The number of cryptocurrency investors in the U.S. has doubled in 2019, increasing from 7.95% to 14.4%, a new survey by Finder shows. Finder is a financial services company based in Australia and by carrying out a new survey which included 2,068, they found out that around approximately 36.5 million U.S. citizens hold cryptocurrency assets.
Released on the company’s official website, Finder’s survey titled ‘A rising number of Americans own crypto’ revealed a number of updated information, including the fact that the average wallet holds around $5,447. However, the median sum of these holdings amounted only to $360 per wallet.
The survey states that only three quarters of the participants held less than the average sum of $5,447, which indicates that while Americans are willing to invest in new digital assets, they are not too keen to risk a significant amount of money.
As for the assets themselves, the survey concluded that 55.4% of the participants are ‘crypto polygamists’, meaning that they own more than just the world’s famous cryptocurrency, Bitcoin. When it comes to gender, the rate of male cryptocurrency holders is nearly double that of female holders resulting in a rate of 19% and 10% respectively.
The reason behind the rising interest in crypto
61% of the surveyed participants stated that they hold cryptocurrencies because they see it as a valid form of investment. In raw numbers, the survey could potentially indicate that around 22.3 million U.S. citizens own cryptocurrencies.
Besides investing, 29.3% stated that they use cryptocurrencies for transaction payments (approximately 10.7 million Americans), while 25.6% (approximately 9.3 million Americans) stated that they use the asset class to store savings outside banks.
Cross border transfers, one of the main use cases in the sector on which a significant number of projects are based on, are claimed for use by only 18.2% of the participants, resulting in only 6.6 million Americans being interested in that sort of use.
Despite the fact that the number of cryptocurrency investors doubled during the past year, only 14.4% of Americans are interested in the sector. As to why the rest of the surveyed participants are not interested, 47.9% of them claimed that cryptocurrencies are too complicated and difficult to understand. 45% stated that they simply are not interested and 23% stated that cryptocurrencies present too much of a risk.
The cryptocurrency sector is still fairly new and has not reached full maturity so far, making it reasonable that there is still a significant portion of people who are not willing to participate. As with all things new, it will take time before the masses accept the disruptive new technology and become willing to adopt it instead of traditional finance.