A recent survey helps shed some light on who exactly is buying cryptocurrencies.
Growing the user base is crucial for cryptocurrency adoption and for increasing prices, but in order to do that we must first understand who exactly makes up the current ownership.
From there we can make some extrapolation as to how to best grow the base.
A recent survey from Finder.com of 2,001 American adults showed that less than 8% of the survey group currently owned any cryptocurrencies at all.
It is difficult to say whether that percentage holds true for the rest of America, but given their limited ownership in general there is a chance that number is fairly close to the American ownership rate.
Some additional findings of the survey:
The survey showed that men were roughly 2x more likely to own cryptocurrency than women.
It also showed that the number one reason more people didn't own cryptocurrencies was because of the perception that they didn't need to.
Of the people that owned cryptocurrency, bitcoin had by far the highest ownership.
Of all the people surveyed, roughly 5.15% owned bitcoin, 1.8% owned Ethereum, and .9% owned Bitcoin Cash.
Millenials (aged 22-37) had a 17% ownership rate, Gen X'ers (aged 37-55) had less than a 9% ownership rate, and Baby Boomers had right around a 2% ownership rate.
What people thought about owning cryptocurrencies in the future:
According to the Finder.com survey roughly 6.3% of women and 9.5% of men said they were planning on buying cryptocurrencies at some point in the future.
The survey concluded with 7 possible reasons why people were not currently cryptocurrency owners.
As mentioned above, the number one reason was because they didn't believe that they needed to be.
The total breakdown can be seen below:
As you can imagine, it being "too high-risk" and also being "too complicated to understand" presented significant hurdles for investors.
Surprisingly (or not surprisingly) the fees associated with cryptocurrencies were the least likely to deter them from investing.
More about the survey can be found here:
Stay informed my friends.
Follow me: @jrcornel
Nice survey. Very good data to keep in mind. Slowly but surely we're getting there!
That's great to know that cryptocurrencies is hard to understand and too risky, that's mean i'm smart and risk taker. lol. But I hope someday it's gonna be an investor and user's friendly to all.
Possibly it will going to be more user friendly, We are just in the 'startup' time.
Almost everyday you hear more about cryptocurrency and blockchain technology, on the internet, on the radio and even on television.
It's just a matter of time and it's going to be 'easy'
These figures are interetings but I am sure with time people will get more knowledge about cryptos and then they will try to invest more.
Yeah it is risky but risk gives you more return otherwise you have all the liberity to invest in mutual funds.
The more risk the more gain. But never risk more than afford to lose. Just reminding myself lol
I totally agree! And the statistics show that Crypto still has an enormous potential ^^
Good remark and always must be remembered.
It's no surprise that millennials lead the pack. They are the drivers of technology adoption.
It's interesting to see that baby boomers have the lowest percentage at the "it's too difficult to understand" but the highest on "it's a scam".
Yeah, but try teaching Grandpa how to trade bitcoin for dogecoin, and then he'll realize how complicated it is. lol :)
Main reason people don't buy crypto is poor understanding. But to be fair, it's probably better to stay away from crypto if you don't do any research than to buy some scam coins pumped and dumped on regular basis. It's kind of like with stock markets, you need some knowledge or you go to an investment / pension fund to make decisions for you. People will invest more when there are managed funds available.
Yep 👍🏼 there some managed crypto funds available I think like economi and a similar another don’t remember it’s name right now. And obviously never tried them. But, certainly such management needs more exposture instead of the Fomo vs. fud that possess the majority of the new crypto joiners. We need to spread the culture of investment in crypto more than get-rich-quick one.
Greediness and lack of experience are key points
yeah, understanding is not there :/
Agree
Luckily I noticed that steemit is quite packed with people who are trying to help the others by sharing their knowledge. That's also my mission. To teach and learn at the same time.
Yeah lack of understanding
Great content. Thanks for sharing! This next two years the main reasons not to invest will hanger dramatically. The developers naturally focus on the programming, once that's good, they will work on getting it more user friendly. The risks associated to cryptos will also be gone once more people get invested and involved. Heck, we all know that holding usd or any kind of Fiat for that matter is risky, but we all do it so it's okay. Times will change soo fast.
The more excuses people comes out with to not buy cryptos, the better it is as it will mean the opportunity to buy is still there. Thanks for the breakdown.
