One in every five people in the US have invested in cryptocurrency, according to a new poll by CNBC.
That is 11% of the total population, the survey claimed, with some 5,530 respondents participating in CNBC's poll and revealing what motivated them to invest in crypto in the first place.
According to 60% of crypto investors, the potential for the currencies and assets' long-term growth was the most appealing aspect.
Another 44% said that they were looking for a quick increase in value over the short-term, and 33% found it easier to make trades via crypto. Some 26% admitted they were just investing because it was “fun and exciting”.
Interestingly, investors weren't necessarily influenced by mainstream media coverage and representation of cryptocurrencies. It said 44% of investors admitted that they could not accurately forecast where Bitcoin would end up at the end of 2021, for example.
Some 21% of investors said that Bitcoin may finish the year higher than its currency price. Regardless of price predictions, 45% of interviewees agreed that investing in crypto has a very high-risk profile. The survey also took a look at the demographics investing in crypto.
The main difference was that men were twice as likely to invest in crypto as women. Age turned out to be another important factor, with older investors more wary of crypto investments.
However, younger generations between 18 and 34 considered crypto less of a risk (29%) as opposed to older investors between the ages of 34-65 (46%).
Many of the respondents admitted that social media and the improvement in technology has motivated their decision to invest as well. Social media is credited as a teacher insofar as investing goes as well.