Despite what many in the crypto industry want to believe, it seems that the vast majority of US investors are hardly interested in investing in Bitcoin (BTC), according to a recent Wells Fargo/Gallup poll.
Just 2% of investors say they currently own Bitcoin, and less than 1% plan to buy it in the near future, according to the poll. Another 26% of the respondents said they are intrigued, but do not plan to buy anytime soon.
At the same time, 72% answered that they have no interest in ever buying Bitcoin, according to the results from the second-quarter Wells Fargo/Gallup Investor and Retirement Optimism Index survey, conducted online May 7-14, 2018, via the Gallup Panel. The poll is based on U.S. adults with $10,000 or more invested in stocks, bonds or mutual funds, either within or outside a retirement savings account.
„Bitcoin has yet to make significant inroads into any major subgroup of US investors,“ the poll notes.
According to its findings, just 3% of men, 1% of women, 3% of those aged 18 to 49 and 1% of those aged 50 and older said they own Bitcoin. The most famous cryptocurrency that for many has become synonymous with cryptocurrencies in general, is slightly more popular among the wealthier investors (those earning $90,000 or more), yet only 3% of them responded they own it. Of the lower-income investors, barely 1% reported they have Bitcoin.
Perhaps the main reason for the lack of investor interest, is that Bitcoin’s popularity is limited. The Wells Fargo/Gallup survey shows that 29% of the respondents said they know something about cryptocurrencies, but 67% said they have heard of them, but do not know much. Almost 5% have not heard of Bitcoin and the likes at all.
Another significant constraint for the popularity of Bitcoin among investors is the widespread perception that trading in cryptocurrencies is not safe, despite risk being inherent to investing. Three quarters of the respondents who have heard of them, consider them a "very risky" investment, while 23% said it is “somewhat risky”.
Only 2% said that they think Bitcoin is “not too risky” and less than 0.5% answered they think it is not risky at all.
The survey found that perception and awareness of Bitcoin varies by gender and age. Men and younger investors are far more likely than women and older people to say they know something about the cryptocurrencies, are intrigued by them and are less likely to say they are certain they will never buy them. Also, the survey found, investors with portfolio of less than $100,000 (usually the younger investors) are more likely to be familiar with cryptocurrencies than those with higher asset levels.
The authors of the survey concluded that despite the lively discussion on the future of Bitcoin and cryptocurrencies in general, most investors are on the sidelines and do not know a lot about them. Few have already invested in it, and even fewer plan to do so anytime soon.
„Bitcoin's image as a risky investment may be irresistible to those with the financial means and temperament to assume market-type risks. But as Wells Fargo/Gallup surveys have found in the past, most U.S. investors prefer to play it safe with their investments, opting for security over growth,“ the report concluded.
However, many of the younger investors who currently say they are interested, may be converted to crypto investors once the cryptocurrencies go more mainstream.
This article appeared first on Cryptovest
