A recent poll shows how Americans manage their crypto portfolios. The online casino portal GamblersPick spoke to 1,000 US investors about the amount of crypto they own, how they fund their portfolios and what they forego to invest.
According to the survey results, most investment decisions were made after visiting the online forum Reddit. More than a third of crypto owners state that they get information there. On the other hand, 35% admit that Elon Musk influenced their crypto-related decisions.
Crypto and demographics
According to the survey results, Americans hold an average of $ 1,707 worth of cryptocurrencies, with gender and age having a significant impact on how much is invested and under what circumstances.
The survey found that 37% of crypto investors would not touch their holdings even if they had a necessary bill or critical payment. On the other hand, 51% would likely withdraw to pay for a leisure or luxury purchase.
To invest in cryptocurrencies, more than 11% have given up their emergency savings or have skipped an acquisition that would have significantly improved their lives.
The results show some generational differences among investors: the baby boomers hold an average of $ 1,954 in cryptocurrencies, followed by Generation X and Millennials. Generation Z owners are lagging behind at $ 1,201.
At the same time, men hold an average of $ 1,940 worth of cryptocurrencies – $ 565 more than women.
The gender gap in investments is also reflected in future desires for cryptocurrencies, as men want to invest an average of another $ 1,988 in the coming year, $ 878 more than women.
According to the survey, respondents plan to hold their cryptocurrencies for an average of five years. 24% have seen high returns recently. 21% say they see it as a way to hedge against inflation.
Borrowing and Threshold for Selling
The survey also found that certain age groups make different tradeoffs to keep their crypto investments.
In order to sustain their existing crypto investments, the baby boomers are least likely to go into debt on crypto. Millennials, on the other hand, are most likely to neglect their retirement savings. And almost one in six people has already given up credit card payments in order to increase their crypto holdings.
According to the results, gender also plays an important role in managing crypto portfolios. For example, 14% of women versus 9% of men were willing to skip paying bills in order to increase their crypto wealth.
Investing in cryptocurrencies has been cited as a possible reason for some Americans’ credit card debt. According to this, almost one in four respondents bought cryptocurrencies with a credit card. 21% plan to accumulate consumer debt in the future to increase their investment.
The baby boomers are proving to be the generation with the highest sales threshold: They would sell Bitcoin if the price had risen by 65% - compared to the millennials, who would already exit if the price had risen by 58%.
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