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According to a new survey by Bankrate, only 4% of Americans have a preference for/cryptocurrencies as the best long-term investment. Real estate is first with 31% of respondents preferring it.
Cryptocurrencies have yet to grip the imagination of most Americans, according to a new survey. Despite years after the housing crash, most Americans have come back around to real estate which is the most popular long-term investment option.
Bankrate conducted a survey with the simple question: “For money you wouldn’t need for more than 10 years, which ONE of the following do you think would be the best way to invest it?”
It seems that Bitcoin is far behind other investment options for most Americans. It’s even behind the ‘none’ category which is shocking.
Cryptocurrencies, notably, were more popular among younger investors, however. Millennials chose cryptocurrencies around 9 percent of the time which is about 3x the rate Gen X did. Bankrate writes in its report that although “many investors have written off cryptocurrencies,” the Libra will ultimately bring much-needed publicity to the space.
Overall, the report is not great news for the cryptocurrency space. It demonstrates that interest in this emerging market is still marginal, and trust in it is quite low. The fact that so few Americans feel confident that cryptocurrencies are a safe 10-year investment speaks to how immature the industry still in.
The survey demonstrates that the cryptocurrency industry needs to, most of all, instill trust in investors. Some of them will, naturally, come with time. Bitcoin, for example, has already demonstrated itself to be a proven asset with over 10 years of history behind. Still, to most people, it remains uncertain. This problem should be tackled head-on, but will ultimately take many years to fix.
Perhaps in a decade’s time, as cryptocurrencies become pillars of the digital economy, Americans will change their minds. However, as of now, long-term investors are simply not interested in cryptocurrencies.
Do you believe the lack of long-term interest in cryptocurrencies from the public is due to depressed prices since 2018? Let us know your thoughts below.