Survey Finds Nearly Half of Respondents Have Purchased Some Crypto
With cryptocurrencies continuing to expand into the mainstream, a recent survey shows a significant number of consumers have invested in Bitcoin, Ether, or other coins. According to a survey commissioned by the digital asset marketplace Bakkt, 48% of respondents had purchased at least some amount of cryptocurrency in the past six months. While 19% of those surveyed said that they’d invested $100 or less in crypto, 5% reported buying more than $1,000 worth of cryptocurrencies. In between those two figures, 9% purchased $101 to $250, 8% invested $251 to $500, 4% had $501 to $750, and 3% bought $751 to $1,000.
Perhaps not surprisingly, the majority of crypto-owning respondents were under 44 years of age. This included 40% who were 18 to 29 and 29% who were between 30 and 44. Only 3% were over 60. Overall, those 30 to 44 were the most likely to own more than $1,000 worth of crypto (16%) while those 45 to 60 were most likely to have $100 or less (45%).
Notably, when asked what plans they had for their crypto holdings, the most popular answer was “long-term investment,” with 58% of cryptocurrency-holding respondents saying this was their goal. However, the second most popular response (43%) was to sell the crypto for short-term profit. Meanwhile, 24% say they plan to use their holdings to make online purchases, 12% intend on making in-person purchases, and 11% stated they’d likely transfer the assets to another person.
Of those surveyed that didn’t purchase crypto in the past six months, a significant number said they might be interested in changing that in the next six months. This includes 10% who were “very interested” and 22% who were “somewhat interested” in buying crypto soon. On the other hand, one-quarter stated that they were not at all interested while 21% remained neutral.
Commenting on these findings, Bakkt CEO Gavin Michael said, “The results of the survey demonstrate that Gen Z and Millennials are adopting crypto en masse and for alternative forms of payment, but the biggest roadblock standing in their way has been lack of understanding on how to get started and concerns with market volatility.” As Michael mentions out, 32% of those surveyed cited volatility as the biggest challenge that comes with buying crypto. This was followed by 24% who said they didn’t know where to start and 18% who noted that they don’t trust third-party crypto exchanges. But, to that point, Michael added, “Digital assets are driving a new, increasingly dynamic economy, and Bakkt is creating tremendous value for consumers by offering an extremely accessible and low-cost entry into Bitcoin investment.”
Considering that the Bakkt-backed surveyed was conducted online, it’s possible that the results over-index for more tech-savvy and “plugged in” consumers, likely making the 48% figure a bit high. Nevertheless, as more easy-to-use platforms such as PayPal, Cash App, and others add support for cryptocurrency trading, it doesn’t seem unreasonable that such widespread adoption could be possible in time. Of course, in order for that to happen, the volatility inherent to such assets will need to subside — so it could be a while before a true majority of consumers feel comfortable enough to jump into the cryptocurrency market.