You’ll never guess how many Americans are investing in cryptocurrency

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Cryptocurrency is a newer asset class, and there are a number of different virtual coins that you can invest in. These include well-known currencies such as Bitcoin and altcoins that regularly hit the market.

Although many cryptocurrencies use promising new technology, they are a volatile investment subject to sharp price swings. They can also be confusing to buy despite the growing number of traditional brokerage firms now making crypto investing possible.

But while they are a risky investment, they are popular. In fact, recent research from Survey Monkey shows that a surprising number of people are investing in cryptocurrency.

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Here’s how many people are invested in crypto

According to Survey Monkey, 11% of people in the United States have invested some of their money in cryptocurrency.

While this is a large percentage of investors, not all demographics are equally excited about buying virtual coins. For example, crypto investing is more popular with men than women. In total, 16% of men have crypto investments in their wallets, compared to just 7% of women investors.

Young and middle-aged investors are also more likely to have embraced this new asset class. Among investors aged 18-34, 15% of people have invested money in cryptocurrency. This drops to 11% of investors aged 35 to 64. And only 4% of investors aged 65 and over have purchased crypto investments.

This is not surprising, as younger investors are more likely to be exposed to crypto through social media and are often more technologically advanced than older investors. This helps them better navigate the process of purchasing virtual coins.

Among those who invest, the reasons for investing money in crypto are similar to the reasons for buying other assets. Most people (60%) believe that virtual coins could offer an opportunity for long-term growth. Almost half of crypto investors (44%) also believe that there is a strong potential for high growth in a short period of time.

Despite the fact that so many Americans invest in cryptocurrency, not everyone is convinced that virtual currencies are a viable investment. In fact, 44% are not sure what they expect the price of Bitcoin to be by the end of the year, while only 21% of people say they think the price will be higher than at the time of the survey. And 45% of investors think crypto is a high risk investment.

Should you join your fellow Americans in making an investment in crypto?

Cryptocurrencies undoubtedly present exciting new opportunities, and many financial experts like Dave Ramsey believe putting money into virtual coins might be worth it.

However, experts like Suze Orman warn that it’s best to invest money in virtual currencies only if you can afford to lose it. And it’s especially important to only invest if you’ve achieved other financial goals such as saving for retirement and fully funding your emergency fund.

You should also make sure that you do your own research independently, as some types of cryptocurrency are riskier than others. Don’t follow what’s popular on social media, but instead make sure you understand the business model of the coins you are buying and assess how the investment fits into a diverse portfolio.

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