The bulk of them were low-wage employees with yearly incomes of less than $50,000, which was unusual. Additionally, according to the poll performed by the consumer intelligence platform Civic Science, 7 percent of those who took part in the survey knew someone who has resigned their work because they have amassed bitcoin gains.
Looking closely, it becomes clear that the majority of those making that option come from the lowest income groups, with 64 percent coming from persons earning less than $50,000 per year on average. Only 8% of those earning more than $150,000 have done so, on the other hand, according to the data. The findings were announced on the Twitter account of Mark Cuban, a millionaire entrepreneur from the United States.
He suggested that this proportion may rise in the future as a result of the current spike in the value of most cryptocurrencies, according to him. The poll also revealed that those who trade on the stock market on a regular basis or on occasion are substantially more likely to have made investments in digital assets.
Following that, Civic Science asked persons who are crypto investors, or who are interested in becoming investors, to explain why they are dealing with the asset class in question. The most popular response was “long-term growth investment,” which received 28 percent of the vote, while 23 percent indicated they expected short-term returns.
With 12 percent of the vote, “independence from government intervention” was the second most popular argument, followed by “protection against unfavourable economic circumstances,” which received 11 percent of the vote. As may be expected, younger age groups have exhibited far greater adoption of bitcoin and other cryptocurrencies.
For individuals under the age of 35, the digital asset market seems to be rather promising, with 36% of them anticipating that their bitcoin investments would make them richer than their parents in the future. People over the age of 55 had a significant decrease in this proportion, which fell as low as 6 percent.
Approximately 40% of Americans under the age of 29 years old, according to another poll, are confidence in their ability to make cryptocurrency investments. At the same time, the elderly exhibited little or no interest in participating in the market.
Millennials, especially those who are millionaires, are the most active segment of the population when it comes to investing in this asset class. They stated that they have dedicated at least a quarter of their portfolios to cryptocurrencies, which is over 50% of the total. Furthermore, 30% had bet 50 percent or more of their earnings.
“The younger investors got on it early when it was not as well recognised,” said George Walper, President of the consulting company Spectrem Group, explaining why the market is so appealing to the younger generation.
Despite the fact that the concept was novel, they were more intellectually engaged with it. “Older investors and baby boomers are baffled as to whether or not investing in digital currency is a legitimate option. Walper said that as a result, they had fallen “further behind on the comprehension.”