Cryptocurrency’s popularity with American investors appears to be waning. A survey indicates that only 21% of Americans feel comfortable investing in cryptocurrency in 2022, down from 35% in 2021.
The survey reveals that millennials, between the age group of 26 and 41, don’t seem interested in investing in the cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD. Moreover, only 30% feel comfortable in 2022, compared to nearly 50% in 2021.
The report says most of the interest in 2021 was generated because of the all-time high prices of Bitcoin, Ether, and other assets.
Generation X showed comfort levels with cryptocurrency at 37 percent in 2021, which fell to around 21 percent in 2022. Similarly, the baby boomers showed comfort levels at 21 percent last year and dropped to about 11 percent in 2022, the report said.
Youngsters thought they could “make a lot of money quickly,” which is why they entered the ecosystem.
Regarding the trend, Greg McBride, Bankrate’s chief financial analyst, says, “It is a lot easier to be enthusiastic when you see the value going up continually. But the real test of belief comes when the chips are down.”
“A lot of investors have realized they now feel differently about investing in cryptocurrency,” he adds.
At the time of writing, Bitcoin was trading at $19,281, Ethereum was trading at $1,311.