New Survey Reveals that Only 2% of US Investors Actually Own Bitcoin
A recent poll conducted by American financial service provider Wells Fargo/Gallup revealed that only 2% of investors in the US owns bitcoin, but 26% are fascinated by the flagship crypto asset.
The survey conducted in May targeted investors with $10,000 in stocks, mutual funds, and Bonds. The result revealed that most of the investors who have heard of Bitcoin will not be investing in the digital currency anytime soon.
Sadly, more than 70% of the respondents stated that they are not interested in purchasing the coin, at all.
The poll further noted that almost 97% of American investors at one time or the other have heard of Bitcoin, but that only 3 out of 10 investors(29%), actually know about cryptocurrencies, with 67% saying they have heard about it, but do not know much about it.
Bitcoin was originally intended to be a medium of exchange according to its whitepaper, however, the asset has become popular as a high-risk/high-reward investment due to its high volatility. The survey revealed that 75% of US investors see an investment in Bitcoin as a very risky venture, while a meager 23% believe it is ‘somewhat risky’.
According to the report, young men are the most likely to “say they know something about Bitcoin or anything about digital currencies”. Also, investors with less than $100,000 in their investment portfolios are the more likely to know a thing about the cryptosphere, compared to those with a higher asset.
The United States government, under the leadership of Donald Trump, revealed in January 2018 that, it is keeping”a close eye” on cryptocurrency, following the meteoric rise in the use and value of bitcoin and other cryptos last year.
The government revealed that it is somewhat wary of the growing ubiquity of the nascent asset class, stressing that the primary concern is to block “bad people from using the coin to do bad things.”
While European countries are increasingly embracing cryptocurrencies today, the US has continued to lag behind in terms of the adoption of crypto regulation. During the Future of Fintech Conference in June this year, acting director of the Consumer Financial Protection Bureau Mick Mulvaney said that the US government is still looking for the right balance in its oversight of the cryptocurrency ecosystem. “..If Mt. Gox became a regular occurrence it dramatically undermines confidence in the markets and prevents innovation. And if we over-regulate and discourage people from entering the marketplace, that has bad consequences too,” Mulvaney said at the Conference, adding that, “we’re looking for that Goldilocks [path] in the middle.”