New Gallup Polls Shows Only 2% of US Investors Own Bitcoin (BTC)
Wells Fargo on Friday, July 27 published a report from and online survey conducted on U.S investors, and the results are quite interesting.
According to the report from the survey, only 2% of US investors who own Bitcoin. However, it was reported that 26% of the sample population was intrigued or captivated by Bitcoin.
Details of the polls
Wells Fargo, an American multinational financial service company carried out the polls via Gallup. The online survey was conducted between May 7 and 14 2018.
The online survey conducted via Gallup Polls was conducted among the US investors who hold at least $10,000 worth stocks, bonds or mutual fund shares.
The results indicate that an astounding majority of the investors (96% of the sample) have heard about Bitcoin, the actual interest in investing in the cryptocurrency is far less (only 2%).
Only 2% of the sample population has an investment in Bitcoin while 96% have heard about it means that individuals in the US are not willing to delve into the cryptocurrency, yet.
One major problem that can be derived from the report is the lack of information about Bitcoin. Only three in ten investors, or 29%, say they have a little knowledge about digital currencies.
The report showed that nearly 67% of those who have heard about Bitcoin do not seem to have any idea about how the cryptocurrency operates.
Why are the figures very low?
The study reveals that about 75% of the investors who had heard about Bitcoin are not interested in investing in the cryptocurrency.
75% of the respondents viewed Bitcoin as a “very risky” investment, while 23% of survey participants consider it as “somewhat risky.”
The Wells Fargo survey results suggest that most American investors “opt for security over growth” when making investments. The company writes that Bitcoin is:
“more POPULAR AS a high-risk/high-reward INVESTMENT than as an online currency — although acceptance of Bitcoin for electronic payments is growing.”
While Bitcoin and cryptocurrencies are referred to as the future of money, a lot of people are yet to fully invest in the modern financial tech.
However, the industry is known more its highly volatile market than the possibilities. The poor run of the crypto market this year could be a major reason for the low numbers of investors.
Another survey conducted by Finder.com reported that only about 8% or about 26 million Americans hold a cryptocurrency of any form.
Cryptocurrencies still have a lot of work to do
The results show that for Bitcoin and other cryptocurrencies to gain massive adoption, a lot of work still needs to be done.
The amount of the population who have knowledge about Bitcoin is still very low, and statistics related to gender and age indicate that young men are most likely to know about Bitcoin and other cryptocurrencies.
Regardless of the relatively small numbers of investors in Bitcoin, recent move of Wall Street investors and major companies towards blockchain suggests that the industry is finally moving towards massive adoption.