A recent survey helps shed some light on who exactly is buying cryptocurrencies.
Growing the user base is crucial for cryptocurrency adoption and for increasing prices, but in order to do that we must first understand who exactly makes up the current ownership.
From there we can make some extrapolation as to how to best grow the base.
A recent survey from Finder.com of 2,001 American adults showed that less than 8% of the survey group currently owned any cryptocurrencies at all.
It is difficult to say whether that percentage holds true for the rest of America, but given their limited ownership in general there is a chance that number is fairly close to the American ownership rate.
Some additional findings of the survey:
The survey showed that men were roughly 2x more likely to own cryptocurrency than women.
It also showed that the number one reason more people didn't own cryptocurrencies was because of the perception that they didn't need to.
Of the people that owned cryptocurrency, bitcoin had by far the highest ownership.
Of all the people surveyed, roughly 5.15% owned bitcoin, 1.8% owned Ethereum, and .9% owned Bitcoin Cash.
Millenials (aged 22-37) had a 17% ownership rate, Gen X'ers (aged 37-55) had less than a 9% ownership rate, and Baby Boomers had right around a 2% ownership rate.
What people thought about owning cryptocurrencies in the future:
According to the Finder.com survey roughly 6.3% of women and 9.5% of men said they were planning on buying cryptocurrencies at some point in the future.
The survey concluded with 7 possible reasons why people were not currently cryptocurrency owners.
As mentioned above, the number one reason was because they didn't believe that they needed to be.
The total breakdown can be seen below:
As you can imagine, it being "too high-risk" and also being "too complicated to understand" presented significant hurdles for investors.
Surprisingly (or not surprisingly) the fees associated with cryptocurrencies were the least likely to deter them from investing.
More about the survey can be found here:
Stay informed my friends.
