A commentary from Finder.com CEO, Jon Brodsky, discussing the popular reason Americans own crypto currencies.
“With the number of Americans who claim to own crypto practically doubling in 2019 from 7.95% to 14.4% this could mean we are closer to a verified ETF. “Dabbling might be the key here. We saw that those who invested in BTC had a higher likelihood of investing in other coins. The vast majority who have not taken the leap cite confusion as a major factor. As interest steadily begins to grow though means of educating on crypto currency likely will as well. I think the cryptic factor of crypto will diminish soon.”
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“Other countries are already making moves. Japan was the first country to give Bitcoin the status of legal tender. The country set in motion the means to properly regulate cryptocurrency exchange back in 2018.
Do you own crypto
While China banned Bitcoin, presumably out of fear for their economy’s collapse Hong Kong hasn’t. This is interesting as Hong Kong holds special privileges and is a major player when it comes to Asia’s economic happenings. With more than 500 blockchain projects being registered with the Chinese government since March it seems fears might be dissipating. Our data showed that sending money overseas was another popular reason Americans owned crypto. We found 18.2% of those surveyed saying that it was the reason they owned coins. That’s approximately 6.6 million American adults. On average we are seeing almost $5.5k in coins owned by Americans. When looking at the median though we are only seeing around $360.
If confusion is really what’s holding you back from getting into crypto take the time to educate yourself. There are plenty of resources available to get you up to speed. Take the time to browse community forums, read online blogs, listen to podcast. If you take the time now you wont need to play catchup on the long run.”
