Wells Fargo and Gallup conducted a poll about cryptocurrencies in the US and the results were published earlier this week. The survey results indicate that only 2% of U.S. investors own Bitcoin. However, 26% are captivated by it. Between May 7 and May 14 of this year, the online survey was conducted among the US investors who hold at least $10,000 worth stocks, bonds or mutual fund units.
While the results indicate that astounding majority of investors have heard about Bitcoin, the actual interest in investing in the cryptocurrency is far less. More than 72% of those who had heard about Bitcoin are not interested in investing in the cryptocurrency.
Notably, 96% of the poll participants had heard about Bitcoin However, only three in ten investors, or 29%, say they know a little bit about digital currencies. Nearly 67% of those who have heard about Bitcoin do not seem to have any idea about the cryptocurrency.
The basic idea of creating Bitcoin is to make it as a means of payment or “electronic cash”. However, the volatility and deflationary characteristic of Bitcoin has made it a store of value and an investment vehicle. Bitcoin, however, is slowly gaining adoption. The survey has also revealed that nearly 75% of the respondents view Bitcoin as a “very risky” investment, while 23% of survey participants consider it as “somewhat risky.”
The Bitcoin statistics related to gender and age indicate that young men are most likely to know about Bitcoin and other cryptocurrencies. Furthermore, investors holding a portfolio of less than $100,000 have a better chance of knowing about innovations such as Bitcoin, compared to those holding a portfolio of over $100,000.
A survey conducted by Finder.com indicated that 8% or about 26 million Americans already hold some cryptocurrency. A study about ten cryptocurrency projects which raised at least $1 million in 2017 indicate that on average each of them generated returns of over 136,000%.