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Crypto

Nearly half of US adults say cryptocurrencies are worse than expected: Survey

New data from the Pew Research Center survey showed that 46% of adult crypto users in the United States had lower-than-expected returns on their crypto investments. The majority of respondents to the survey, which was conducted from July 5th to 22nd this year, said they invested in crypto and said they saw lower-than-expected returns, while only 15% of respondents said their crypto investments were doing better than expected. Meanwhile, around 31% said it was “as they expected”.

US
Pew Research Center

This is bad considering that the vast majority of crypto users are interested in cryptocurrency because they are looking for a “different investment method” and think it is a “good way to make money”. 

Overall, only 16% of total respondents said they have invested, traded or used cryptocurrency at some point in their lives.

US investors pile on crypto in its golden agecv 

The high proportion of disappointed crypto investors can be attributed to the sharp rise of crypto buyers in the country in 2021. Cointelegraph previously reported that nearly 70% of crypto holders in the US saw BTC hit its all-time  high (ATH) on November 8, 2021.

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US
Pew Research Center

Most people who jumped into the crypto market during the 2021 boom may be feeling the pain now as Bitcoin dropped over 69% from its ATH to $21,403 and Ethereum (ETH) to $1,640 from its ATH.

Boomers and Gen X

A separate poll by financial service provider deVere Group found nearly half of their more than 700 Baby Boomer (born between 1946 and 1964) and Generation X (born between 1965 to 1985) clients from all over the world already own cryptocurrency or are planning to buy it before the end of 2022.

Nigel Green, deVere Group CEO and founder believes most people born between 1965 and 1980 are investing as “part of a wider retirement planning strategy.”

However, he also cautioned anyone from investing in crypto without first seeking professional advice, “As this year has proven again, the crypto market remains known for its volatility.”

“Therefore, retirees or those on the cusp of retirement need to bear this in mind and not over-commit, as this could put the wider retirement strategy in jeopardy.”

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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