Crypto Ownership Plummets as Honeymoon Period Fades
Crypto ownership has been on the decline over the last year, according to a Gallup survey. From 14% of all U.S. adults owning crypto in 2022 to 9% this year, and from 17% of investors to 11%. The drop is attributed by financial experts to the 'honeymoon period' fading for cryptocurrencies.
The survey found that two-thirds of investors with $10,000 or more in investable assets are not interested in buying crypto. However, there is a minority of around 20% who remain intrigued and plan to buy. Young men aged 18-49 are the most likely to own crypto, but even among this subgroup, ownership has fallen from 33% to 24% over the last year.
A certified financial planner, Stephen Kates, believes that a significant portion of the crypto market's value is concentrated in Bitcoin and Ethereum. He expects these two assets to remain 'mildly popular' yet 'volatile', but notes that they are no longer seen as the 'it' investment. The rise of other speculative opportunities such as sports betting and prediction markets may have also contributed to the decline in crypto ownership.