20% of Americans Have Invested in Cryptocurrencies — Or Have They?

The study was conducted during late March and early April of this year. HBUS, part of Singapore-based Huobi Group, has just released a survey detailing cryptocurrency ownership in the United States. The survey was administered online via SurveyMonkey and was only open to American citizens. The findings look optimistic for cryptocurrency adoption moving forward. However, it is possible that the poll had a hidden bias due to its reliance on SurveyMonkey — which tends to skew towards the more technologically-literate.

The Findings

HBUS surveyed 1067 US citizens and this is what they found:

• In 2018, around 8 percent of polled Americans had invested in cryptocurrencies at some point. In 2019, this number has jumped to 20 percent, with men being twice as likely to have invested.
• Around 75 percent of those polled is aware of cryptocurrencies.
• 12 percent of polled Americans see cryptocurrencies as a long-term investment.
• 60 percent of polled Americans went to exchanges recommended by a friend.
• Out of all the benefits, those polled cited privacy and security as most important.
• Of those in upper-middle-class income brackets (<$99,000), around 20 percent were invested in cryptocurrencies.
• Around 50 percent of respondents were comfortable using other digital payment platforms like PayPal, Venmo, or Apple Pay.

Interestingly, the study found that cryptocurrency investors differed dependent on income levels. The highest percentage of investors (21.67 percent) came from those with incomes between $25,000 – $49,999. Interestingly, those with incomes higher than $125,000 were less likely to invest. For example, out of those making $175,000 – $199,999, only 0.94 percent put their money into cryptocurrencies. Geographically, those on the Pacific made up the highest proportion of the total number of those invested (22.61 percent). New England and East South Central had the lowest numbers, each making up just five percent of those who say they have invested in cryptocurrencies.

Are The Numbers Legit?

The numbers may be unbelievable and for good reason There is a strong hidden variable present in the structure of the survey. It is safe to assume that if a general poll was conducted of all Americans, and not just a random selection registered on SurveyMoney, the numbers would be far lower. Nonetheless, the survey indicates that interest in cryptocurrencies is, indeed, rising compared to the same poll conducted in 2018. Do you think the survey is legitimate? Let us know your thoughts below.