Americans Just Not That into Crypto, Survey Finds
Cryptovest
Published Mar 19, 2018 10:31AM ET
Updated Mar 19, 2018 11:00AM ET
Americans Just Not That into Crypto, Survey Finds
This may come as a shock to some people, but Americans like talking about cryptocurrencies a lot more than investing in them.
A survey by Finder has revealed that only 8% of Americans have taken the plunge and invested in cryptocurrencies like Bitcoin.
Based on gender, the results show that nearly three times as many men (11.9%) own cryptocurrency as women (4.3%).
The most common reason people are reticent to enter the market? For men, it is mostly related to risk (39.8%), but women (30.9%) are not that far behind on that count.
However, the top reason for women is interest: 44% of them see no need for cryptocurrencies or have no interest in digital money, to begin with.
Men are more likely to believe that the whole thing is a scam, with nearly twice as many as women responding in this way.
Women were more likely to find cryptocurrencies too complicated to understand: 30% as opposed to 23.6% among the male respondents.
All in all, Millennials were more likely to be among cryptocurrency holders, with 17% of them having put their hard-earned cash into the market.
The respective percentages for Generation X-ers and Baby Boomers were much lower at 8.75% and 2.24%.
The American hesitance to enter the cryptocurrency market is in stark contrast to South Korea, where droves of people from all social strata have taken a plunge into the market.
Seniors in South Korea are more cryptocurrency-friendly, with roughly five times as many having purchased a digital coin when compared to the percentage of seniors in the USA, according to a survey published earlier this month.
Aside from being more involved in the space, they also invest much larger sums, the average dollar amount exceeding $6,000.
One way of explaining this phenomenon could be that older Americans tend to exercise greater caution and conservatism when it comes to investing in newer financial instruments.
This article appeared first on Cryptovest
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