Crypto Ownership Plummets Among US Investors

Crypto ownership has declined significantly over the last year, according to a Gallup survey. The percentage of U.S. adults who own cryptocurrency fell from 14% to 9%, and among investors with $10,000 or more in investable assets, it dropped from 17% to 11%. Two-thirds of these investors say they're not interested in buying crypto, up just a few percentage points from last year.

Young men, aged 18-49, are the most likely to own cryptocurrency. However, even among this group, ownership has decreased from 33% to 24% over the past year. Professor Jay Zagorsky notes that the recent crypto price drop has led 'tenuous investors' to seek alternative investments.

Stephen Kates, a certified financial planner and principal at Clocktower Financial Consulting, believes that bitcoin and Ethereum will remain 'mildly popular' but 'volatile' assets. He attributes the decline in interest in cryptocurrency to several factors, including the end of 'cheap money' and the rise of alternative speculative opportunities such as sports betting and prediction markets.

The majority of investors consider cryptocurrency a 'very' risky place to put their money, with 63% sharing this view. Kates predicts that many other cryptocurrencies will fade into obscurity or remain primarily for speculation, memes, and gambling.