Americans Just Not That into Crypto, Survey Finds

A new survey has found that American adults are more hesitant to invest in cryptocurrencies, the reasons differing slightly across genders.

This may come as a shock to some people, but Americans like talking about cryptocurrencies a lot more than investing in them.

A survey by Finder has revealed that only 8% of Americans have taken the plunge and invested in cryptocurrencies like Bitcoin.

Based on gender, the results show that nearly three times as many men (11.9%) own cryptocurrency as women (4.3%).

The most common reason people are reticent to enter the market? For men, it is mostly related to risk (39.8%), but women (30.9%) are not that far behind on that count.

However, the top reason for women is interest: 44% of them see no need for cryptocurrencies or have no interest in digital money, to begin with.

Men are more likely to believe that the whole thing is a scam, with nearly twice as many as women responding in this way.

Women were more likely to find cryptocurrencies too complicated to understand: 30% as opposed to 23.6% among the male respondents.

All in all, Millennials were more likely to be among cryptocurrency holders, with 17% of them having put their hard-earned cash into the market.

The respective percentages for Generation X-ers and Baby Boomers were much lower at 8.75% and 2.24%.

The American hesitance to enter the cryptocurrency market is in stark contrast to South Korea, where droves of people from all social strata have taken a plunge into the market.

Seniors in South Korea are more cryptocurrency-friendly, with roughly five times as many having purchased a digital coin when compared to the percentage of seniors in the USA, according to a survey published earlier this month.

Aside from being more involved in the space, they also invest much larger sums, the average dollar amount exceeding $6,000.

One way of explaining this phenomenon could be that older Americans tend to exercise greater caution and conservatism when it comes to investing in newer financial instruments.