Americans regard crypto as gambling

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Updated December 14, 2022 | Published December 14, 2022

2 mins read

The number of Americans likening investing in cryptocurrencies to a game of chance has increased since 2021.

The majority of Americans see cryptocurrencies as a form of gambling, with 60% of citizens in the country arguing that purchasing crypto is a high-risk investment.

The percentage of people to say so is up from 45% in 2021.

Based on a CNBC Make It Your Money survey, the majority of people in the US are uncomfortable with the profile of digital assets. Only 26% believe it’s a moderate risk.

The survey has found out that younger generations are happier with the risk profile of the asset, and more willing to embrace it or invest in it.

Despite the market being buffeted by the collapse of several big names, including FTX, the arrest of Sam Bankman-Fried and the international man hunt for Do Kwon, there still seems to be a bastion of crypto believers who are keen to explore digital assets.

According to the survey, 38% of Gen Z respondents, or those aged 25 or under, and 46% of millennials, defined as those aged 26 to 41, confirmed that the investment is high risk.

Gen Z are therefore the least resistant generation when it comes to cryptocurrency adoption.

These percentages are interesting given the recent shocks sent across the industry. There is also the fact that Binance froze withdrawals for USDC on Tuesday, although the company’s boss said it was done temporarily and did not reflect the company’s reserves.

According to James Royal, a reporter at Bankrate, many young investors see crypto investments the same way they would lottery tickets, precisely because investment in this sector can get you rich very quickly.

However, unlike stocks and bonds, there is nothing to back the value of a crypto, other than the blockchain technology.

“With crypto coins, you’re not buying a profit interest in a business. Rather, it’s more like you’re buying an arcade token and hoping someone will pay you more for it later”, Royal noted, echoing one of the most common criticisms against cryptocurrencies.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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