Consumers in the United States have en masse shifted their investments into crypto. A recent survey by regulated digital asset platform Bakkt shows that almost half of surveyed consumers in the U.S. have put some money in cryptocurrencies in the last six months. The report notes:
“Nearly half (48%) of U.S. consumers reported investing money in cryptocurrency during the first half of the year. Of those who haven’t invested in cryptocurrency, 32% of respondents are interested in buying cryptocurrency in the next six months.”
The pollers have carefully weighted their data as the survey report explains:
“Commissioned by Bakkt and conducted over an online survey tool, we polled more than 2,000 consumers across the U.S. and was fielded in July 2021 … Data have been weighted for age, race, sex, education, and geography using the Census Bureau’s American Community Survey to reflect the demographic composition of the United States.”
The survey results also show that of those who are in crypto, “58% view it as a long-term investment, while 43% admit that they plan to sell when they can make a short-term profit.” Notably, 24% said that they plan to use cryptocurrency for online purchases and 12% noted they are open to use it for in-person purchases.
About ‘the why’ of crypto, the reports states:
“The most appealing attribute of cryptocurrency for the full sample is ‘long-term return on investment’ (28%), with all other attributes – lack of fees, ease of access, FOMO, and lack of centralized control closely following.”
While on the one hand the study shows nearly half are invested in crypto and you could assume they are somewhat knowledgeable, the results also reveal something that shows a need for mainstream education on crypto. “Nearly 40% of respondents did not realize that they could buy part of a cryptocurrency (i.e. not the whole price of a coin),” the report points out.
Bakkt CEO, Gavin Michael, noted that “digital assets are driving a new, increasingly dynamic economy,” as he commented on the survey results:
“The results of the survey demonstrate that Gen Z and millennials are adopting crypto en masse and for alternative forms of payment, but the biggest roadblock standing in their way has been lack of understanding on how to get started and concerns with market volatility.”
Bakkt launched in 2018 by Intercontinental Exchange, which operates some of the world’s most prominent exchanges including the New York Stock Exchange (NYSE).
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Source: Igaming
