Tuesday, March 20, 2018

Survey results show that around 8% of Americans have jumped onto the cryptocurrency bandwagon

It is difficult to try to determine at what percentage an investment changes from being alternative to mainstream.  And perhaps this is why gold and silver fall into the alternative category since only an estimated 1% of the population owns the precious metal in bullion form.

However can that same alternative label now be tied to the cryptocurrency sector as a new survey out from February shows that around 8% of Americans own some form of cryptocurrency, which is up 7% from a previous survey conducted back in December of 2016.

Graphic courtesy of Finder.com
Nearly 16.3 million Americans, or 8 percent of the country, own some form of cryptocurrency, according to a new survey by Finder.com, which also found slightly more than 5 percent of Americans owned Bitcoin. If accurate, the results mark an increase from a study the Pew Research Center published in December 2016 that revealed roughly half of Americans had heard of Bitcoin but only 1 percent had traded, collected or used it. - Bitcoinist
Also included in the survey was the question to the 92% who have never bought or owned cryptocurrencies as to why they have abstained, with their responses listed below.

27% - Too complicated

18% - It's a scam

17% - It's a bubble

11% - Too difficult to use

6% - Too many fees

Interestingly from these responses, it appears that many have at least looked into cryptos and made their decisions based upon a combination of media persuasion and negative stories, attempting to use a wallet or exchange at some point, or a decision made from the fact that cryptocurrencies are radically different than the current monetary system.

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