While cryptocurrency appears to have joined the layman’s lexicon, a finder.com survey of 2,001 American adults revealed that only 7.95% of people have purchased cryptocurrency. So why aren’t people buying into the latest craze?
The study found that the main reason for people not purchasing crypto is that they are disinterested or they think there is no need (40.01%). This is followed by 35.02% saying that it’s too high risk, 27.04% finding it too difficult to understand and 17.97% saying it’s a scam.
As we might expect for a generation of tech natives, the majority of crypto buyers are millennials, with 17.21% of millennials claiming to have holdings in crypto, while only 8.75% of Gen X and 2.24% of baby boomers say the same.
Baby boomers take the lead as the most likely to have no interest in, or think there is no need for, cryptocurrency. Our survey found that 45.62% of baby boomers, 37.36% of millennials and 35.05% of Gen X are disinterested in purchasing crypto.
Of those who have jumped on the crypto bandwagon, Bitcoin (BTC) comes in as the most popular cryptocurrency, with 5.15% of Americans having purchased an average of US$3,453.89. Ethereum (ETH) sits in second with 1.80% Americans having purchased an average of $1,243.42.
See more interesting stats below from the study
Of those who haven’t purchased crypto, 11.52% of millennials, 10.30% of Gen X and 3.81% of baby boomers plan to purchase in the future.
Millennials who haven’t purchased crypto are more likely to find it too complicated to understand or too difficult to use when compared with the other two generations. The proportion of millennials who find it too complicated to understand comes in at 31.18%, compared with 26.43% of baby boomers and 25.61% of Gen X.
Meanwhile, 14.89% of millennials, 11.94% of baby boomers and 9.01% of Gen Xers say it’s too difficult to use. Our survey also finds that 45.62% of baby boomers, 35.05% of Gen X and 37.36% of millennials who have no holdings are disinterested in purchasing crypto.
Full study from Finder.com here