11% of Americans are investing in cryptocurrency resulting in its adoption picking up significantly, according to a new survey.
Judging by a poll from CNBC as well as the American chemical company Momentive published this month, it’s been revealed that 5,530 respondents mentioned a ton of reasons for why they decided to invest in crypto.
A large chunk of them are 60% to be precise of course– cited the potential of long-term growth being the reason behind their investment, and the remaining 44% are looking over the horizon for potential higher growth in a shorter span of time. Interestingly, a third 33% mentioned being enticed by the ability and ease of making their own trades being what drew them to the digital currency. Finally, just over a quarter of the surveyed people being 26% just loved the idea of investment in general.
Moreover, investors were apparently not influenced by what’re considered to be typical narratives that surround cryptocurrencies.
Of course, moving over to less than half of the people surveyed consisting of 44% understandably said they didn’t know what the status of Bitcoin would be by the time 2021 would end. What’s more is, less than one-fifth of those surveyed (21% for precision) cited Bitcoin would finish higher than its current place.
To draw a parallel to that, 45% of the responders, making up almost half of them, seemed to think of cryptocurrencies as being a high-risk investment, to be made with extreme caution.
Covering Investor Demographics
Interestingly enough, the survey paints an all but clear picture of the type of people that are most likely to have a stake in cryptocurrencies of various kinds.
Men are twice as likely to do so in comparison to women (the difference in percentage is 16% compared to 7%) to take that plunge of investment, which is a statistic that spans overall racial and ethnic groups.
Social Media Significance
The significance of social media in today’s world, especially in terms of its rise over the last few years, was definitely cited by the majority of respondents regarding their investment.
12% of respondents have given social media credit in terms of being the first place they ever learned how to invest in crypto. That being said, the social media influence of teaching people how to invest has mostly catered towards younger investors.
Only 3% of the people aged between 35-64 years mentioned social media platforms as being the ones that taught them how to invest, and only 1% about the age of 65 years said the same.
Some investment advice has caught criticism and stirred controversy as well, such as the incident of TikTok banning paid cryptocurrency promotions this July, though they stopped just short of taking any action against unpaid and vague financial analysts from talking about pumping their favorite coins.