Survey Shows 26 Million Americans Now Own Cryptocurrencies

Nowadays, it is hard not to notice ads about Bitcoin and cryptocurrencies on your Facebook, Twitter, or YouTube page. You can even see these ads on Google search results – and practically in any web page that hosts paid ads and banners.

This rising interest in cryptocurrencies – particularly in Bitcoin, is because of several businesses and individuals who see it as a good type of investment. In fact, many have now joined the bandwagon, in the hopes of growing their money via crypto mining.

A recent survey by Finder.com has found that there are over 26 million Americans today who own cryptocurrencies. The number seems quite big, but that actually only accounts for 8% of the total population.

The majority of crypto owners are millennials – representing 17% of the 26 million crypto owners in the US alone. In contrast, only 8% of crypto owners are from Generation X, while only 2% are Baby Boomers. The majority of owners are also males (11%), while only 4% of crypto owners are women. Of course, the most popular cryptocurrency among these owners is none other than Bitcoin, then followed by Ethereum and Bitcoin Cash.

So what’s up with the other 92% of Americans who don’t own cryptos yet? So far, only 8% of them expressed an interest in purchasing crypto sometime in the near future. Others are either still in doubt or plainly not interested at all.

In Finder’s survey, the top 3 reasons for non-owners are – they are simply not interested, it is too risky, and also very complicated to understand. Some also reasoned that cryptos might just be part of a scam, or that this whole thing is just a bubble that’s about to pop anytime. Others also reported that it is difficult to use and that there are too many fees.

Most of the concerns are however valid and understandable. As a decentralized institution, investing in cryptocurrency is indeed very risky. There’s almost no assurance, and if something goes wrong – who will be able to police them?

As of the moment, governments and central banks are still hesitant to accept cryptocurrencies into the formal economy – even though crypto industry experts have a positive outlook regarding this issue.

The complexity of understanding how Bitcoins (and cryptocurrencies in general) work also adds up to most people’s doubts. Respondents from the Baby Boomer generation (26%) give this as their top 3 reasons why they won’t buy cryptocurrencies anytime soon. But it’s not simply a “technology thing” – because 31% of millennials also responded with the same reason.

Plain disinterest is the number one reason (across all generations) why 92% of Americans did not purchase cryptocurrencies. This is probably because cryptocurrencies still have little to no value when they are used for purchases in the real world (or the formal economy).

Even in eCommerce, using Bitcoin and Ethereum is still not that commonplace. Although industry experts are posing the Bitcoin as a potential universal/global currency of the future, this won’t seem to happen any time soon – not without digital infrastructures and government regulations in place.