Crypto's Popularity Fades as Ownership Declines Across All Ages

Crypto ownership has declined in the US over the last year, according to a new Gallup survey. The share of all US 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%. Young men aged 18-49 are still the most likely to own crypto, but even among this group, ownership has fallen from 33% to 24%

Financial experts attribute the decline in part to a drop in cryptocurrency prices. Bitcoin was trading around $86,000 per coin as of Tuesday afternoon, down from a peak of over $120,000 last fall. Stephen Kates, a certified financial planner and principal at Clocktower Financial Consulting, says that crypto enjoyed a 'honeymoon period' in the early 2020s but has since become less popular.

Kates expects bitcoin and Ethereum to remain volatile assets but notes that they have some staying power. He also predicts that many other cryptocurrencies will 'fade further into obscurity or remain primarily outlets for speculation, memes, and gambling.'