryptos this year
- Growing interest, however, needs to match a rise in education on bitcoin and other crypto assets
A Total of 48% of Respondents Have Invested in Cryptocurrency This Year
A crypto-focused survey took place among US consumers. It showed nearly half of the participants in the poll had invested in cryptocurrency in the first six months of this year. The survey was commissioned by cryptocurrency platform Bakkt. It includes more than 2,000 consumers in the US and was conducted in July 2021.
“Nearly half (48%) of U.S. consumers reported investing money in cryptocurrency during the first half of the year,” the survey states. “Of those who haven’t invested in cryptocurrency, 32% of respondents are interested in buying cryptocurrency in the next six months,” it adds.
“US Consumer Crypto Survey”, notes that among those who have already invested in bitcoin and other cryptocurrencies, 58% “view it as a long-term investment. On the other hand, 43% admit that they plan to sell when they can make a short-term profit.”
A total of 24% said they intend to purchase goods and services online with their cryptocurrency. However, 12% planned to use the coins for in-person purchases.
The Survey Highlights the Need for Education on Cryptocurrencies
Nearly 40% of respondents admitted they did not realize they could purchase a fraction of a cryptocurrency instead of paying for a whole coin.
The relatively high number of people lacking crypto literacy highlighted the need to “educate and demystify” the broad consumer base looking to get exposure to the crypto space.
As the crypto market becomes more accessible to larger audiences, the respondents address key hurdles that could prevent them from getting their share of the crypto pie. Among them, 32% cite “too much volatility” as the main obstacle while 24% “don’t know where to start.” About 30% of the polled said they felt confident when dealing with cryptocurrency.
“The results of the survey demonstrate that Gen Z and millennials are adopting crypto en masse and for alternative forms of payment. The biggest roadblock standing in their way has been lack of understanding on how to get started and concerns with market volatility,” said Bakkt CEO Gavin Michael. “Digital assets are driving a new, increasingly dynamic economy,” he also noted.