Cryptocurrencies Are Unfamiliar to Half of Americans, Survey Shows
Only 5% of US citizens, who are investing or planning to invest in the next year, eyed on virtual coins.
Nearly half of the US adults have little to no understanding of cryptocurrencies, and only 5% of those who plan investment would bet on digital coins, a survey published on Thursday showed. Ordered by Association of International Certified Professional Accountants (AICPA), the report revealed that most people see volatility markets as an opportunity for easy revenues.
Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) are not popular among US citizens, as 48% of them are not familiar with digital coins, according to the AICPA research conducted by Harris Poll. Among the 42% that have some degree of knowledge, around 24% said that cryptos would rise in value, 29% thought that the coins would fall, 35% predicted wild fluctuations and only 12% believed that Bitcoin and the altcoins would remain stable in the next year.
The poll revealed that only 35% of US citizens are investing or have such plans for the next year with only 5% saying that they would give their money for cryptocurrencies.
The crypto unpopularity looks rather strange as one of the main conclusions of the report was that 48% saw the volatility as a chance for making money.
“Investing is not a get-rich-quick scheme and trying to time a volatile market with hopes for huge gains is a serious financial risk,” Greg Anton, chairman of the AICPA’s National CPA Financial Literacy Commission said.
“Many people who enter the market looking for a quick buck find they can’t handle watching their investment lose value, which leads them to sell at a loss. For most people, seeking incremental gains over a longer time horizon is a safer, more sustainable approach.”
Millennials (aged 20-37) and Gen Xers (aged 38-53) are the two groups that showed interest in high-volatility investments, the report noted.
The AICPA survey was conducted in April among 1,014 US adults.