Huge majority of investors have no interest in ever buying bitcoin

According to a Wells Fargo Gallup poll, while most investors say they have no interest in ever buying bitcoin, a quarter of them say they are intrigued by it but won’t be buying it anytime soon.

Bitcoin has yet to make significant inroads into any major subgroup of U.S. investors. In total, only 2% of investors currently own bitcoin, and 1% plan to buy some bitcoin in the near future. 

Just 3% of men, 1% of women, 3% of those aged 18 to 49 and 1% of those aged 50 and older report owning it. While ownership is more common among wealthier investors, just 3% of those earning $90,000 or more report owning bitcoin, compared with less than 1% of lower-income investors.

Only about three in 10 investors say they know something about digital currencies. Most of the rest say they have heard of these currencies but don’t know much about them, while 5% have not heard of them.

The bigger constraint on bitcoin sales is likely the widespread perception that trading in the currency is not safe. While risk is central to how investing works, three in four investors who have heard of online currencies consider bitcoin a “very risky” investment.

The poll was based on U.S. adults with $10,000 or more invested in stocks, bonds or mutual funds, either within or outside a retirement savings account.

July 31st, 2018 by