Almost half of US adults say crypto punts are worse than anticipated according to a Pew Research Centre study which found that 46% of adult crypto users in the United States are witnessing lower-than-expected profits on their crypto investments.
Over 6,000 randomly selected persons from across the United States participated in the poll, with panelists completing self-administered online questionnaires.
In a study conducted from July 5 to 22, this year, the majority of respondents who indicated they had invested in cryptocurrency reported lower-than-anticipated results, while only 15% stated their crypto investments performed better than predicted. Meanwhile, around 31% said it was “about what they expected.”
It’s sad, given that the clear majority of bitcoin users stated they were interested in cryptocurrencies because they wanted a “new method to invest” and felt it was a “good way to gain money.”
Women constituted more than half of the responses, with persons over the age of 50 being the biggest sample size. Only 16% of all respondents claimed they have invested in, traded in, or utilized a cryptocurrency at some time in their life.
US Investors Threw Money In Crypto In Its Hayday
A large number of dissatisfied crypto investors might be ascribed to the country’s substantial increase in crypto adopters in 2021 when the market was at an all-time high.
Approximately 70% of cryptocurrency hodlers in the United States began investing in cryptocurrencies such as Bitcoin (BTC) in 2021, the year in which BTC reached an all-time high (ATH) of approximately $67,582 on November 8, 2021.
Massive institutional acceptance, rise in altcoins, greater access to cryptocurrency trading, and celebrity endorsements have all been mentioned as possible explanations for the massive increase.
However, most investors who bought into the crypto market during the 2021 bubble are likely to be in misery today, with Bitcoin plunging 69% from its all-time high to $21,403, and Ethereum (ETH) falling 66% from its all-time high to $1,640. Now, sadly, almost half of US adults say crypto punts are worse than anticipated.
Gen X And The Boomers
According to a separate poll conducted by financial services provider deVere Group, nearly half of their over 700 Baby Boomer (born between 1946 and 1964) and Generation X (born between 1965 and 1985) clients from around the world already own cryptocurrency or plan to purchase it before the end of 2022.
According to Nigel Green, CEO and founder of deVere Group, most persons born between 1965 and 1980 invest as “part of a broader retirement planning strategy.”
He did, however, warn against investing in cryptocurrency without first obtaining expert counsel, saying, “As this year has demonstrated again, the crypto sector is recognized for its volatility.”
“Therefore, retirees or those on the cusp of retirement need to bear this in mind and not over-commit, as this could put the wider retirement strategy in jeopardy.”
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