According to a recent CNBC survey, one-tenth of those surveyed invest in cryptocurrencies, signaling industry growth.
The crypto space continues its rise to the top. CNBC released a new survey in collaboration with Momentive Invest which aligns with the growth of the industry. According to the survey, 10% of those polled have already invested in cryptocurrencies.
These findings rank cryptocurrencies fourth after real estate, stocks, mutual funds, and bonds.
In addition, the survey found that 65% of the polled investors entered the crypto space within the last year. Despite the major fluctuations of key digital currencies, like bitcoin, investors still took chances on crypto. This year bitcoin saw a drop back to the $30,000 range shortly after reaching an all-time high above $64,000. While this survey does show a promising rise in crypto investors, the chaos ensued by price fluctuations saw major weekly outflows during the year.
Along with numbers regarding participation, the survey asked why respondents thought of cryptocurrencies as such an enticing investment. Among the top recurring answers is easily making trades and a high potential for growth in short periods of time.
Douglas Boneparth, a financial planner and president of Bone Fide Wealth in New York City commented on the findings. “There are a lot of things that make crypto very attractive; the biggest one is the opportunity to make a lot of money,”
Crypto adoption across the community
It isn’t just with individual investors that an uptick in investment in the space is visible, though they do play an important role.
According to another survey conducted by Chainalysis, crypto adoption is up 880%. One of the major avenues, which encouraged such growth is peer-to-peer trading platforms (P2P). In addition, this report and others single out India, Vietnam, and Pakistan with the highest rates of crypto adoption.
In the United States, additional information on crypto demographics shows the increase in adoption among minorities.
Institutional investors have played a key role in boosting adoption numbers. The crypto space is rife with new institutional investors and predictions don’t see that slowing down. Fidelity Digital Assets said at least 71% of institutional investors plan to invest in some sort of digital assets in the future.