Survey Says 8% of the American Population Now Own Cryptocurrency

Personal finance comparisons portal Finder recently commissioned a survey of 2,001 American adults to help map out the cryptocurrency landscape in the US. It found that 7.95% of the population has invested in a cryptocurrency, leaving much room for adoption to grow among the vast majority of Americans. And among the 92.05% of didn’t buy any cryptocurrency, 7.76% do plan to purchase some in the future.

As for the reasons people didn’t invest in cryptocurrency, 35.02% fear that the risk is too high, 27.04% find it too difficult to understand, 17.97% say it’s a scam, 16.12% are waiting for the “bubble” to burst, 11.40% find it too difficult to use, and lastly 5.75% think that there are too many fees. Just 40.01% say they are not interested or they think there’s no need for them.

The three most popular cryptocurrencies are bitcoin, with an estimated 5.15% of Americans surveyed owning an average of $3,453.89 in BTC; ethereum, with an estimated 1.80% of people owning an average of $1,243.42 in ETH; and bitcoin core with an estimated 0.90% of people owning an average of $636.22 in BCH.

The survey also found a major gender gap in cryptocurrency holding, with just 4.27% of women saying they own cryptocurrency compared with 11.86% of men. And the average amount of bitcoin purchased by women is just $1,821.65, compared with $3,923.16 for men. This gap appears likely to continue in the future as of those who don’t own cryptocurrency, 6.28% of women and 9.47% of men plan to purchase.

The results also show a distinct generational gap in cryptocurrency ownership, with 17.21% of millennials having skin in the game compared with only 8.75% of Gen X and 2.24% of baby boomers. And millennials who haven’t purchased cryptocurrency are much likelier to just be those who find it too complicated to understand or too difficult to use.

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