Crypto Ownership Fades as Investors Seek Less Risky Assets

Crypto ownership has declined from its high point a year ago, according to a new Gallup survey. The survey found that crypto ownership among all U.S. adults has fallen from 14% to 9% over the last year.

The same trend is seen among investors, with crypto ownership dropping from 17% to 11%. Two-thirds of investors say they're not interested in buying crypto, while about one-fifth are intrigued or plan to buy. Young men (18-49) are the most likely to own crypto, but even within this subgroup, ownership has fallen from 33% to 24% over the last year.

A certified financial planner and principal at Clocktower Financial Consulting, Stephen Kates, says that a large majority of the crypto market's value is concentrated in Bitcoin and Ethereum. He attributes the decline in crypto ownership to the end of 'cheap money', which has made less risky assets more attractive to investors. Additionally, the rise of sports betting and prediction markets has expanded speculative opportunities.