Only 4% of Americans Prefer Cryptocurrencies As Their Long-Term Investment
A recent survey by Bankrate finds that only 4% of Americans cite cryptocurrencies as their favorite investment. Real estate tops the list with 31% of respondents saying it is their long-term investment of choice.
Cryptocurrencies are still off the radar for most Americans. Although Bitcoin’s brand recognition is high, most Americans simply don’t trust cryptocurrencies as a long-term investment just yet.
Bankrate held a survey with a single question:
“For money you wouldn’t need for more than 10 years, which ONE of the following do you think would be the best way to invest it?”
Topping the list was real estate with 31% of respondents preferring it as a long-term bet. Stocks (20%), savings accounts (19%), gold (11%), and bonds (7%) followed. Cryptocurrencies came last at only 4%, even after ‘none’ which polled at 5%. It should be noted though the cryptocurrencies were most popular among Millenials who chose it three times more than generation X.
Note: While Americans remain hesitant to embrace cryptocurrencies, they have opened their arms to stocks, especially day trading. We’ve analyzed the best platforms for day trading stocks, all of which have seen their user base grow since the outbreak of COVID-19.
Most Americans are likely skeptical of cryptocurrencies in the long-term due to it being largely unfamiliar. Moreover, it bewilders many traditional investors. This may soon change with security tokens which, in the future, will offer tokenized versions of traditional stocks and bonds.
There must be a bridge between traditional investors and the cryptocurrency space. Could security tokens be that bridge? It seems likely, but based on these numbers, it seems that the industry still has a long way to grow.
Do you think security tokens could lead the way in making crypto-assets more approachable for traditional investors? Let us know your thoughts in the comments down below.
Image courtesy of The Business Journals.