Cryptocurrency Is Losing Popularity as Investment Vehicle in US, According to Bankrate Survey – Bitcoin News

A survey by Bankrate found that cryptocurrency’s popularity in America is declining as an investment tool. The survey found that trust in crypto has diminished across several groups, with millennials losing 20% of their trust in the assets — more confidence lost than in the other generational groups surveyed.

According to Bankrate, Crypto Investors are losing confidence according to Bankrate

Although cryptocurrency is considered an investment tool of the future, many crypto enthusiasts have begun to doubt its validity. Bankrate’s survey shows that crypto investing is less popular among different generations.

The biggest loser in crypto has been the millennials. These people, which have always been open to and connected to crypto-related tech, are the ones who lost the most trust. The percentage of millennials that were “very comfortable” or “comfortable” investing in crypto went from 49% in 2021 to 29% this year.

Other groups lost their confidence in cryptocurrency, as the metrics went from 37% to 21% for Gen Xers and 21% to 11% for baby boomers. Only 21% of crypto investors had confidence this year, as compared with 35% in 2021.

According to the report, this is the result of the recent cryptocurrency market downfall, produced by the United States Federal Reserve’s intervention, raising interest rates to combat inflation. Greg McBride, CFA and Bankrate’s chief financial analyst, stated:

If you are able to see value increasing continuously it is easier for people to be optimistic and believe in something. When the chips start to fall, it is when belief becomes difficult. Many investors now have different views about cryptocurrency investing.

Crypto: Why younger generations are more inclined to believe in it

It also explores why crypto-investors are more attractive to younger generations. According to the report, these younger people, including Gen Zers, millennials and others, tend to take financial advice from friends and relatives, as well as social media. They are less likely to hear from investors.

Despite the loss of trust, those who still believe in crypto believe it will make them billionaires. Harris Poll found that younger generations, such as millennials or Gen Zers are most optimistic about their potential to be billionaires using crypto.

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Bankrate, Crypto, docial media, Gen Xers, Gen Zers, millenials, Millennials, Social Media, Survey, trust, US

What do you think about crypto’s loss of popularity in the U.S.? Please leave your comments below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. He is a Venezuelan computer engineer with a background in social engineering and has been impacted by cryptocurrency’s boom on a personal level.

Credits for the imageShutterstock. Pixabay. Wiki Commons

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