Crypto Ownership Declines as Investors Seek Safer Opportunities

Cryptocurrency ownership has declined over the past year, according to a Gallup survey. The share of U.S. adults who own crypto dropped from 14% to 9%, while investors saw a decline from 17% to 11%. Among investors with $10,000 or more in investable assets, two-thirds say they're not interested in buying crypto.

Young men aged 18-49 are the most likely to own crypto, but even among this subgroup ownership has fallen from 33% to 24%. Professor Jay Zagorsky of Boston University notes that a recent price drop has sent 'tenuous investors' looking elsewhere. Stephen Kates, a certified financial planner, expects Bitcoin and Ethereum to remain 'mildly popular' yet volatile assets.

Kates attributes the decline in crypto ownership to the end of cheap money and the rise of alternative investment opportunities such as sports betting and prediction markets. He believes many coins and tokens will fade into obscurity or remain speculative outlets for memes and gambling.