Investing in cryptocurrencies can seem very risky to many people. However, investors in general may increasingly be willing to explore this option. A new survey study has found that the majority of American investors believe that cryptocurrency is a safe investment. Additionally, 25% already own crypto and another 27% say they plan to invest this year. Here are the details about it.
American investors can invest in cryptocurrencies without thinking that it is too risky
Piplsay, a global consumer research platform, conducted a survey of 30,000 people over the age of 18 in February asking their views on investing in cryptocurrencies. The findings more or less coincide with other recent surveys.
According to the results, two-fifths of US investors think that investing in the cryptocurrency market is no riskier than investing money in stocks.
Specifically, Piplsay found that 41% of respondents believe that the stock market and cryptocurrencies are equally risky investments. Of those who believe that cryptocurrency is not a safe investment, 27% were concerned about hacking or fraud. Then 22% for the lack of regulations and 20% for the volatility of cryptocurrencies.
A separate question found that 30% of respondents said they did not understand cryptocurrencies, while 13% said they had never heard of crypto.
Other studies and surveys on cryptocurrencies
In October, Grayscale found that 55% of US investors were interested in buying crypto. While Bitwise found that 24% of financial advisers already owned Bitcoin or some other cryptocurrency.
Bitcoin’s meteoric rise has placed it among the best performing assets of the past year and the past decade. This strong performance has drawn institutional players from MassMutual to BlackRock and from MicroStrategy to Tesla, although some argue that retail interest has not kept pace.
In addition, another data that indicates the level of interest in BTC is that of Google searches on “Bitcoin”. However, these searches have not yet reached the levels seen in 2017, the previous bullrun.