Recent research reveals that US cryptocurrency investors have an average allocation of $1,107 in digital assets. About 37% of the investors confessed non-liquidation of their crypto holdings even for important bills or other payments.
However, there’s this discovery that Elon Musk has a great influence on the crypto-related decisions of most respondents.
A survey of 1,000 US crypto investors by GamblersPick, a betting platform, displayed a shocking revelation. 37% of these holders won’t dispose of their assets irrespective of the circumstance. Furthermore, 51% confirmed that luxury purchases wouldn’t be too enticing for them to opt for cash out.
Also, the survey took a critical examination of the different generations of crypto investors. It reveals that the Baby boomer and Generation Z groups have the largest and the least investment in cryptocurrency, respectively.
In addition, the male forks have more interest in digital investment than women, with an average of $1,940 worth of cryptocurrencies. On the other hand, the statistics for the female is at a median value of $1,375 worth of digital assets.
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From its survey, GamblersPick discovered an increase in the demand for digital assets among US investors. This recent surge in demand even prompts people to borrow cash from family and friends to invest. It reflects in the results of the use of credit cards in purchasing cryptocurrencies by every fourth respondent.
The investors revealed that they plan to increase their cryptocurrency investments by adding an average of $1,645 within 12 months. The statistics have men on the lead again with the proposal of increasing with $1,988 while women plan for $1,100.
What Influences Decisions Of Cryptocurrency Investors?
Furthermore, the research reveals the reason behind the recent increase in interest in crypto investments. Most of the respondents, amounting to about 75%, confirmed their confidence in a future surge in the value of digital assets. Moreover, while 24% see cryptocurrency as a means of gaining great returns, 32% use it to diversify their portfolio.
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Additionally, about 21% of the participants used cryptocurrency as a hedge over inflation that emanates from the swindle in the economic condition. The recent COVID-19 pandemic, as well as the massive national currency print-out, are contributory factors.
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Also, online forums and social media have a prominent influence on cryptocurrency-related decisions and moves on U.S. investors. Among them is Reddit that topped the list having about 34% influential power.
Others include Twitter, Youtube, and Facebook, with their influences rated as 26%, 23%, and 16%, respectively. When it comes to influences from individuals, a man stands out among others. His influence is even greater than those from the mentioned companies above.
He is Elon Musk, the CEO of Tesla, a popular electrical car company. 35% of the research respondents confessed that their choices in digital assets are based on Musk’s statements, opinions, and tweets.
Other influencers are Warren Buffett ranking second and Snoop Dogg, the rap star, ranking third. They have an influential rating of 9% and 7%, respectively.
Featured image from Pixabay, chart from TradingView.com