Cryptocurrencies

Bitcoin image problem as US investors play it safe

Only 2% of US investors own Bitcoin, but 26% are intrigued by it, according to a Wells Fargo/Gallup poll of 1,921 Americans with $10,000 or more invested in stocks, bonds or mutual funds, either within or outside a retirement savings account.

29% said they knew something about digital currencies. 67% were aware of them but didn’t know much about this area, while 5% had not heard of them. The bigger constraint on Bitcoin sales is likely the widespread perception that trading in the currency is not safe. Three in four investors who have heard of online currencies consider Bitcoin a “very risky” investment.

Security over growth

Gallup comments: “Bitcoin’s image as a risky investment may be irresistible to those with the financial means and temperament to assume market-type risks. But as Wells Fargo/Gallup surveys have found in the past, most US investors prefer to play it safe with their investments, opting for security over growth. Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream.”

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.

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