US Crypto Ownership Plunges as Investors Seek Safer Bets
Cryptocurrency ownership in the US has declined over the last year, according to a new Gallup survey. From 14% of all US adults owning crypto in the previous year to 9%, and from 17% of investors to 11%. Investors with $10,000 or more in investable assets are less interested in buying crypto now, with two-thirds saying they aren't interested.
The number of investors intrigued by or planning to buy crypto has remained flat at just under 20%. However, among young men aged 18-49, ownership has fallen from 33% to 24%. Professor Jay Zagorsky attributes this decline to a price drop in the last year, which sent 'tenuous investors' looking elsewhere.
Certified financial planner Stephen Kates notes that the crypto market's value is concentrated in Bitcoin and Ethereum. He believes these assets will remain volatile but still attract attention due to their popularity. Kates also thinks crypto no longer has its 'honeymoon period', as it must compete with other investments for capital.
The majority of investors, 63%, view crypto as a 'very' risky place to put their money. Kates expects many smaller coins and tokens to fade into obscurity or remain speculative assets.