Crypto's Popularity Fades as Ownership Rates Plummet

Crypto ownership has declined over the past year, according to a Gallup survey. The percentage of U.S. adults who own cryptocurrency fell from 14% to 9%, while investors with $10,000 or more in investable assets saw their ownership rate drop from 17% to 11%. Two-thirds of these high-net-worth individuals say they're not interested in buying crypto, up only a few percentage points from last year.

Young men, those between 18 and 49 years old, are the most likely to own crypto. However, even among this subgroup, ownership has fallen from 33% to 24% over the past year. A professor at Boston University's Questrom School of Business attributes the decline in part to a price drop in cryptocurrencies.

Stephen Kates, a certified financial planner and principal at Clocktower Financial Consulting, notes that the crypto market's value is largely concentrated in Bitcoin and Ethereum. He expects these two assets to remain popular yet volatile. However, he believes that crypto as a whole has lost its 'honeymoon period' appeal.