CNBC’s “Your Money Survey” estimated that 60% of the American participants consider the risk of investing in cryptocurrencies to be high.
Just 5% of the respondents believe it is entirely safe to allocate some wealth to the asset class.
The decline of the cryptocurrency market, as well as the various adverse events in the sector, have had an impact on the sentiment among many Americans. CNBC’s latest research found out that 60% of the US respondents think of crypto investing as highly risky, while this figure was 45% in August 2021.
26% think delving into bitcoin and alternative coins hides a “moderate” risk, while only 5% consider it to be totally safe.
Cryptocurrency investors have also lost some of their confidence, with 60% claiming there’s a real chance of severe losses when dealing with the asset class.
10% of the research’s participants revealed they are HODLers. Millennials are the most active demographic group, with 15% of them holding some crypto. Generation Z and Generation X follow closely with 12% each.
Bank of America (BoA) also conducted a survey which showed that 75% of US residents aged between 21 and 42 think it is impossible to achieve above-average returns relying only on traditional finance. In their view, diversifying with alternative assets, such as cryptocurrencies, real estate, private equity, and commodities, could generate better future profits.
Another CNBC survey from 2021 disclosed that Millennial millionaires had invested at least 25% of their funds in digital assets.
When bitcoin was charting its all-time high in November 2021, young Americans were even willing to receive some of their salaries in crypto instead of fiat currencies. Generation Z (those not older than 23) were most supportive, with 50% wishing for that option.