US Crypto Ownership Plummets as Investors Seek Safer Bets
Crypto ownership has fallen in the US over the last year, according to a new Gallup survey. The share of investors who own cryptocurrency dropped from 17% to 11%, while the overall number of owners fell from 14% to 9%. Among those with $10,000 or more in investable assets, two-thirds say they aren't interested in buying crypto.
Young men aged 18-49 are most likely to own crypto, but even among this subgroup, ownership has fallen from 33% to 24% over the last year. Professor Jay Zagorsky says a price drop has sent 'tenuous investors' elsewhere in search of profit. Stephen Kates, a certified financial planner, notes that bitcoin and Ethereum are still moderately popular, but volatile assets.
Kates attributes the decline in crypto ownership to increased competition for investor capital from other assets, as well as the rise of sports betting and prediction markets. He also expects many coins and tokens to 'fade further into obscurity or remain primarily outlets for speculation, memes, and gambling.'