A study made by Wells Fargo & Gallup claims that Bitcoin was found to be interesting to around 2% of US cryptocurrency investors.
No Love for Bitcoin in the US?
Bitcoin (BTC) adoption is growing in countries around the world, and more investors are constantly joining the market, and choosing BTC. However, this doesn’t seem to apply to the investors from the US.
The findings came from a report posted by Lydia Saad, and they claim that Bitcoin, which is a leading crypto, and has had multiple price soars and crashes in the last 12 months, has yet to really advance in the US. The poll done by Wells Fargo & Gallup shows that the Bitcoin is only owned by a handful of investors (2%), with even less than that (1%) planning to buy it in the foreseeable future.
This is not due to the pure lack of interest in BTC, however. The poll also discovered that up to 26% of investors are well aware, and even intrigued by BTC. However, this still isn’t enough for them to actually buy the coin.
Such results were certainly unexpected, and the currency’s decentralization may be questioned now that these stats have surfaced. Still, this is nothing new in the world of finances and has even been discussed a lot during the last year. The majority of Bitcoin belonging to US holders is owned by a small minority, which probably largely fits in the 2% reached by the poll.
Saad believes that the even bigger problem is the fact that only 1% of survey participants are interested in buying BTC in the future. Despite the fact that over a quarter of participants are interested in Bitcoin, almost none of them actually care to buy it. This situation can only get worse if the BTC price skyrockets like it has at the end of 2017. If that happens, BTC will become even less affordable, and more people are expected to lose interest in it.
BTC Investments Mostly Seen as Very Risky
The lack of interest in buying BTC tokens is believed to have come due to a perceived risk. This seems obvious when we take a look at the reasons why the participants do not wish to buy BTC. Up to 75% of them have declared that they found BTC purchase to be a Very Risky move, with only 23% thinking that it is Somewhat Risky. 2% have stated that buying BTC is Not Too Risky, while barely 0.5% was willing to admit that they see Bitcoin investments as Not Risky at All.
With stats like this, it is pretty safe to assume that the 2.5%, who are willing to take a chance with Bitcoin, are a part of the 2% who are already BTC holders, or that 1% that are planning to buy BTC soon.
The findings are surprising, to say the least, even if they cannot really be generalized and presumed to be true for the entire US. Even though BTC still manages to “hang in there” in the US, these results suggest that Bitcoin is not nearly as popular here as it is in other parts of the world. This situation probably is not only limited to Bitcoin but the altcoins as well. Clearly, cryptos have a lot more battles to win before they truly break into the mainstream use in the United States.
Perceived risk is currently very high, which might be one of the largest reasons for these results. Without reducing the risks, it would be nearly impossible for crypto adoption to take place. This makes breaking the stigma more important than ever, which will be the next big step that cryptos have to take.