4 in 10 Americans say that they will never be persuaded to purchase crypto: survey

Posted: 10 August 2018 4:05 pm
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Perhaps due to their erratic nature and limited use cases, Americans aren’t buying up cryptocurrencies.

A new survey has found that only a small proportion of American citizens actually own any cryptocurrency, while more than two fifths are adamant that they will never buy these volatile and controversial digital assets.

Harris Insights & Analytics and blockchain startup Gem released the results of a June 2018 survey, revealing that less than one in ten (8%) US adults hold cryptocurrencies such as bitcoin, ether, Litecoin or XRP. For comparison, the firms’ referenced a 2016 Gallup poll that found over half (52%) of Americans own stock.

A significant proportion (41%) of survey respondents declared their distaste for cryptocurrencies by proclaiming that “nothing could motivate them” to acquire these digital tokens, according to Fortune.

The survey also discovered that a little over 1 in 20 (6%) Americans with an annual household income of US$100,000 or more purchase cryptocurrencies, compared to those in households earning lower annual wages. Over one in ten (11%) Americans with household earnings between US$50,000 to US$74,900 can say the same. Additionally, a similar proportion (7%) of Americans whose income is below US$50,000 also own digital assets.

“We find that younger people with less income are more willing to put money in crypto,” Gem founder and chief executive Micah Winkelspecht said. “My guess is that crypto is of the digital age. And the younger generation is of the digital age and used to doing everything on the internet.”

The total cryptocurrency market cap has hit a new annual low following some pronounced recent drops across the board. The total market cap was down to about US$221.2 billion earlier this week, putting the last couple of days squarely in the bounds of the worst days for cryptocurrency markets this year.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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