Survey Finds that Cryptocurrency Manages to Bring in Diverse Set of Investors
There is no doubt that cryptocurrencies have become one of the most popular assets currently available. Despite many investors still having reservations about cryptocurrencies, it has managed to explode in popularity over the years. Even the US government has accepted that cryptocurrencies are a valuable asset.
And while some still prefer stocks or older financial investments, a recent survey has found that cryptocurrencies attract a very diverse crowd of investors. Their investors are of diverse ethnicities, genders, races, and even incomes. Cryptocurrency especially has investors with varying levels of wealth, with the most common ones being of lower incomes. These findings tend to stand out, especially when compared to the stock market.
The University of Chicago’s NORC conducted the survey and found very interesting results. They found that the 35% of the respondents in the survey who were investing in cryptocurrency made less than $60,000. On the other hand, more than 27% of the respondents chose to invest in a much safer alternative, the stock market. The crypto market also happens to be very racially diverse, as 44% of people of color chose to invest in crypto. This marks well compared to the 35% who say that they prefer investing in the stock market.
Of the female respondents, 41% said that they were investing in the crypto market. But 38% of these female investors preferred buying stock. The survey also takes into account the college applicants and people with a college education. Over half of the college grads (51%) said that they preferred investing in stock, compared to the rest (49%) who preferred investing in crypto.
Only 13% of total respondents have purchased a cryptocurrency over the past 12 months, which stands in contrast to the 24% of who bought stock. However, most of the investors that have invested in crypto, 61% of them to be precise have just started investing in crypto in the last six months.
Economics, justice, and society department’s vice president at NORC, Angela Fontes, gave her thoughts about the survey and its findings. She said that cryptocurrencies have been able to open up the doors of investing to a much more diverse crowd of people. She also mentioned that it is important for all of these investors to be able to access sound and accurate investing information about their respective markets. Making decisions in these very volatile markets should always be backed by facts and knowledge, which is hopefully accurate.
But despite what the survey has found, almost everyone still has their reservations about cryptocurrencies. Even people who are investing in it understand the risk that they are taking, but feel like it is worth it.