Clovr, a blockchain startup, has published interesting results of a cryptocurrency sentiment survey it conducted recently.
In the report published on its website, Clovr showed that millennial men with means are likely to invest in cryptocurrencies more than any other people group.
For its study, Clovr sampled responses from over 1,000 Americans between the ages of 18 and 80 using Amazon’s Mechanical Turk platform.
Findings of the Study
Among the three main generations—millennials, generation X, and baby boomers—the millennials were most likely to invest in cryptocurrency, with 41 percent of them saying they have invested in cryptocurrency against 24 percent of Generation X and just 18 percent of baby boomers.
It makes sense that the millennials will be more interested in cryptocurrency which is made possible by the internet, another invention which became rampant in the millennial era.
However, earning power was another main factor that influenced people’s decision to invest in cryptocurrency according to the survey results. As much as 47 percent of participants who earned between $75,000 and &99,000 annually had invested in cryptocurrency and 43 percent of participants who earned more than $100,000 annually had also invested. On the other hand, only 24 percent of participants earning below $25,000 had cryptocurrency investments.
The low participation of women in the blockchain and cryptocurrency space has been mentioned to often and Clovr’s study indicates this trend follows also for cryptocurrency investing. Data obtained showed that only 23 percent of women were interested in cryptocurrency whereas 43 percent of men were interested in crypto investments—this is twice the percentage for women.
Urban dwellers were twice as likely to invest in cryptocurrency as rural dwellers, 42 percent to 22 percent.
Why do people invest in Cryptocurrency?
Clovr ranked the major reasons why people were getting into cryptocurrency as well as the major reasons others chose to stay away.
More than anything else, investors said they hoped to get a huge return on their cryptocurrency investments. Probably attracted by the record surge in the cryptocurrency markets last year that saw bitcoin price near $20,000, 54 percent of participants who invested were in it for high ROI. The market has since crashed and people are hoping they’ve seen then end of the dark days.
42.6 percent were bullish about cryptocurrency saying they believe it is the currency of the future; while 39 percent were influenced by friends and family while 35 pointed to the fear of missing out (FOMO). A lower percentage (15 percent) said they went into cryptocurrency, having lost faith in the global economy.
As Smartereum reported, a similar survey conducted in Australia found out that 34 percent of Australians that purchased cryptocurrency did so out of FOMO. The study found out the 80 percent who hadn’t purchased cryptos were held back by the difficulty of handling them. According to Clovr’s study, 48 percent didn’t invest for lack of understanding second only to a group of 58 percent that say crypto is too risky.