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About 60% of Americans think investing in digital currency is risky business, up 15% from 2021. According to a survey, cryptocurrencies remain among the least popular investment options, with only 10% claiming to invest in digital assets.
What happened: The results, discovered in the recent CNBC Make It: Your Money survey, conducted in partnership with Momentive, reveal that only 26% of Americans consider it moderately risky. With the potential for high returns, many investors are still cautious and uncertain about the long-term security of their digital investments.
See more: Best Crypto Day Trading Strategies
Younger generations seem more willing to take on the risks associated with investing in cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD than their older counterparts. According to the survey, nearly four in 10 Gen Zers (25 and under) and about half of millennials (26-41) think investing in crypto is very risky.
With Generation X (ages 42-57) the view is more conservative with six out of 10 considering crypto investing to be high risk. This more risk-averse attitude is even pronounced among Baby Boomers and the Silent Generation (58+), with 80% rating crypto investing as high risk.
Why it matters: The crypto market was rocked when FTX, one of the world’s largest cryptocurrency exchanges, fell from its $32 billion valuation in January to its $32 billion filing. report on November 11. Even more harrowing, another company, BlockFi, followed suit just days later and filed for bankruptcy on November 28. The potential for further losses makes the outlook for the cryptocurrency market uncertain, with even more questions arising as investors struggle to make sense of the recent crash.
Crypto is lagging behind other investments, according to the survey, which shows that only a small number of Americans have invested in it. Millennials remain the most crypto-savvy generation with 15% of respondents owning much higher crypto than the 12% of Gens X and Z, and significantly more than the under 5% of Baby Boomers and Gen. silent.
Price Action: At the time of writing, apex crypto Bitcoin was trading at $17,163, up 1.50% in the last 24 hours, according to data from Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Mixed Amid Possible Problems For Binance: Analyst Says Crypto Traders More Concerned About Insolvency Risk
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