majority of americans cryptocurrencies increasingly see it as a risky investment.
Confidence in Bitcoin and Cryptocurrencies Decreased Compared to Last Year in the US
According to the latest CNBC Make It Your Money survey conducted in partnership with Momentive, nearly 60% of Americans believe investing in cryptocurrencies is quite risky; this rate was 45% in 2021. 26 believe it is moderately risky.
However, younger generations bitcoin and seem more enthusiastic about investing in crypto than older generations.
About 38% of Gen Z (defined here as 25 and under) and 46% of Gen Y (defined here as 26-41 years old) say investing in crypto is very risky.
On the other hand, just over 60% of Gen X (defined here age 42-57) and nearly 80% of baby boomers and silent generation (defined here as age 58 and over) consider crypto investing to be high risk.
The crypto market has lost just over $2 trillion since last year. On top of that, FTX, one of the world’s largest cryptocurrency exchange platforms, collapsed from a $32 billion valuation in January to filing for bankruptcy on November 11.
Blockfi, another troubled crypto firm, also filed for bankruptcy soon after, on November 28.
According to the survey, only about 10% of Americans say they own cryptocurrencies.
Among those who own cryptocurrencies, their biggest fans are millennials. Nearly 15% of millennials said they own cryptocurrencies, compared to 12% among Gen Z and X, and less than 5% for baby boomers and silent generations.
*Not investment advice.
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