Bitcoin and cryptocurrencies have been a hot topic ever since their prices boomed back in 2017 and the total market cap surged past $800 billion. However, a recent Twitter poll presented an interesting statistic, showing that the number of involved investors might not be as high as we thought. On the bright side, it also means that there’s plenty of room to grow.
A recent Twitter poll revealed that the majority of retail investors are still not involved in the cryptocurrency markets. According to a questionnaire which collected data from 3,204 people, less than 10 percent of retail investors are involved in the space.
While undoubtedly speculative, the information is somewhat definitive. According to 83% of the participants, less than 10% of their real-life friends or family have owned crypto. Only 3% of the participants said that the number was greater than 50%.
How many of your IRL friends or family own or have owned crypto?
— Crypto₿ull (@CryptoBull) August 11, 2019
On one hand, this could be interpreted as a sign that crypto is far from being as adopted and well-known as most would like it to be. However, there’s also a massive silver lining.
The results also emphasize investors’ current opportunity to join the crypto community. The majority of the population has yet to be introduced to the cryptocurrency space. In other words, we have gotten to where we are with little to no retail participation, suggesting that things could grow substantially once people start getting in more seriously.
As CryptoPotato reported earlier this year, almost half of crypto investors have 60%-100% of their crypto portfolios in altcoins, and less than quarter have between 0% and 20% in alts. However, it is worth noting that even though more than 10,000 people voted in this poll, it took place in April during a moderate alt season and before the major Bitcoin price surge. In the past couple of months, altcoins have been suffering tremendously, as a lot of them have marked new all-time lows when trading against Bitcoin.
An even more incisive poll of over 40,000 people in June confirmed that the biggest boom so far in the crypto industry for newcomers was in 2017. 58% of the respondents claimed that they’d bought their first cryptocurrency during 2017, and 20% stated that their first crypto purchase was in 2016 or prior.