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A new survey conducted by ChainPlay and Storible reveals a significant surge in cryptocurrency ownership among Americans, with nearly 70% of respondents now owning some form of digital assets. This marks a major shift in the U.S. investment landscape, with crypto becoming a mainstream investment choice for people across various age groups.
The survey, which polled 1,428 participants, also highlights the impact of political events on crypto adoption. A notable finding is that nearly 40% of Americans increased their crypto investments following the election win of Donald Trump, with 84% of these investors being first-time crypto buyers. This suggests that political events and shifts in the national mood can spark significant changes in investment behavior.
In terms of funding their crypto purchases, more than half (52%) of respondents said they sold off stocks or gold to buy Bitcoin, reflecting a growing trend of reallocating traditional assets into digital currencies. Additionally, 20% of participants reported allocating over 30% of their total investments into crypto, signaling a high level of commitment to digital assets.
Looking toward the future, the survey indicates strong optimism in the crypto market, with 60% of investors expecting to double their holdings by 2025. This confidence is particularly evident among younger generations. Gen Z is leading the charge, with many starting to invest in crypto at an average age of 22, while Millennials begin at 29. In contrast, Baby Boomers typically start investing at around age 50.
Despite this growing enthusiasm, the rise of crypto ownership has been accompanied by increased risks. The FBI reported a significant rise in crypto-related scams, with Americans losing over $5.6 billion to fraud in 2023, a 45% increase compared to 2022. Investment scams accounted for the largest portion of these losses, totaling around $3.96 billion, or 71% of the total amount lost to crypto fraud. This highlights the need for increased awareness and caution when engaging with digital assets.
Overall, the survey demonstrates that cryptocurrency is rapidly gaining ground as a preferred investment choice among Americans, with younger generations leading the way. However, the increasing incidence of scams serves as a reminder of the potential dangers in the space.
