According to the information gathered as a result of a survey that had been conducted in the month of June, this year, the Bitcoin does not appeal to the Americans.
The scrutiny was a joint effort on the part of an analytics firm, ‘Harris Insights’ and crypto-custodial service ‘Gem’. A total of approximately 2000 American individuals formed a part of this survey. The results unveiled that a very tiny section of the American population invests in crypto tokens. To be precise, around 8% of those 2000, invested in digital-coins such as Bitcoin, Litecoin, Ethereum, etc.
Not just this, the survey brings along a lot more discouraging news for the crypto community at large. Approximately 41% of these surveyed Americans, had nothing in mind that could drive them towards increased investment in digital tokens. They were completely ‘certain’ about never being interested in cryptocurrencies. Infact, around 52% of total Americans are investors of stock exchanges, according to a poll in the year 2016.
More so, the disheartening results are added upon by an year of constant decline in the market value of nearly all crypto tokens, including Bitcoin. From a high of $20,000 in the month of December last year, Bitcoin has witnessed a sharp fall in its market value. The token stands at a current worth of $6,300.
Additionally, a very important finding of the survey was that the high-income groups are less likely to invest in digital assets as compared to the lower ones. More specifically, the people with an annual income of more than $100,000 constituted 6% of crypto investors. 11% were the ones earning around $50,000 to $75,000. And approximately 7% of those earning less than $50,000 made investments in crypto assets.
Quoting Micah Winkelspecht, the CEO and Founder of crypto custodian service, ‘GEM’,
“We find that younger people with less income are more willing to put money in crypto. 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.”
This is generally accepted by all, that the lower income groups are more likely to get attracted towards opportunities to ‘get rich instantly’.
Witnessing the same, Micah says,
“The cryptocurrency space is still in its Wild West phase, so there’s potentially some of that going on. When you have less to protect, you are more willing to take the risk.”