A recent study conducted by Gallup and Wells Fargo says most US investors have no interest in Bitcoin, the leading form of digital currency. Just 2% of investors say they currently own Bitcoin, and less than 1% plan to buy it in the near future.
More than 70 persons in 100 or 70% said they “have no interest in ever buying Bitcoin”. Some 26 persons in 100 or 26% are somehow intrigued but have no plans to purchase the digital money in the near future, the poll found.
What are the underlying reasons for the reluctance to accept the claimed currency of the future?
Bitcoin Perceived as Risky
The primary reason US investors do not want to get involved in Bitcoin transactions is the perceived riskiness. Only 0.5 percent (or less than 10 people out of about 2000 surveyed) believe the digital money was “not risky at all” while 75% said it is “very risky”.
There is a pool of investors that are somewhat undecided yet they also think (23% of the surveyed) that Bitcoin is “somewhat risky”. The remaining 2 % thought it was not “too risky”.
Lack of Popularity
Only about three from 10 investors (29%) say they know something about Bitcoin. About 67% say they have heard about the currency but don’t know much about it and 5% of investors have not heard of it ever.
“Men and younger investors are far more likely than women and seniors to say they know something about Bitcoin or other digital currencies,” the pollsters wrote.
Only 3% of men and 1% of women said they owned Bitcoin. Among those owning Bitcoin, 3% were aged 18 to 29 and 1% aged 50 or older.
“For now, most investors are on the sidelines, knowing little to nothing about Bitcoin,” the pollsters said. “Few are already invested in it, and even fewer plan to jump in soon.”
Better Safe Than Unstable Growth
Bitcoin could be tempting for those with financial means, but earlier Wells Fargo/Gallup surveys found that most U.S. investors prefer to play it safe with the investments. Those of younger age, although, say they may be go for Bitcoin transactions in case it goes more mainstream.
P.S. These were the results of Wells Fargo/Gallup Investor and Retirement Optimism Index survey based on a Gallup Panel web study completed by 1,921 U.S. investors, aged 18 and older, May 7-14, 2018.