Yeah, not enough of a pool to see truly who's buying it. This is also a global phenomenon, so take these findings and add it up with others around the world and we'd get a more clear picture. These results mean very little but what we can gather is the need for more out-reach and general awareness of crypto as a whole. I feel that sharing videos and information with friends and family is the best way and a good place to start; what more does it hurt to even pass out fliers and go door-to-door in your neighborhood? Selling ideas are much easier than selling products, as crypto's main feature is the ideas behind it and the positive change it will have for everyone involved.
Agreed. It's not a big poll and only talks about a subset of Americans. A much bigger and broader poll is needed for a more accurate picture.
Very good information friend! This information helps us a lot and what is the main theme of today.. I invite you to take a look at my blog I have information that we can share friend
I think anyone discovers thevcrypto , cannot hide talking about it to not only relatives but even to strangers whom they meet for the first time lol
I drive for uber on the weekends and I started investing in crypto once determined that this was a investment with huge potential for growth, and after being pushed by one milennial friend. Three years later this generation Xer is invested. I even got my father a baby boomer to invest, so he must be a part of that 2%. Bitcoin seems to be that opportunity we hear about similar to the dot com boom that you had to get in on early to really become wealthy. Im very happy to finally be a part of the 10% lol.
Take the risk baby!
This is interesting! So many coins and ICOs have been coming out since the Bitcoin boom and after all the scams die and low tier coins die off, I think the serious and legitimate cryptos will start to prove to be very versatile and plausible.
is great ,I think there are huge opportunity in steemit.com,busy.org.and blockchan I'm interest to know more details about this .
thanks for shearing
Well yeah like i alreday stated that in many posts that crypto is growing like bacteria now a days. Everyone wanna be rich and live a luxurious life style. Every one wanna drive Lambo or ferrari. And this is the way they can afford them but by working hard. Nothing you can earn in seconds or by night.
For that you have to burn midnight oil.
Great and informative blog sir @jrcornel
It really helps steemians.
Thnks for sharing this post. Very impormative post..
That really made me think
Thank you
While if I have been in here it would have a complex matter for me as well !I would have thought of other ways of life turnings :)
But thanks to Steemit and the contests it made me quite well in getting to understand the crypto world a lot easier !
This survey demonstrates how technology will help increase adoption in the future. As projects and technology help solve for these issues, they will bring more people into the space. As they see the benefits of using them, it will expand adoption even more. Exciting times to come!
Many do not understand what it is ... but they take it because everyone takes)))
The adaption can only increase. Very nice analysis.
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this post increased my knowledge
We are at the advent of the greatest wealth transfer of our lifetime where the old
I believe that millenials have the highest percentage of having cryptocurrencies because they have an open mind, they tend to discover new worlds, in this case new ways of doing business.
All the reasons why people are not buying crypto are very likely going disappear or be reduced in the future. It will be way easier to use, prices will be more stable (thus no bubble and reduced risk), and they will be useful.
I'm with the young people here. Invest in what the young people want, they will define what the future will be.
Absolutely I agree with you.
I wonder how many are storing crypto currency in a way where they are in possession of their own keys.
Yes crypto currency are getting more and more adoptions
Hi @jrcornel. It is not that really common here in my country about crypto investments but i just heard a news today, which I consider great start, that Manny Pacquio is joining Crypto. Link below:
https://bitpinas.com/news/pac-coin-philippines-manny-pacquiao/
I'm a little older than 40, have a stable job, and have had interest in crypto for a few years now. My friends of varying demographics have equally varying perspective on it all. It appears that most people that I've spoken to, either at work or in a social setting of my peers, have a very tainted vision of what Bitcoin is and what is used for. I use it for a variety of things, but mostly I feel like I'm a 'long-term' hodler with the research that I have done. Although I'm excited to see what happens in the CryptoVerse over the next few months I truly believe the next year will be absolutely amazing. Blockchain technology will certainly be adopted in a multitude of businesses, and in turn cryptocurrency will increase its' understanding and acceptance. -Respect
interesting research, why are men more invested in crypto?
Any numbers on lite coin ownership?
I think it is encouraging that we have a long way to go for mainstream adoption. It shows the untapped potential that exists.
Good share. Millenials buying most hmm didn't expect that tbh!
I think the lighting network will save the bitcoin. The two biggest problems the speed of transactions and the transaction costs will be so small that the bitcoin will raise again. After that more volume comes to the market. Never forget Hodl!!
In my opinion with the Lightning network we can reach 60.000 USD this year.
Nice Content Men!!!
Frankly speaking, it is little for me to concern about who EXACTLY is buying it. The thing for me to be concerned about is myself. If I am able to do it right then little else matter.
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