Cryptocurrency Scenery No Longer Only 21% of Americans are willing to invest in it

The popularity of cryptocurrencies among U.S. investors is on a downward trend. Experts commented: “The glow of these cryptocurrencies has disappeared. ”

According to a September survey reported on the website of the financial interest rate publishing platform Bankrate.com, only about 21% of Americans will be willing to invest in cryptocurrencies in 2022. That’s down from 35 percent in 2021.

While the percentage of investors of all ages willing to invest in cryptocurrencies is declining, millennial investors have seen the biggest decline. In 2022, less than 30% of U.S. investors between the ages of 26 and 41 will say they are willing to invest in cryptocurrencies; In 2021, the rate was once close to 50%.

Considering that the size of the entire cryptocurrency market has been wiped out by nearly $2 trillion since November 2021, this decline in goodwill is not surprising.

James Royal, chief correspondent for the “Bank Rates” website, told CNBC’s Make It column: “Traders of any asset are uncompromising ‘sunny enthusiasts’ (meaning prefer lower-risk options), and as major cryptocurrencies such as Bitcoin and Ether have plummeted by more than 70% from all-time highs, the light that once surrounded these cryptocurrencies is gone.” ”

He added: “The decline in the price of cryptocurrencies, which further reduces their attractiveness, does not help to get more people to join in the buying and selling of cryptocurrencies.” “The price of hotter digital currencies, such as Bitcoin, has struggled to reach the 2021 highs again. Since June, the price of Bitcoin has been oscillating between $18,000 and $25,000, well below the all-time high of over $65,000 in November 2021.

“The only way you can make money with cryptocurrencies is to sell them to people who are more optimistic about cryptocurrencies, or more stupid than you,” Royale explains. He also added that for this reason, buying and selling cryptocurrencies should not be considered a traditional investment.

“It’s more like you buy a token for a street console and then hopefully someone will buy it from you at a higher price in the future,” he said. It is for this reason that legendary investors like Warren Buffett will not let their investments have anything to do with cryptocurrencies. ”

Cryptocurrencies are considered a highly volatile asset whose price fluctuations are unpredictable. Financial experts usually advise not to invest more money in the cryptocurrency space than you are willing to lose, as it does not guarantee profitability. ”

“If you’re looking for a less speculative investment, you actually have a lot of more reliable options, and they’re all proven,” Roal said. For example, buy the S&P 500 Index Fund on a regular basis and then accumulate more and more. This method of wealth accumulation has created many American millionaires. ”

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