CRYPTO CRASH AFTERMATH: Few Americans believe cryptocurrency is a good investment.

More than 75% of Bitcoin millionaires have been decimated since the decline in November of 2021, equating to a total of 80,000 Bitcoin millionaires being wiped since the crash earlier this year.

Crypto’s recent volatility has left many Americans questioning whether it’s a worthwhile investment.

According to a recent YouGov poll, more Americans believe it to be a bad investment rather than a good investment.

Why do Americans purchase cryptocurrency?

52% of those who have purchased cryptocurrency say the primary reason was to use it as an investment, while 26% say they bought it for fun or out of curiosity, and 18% say they bought it to use for purchases.

Society’s Acceptance of Crypto

Americans are split about cryptocurrency’s potential to be accepted by society.

31% believe that crypto will not be widely accepted into society in the next 10 years

Approximately one in 10 Americans (11%) believe that cryptocurrency will eventually replace cash in the U.S.

11% say the country (government) should create a national cryptocurrency.

Is it Worth the Investment? 

41% of those surveyed believe crypto to be a bad investment.

13% of those surveyed believe crypto to be a very or somewhat good investment.

Those who currently own cryptocurrency are generally optimistic about their investments.

47% of those surveyed say it’s a good investment, while 20% say it’s a bad investment, and 29% say it’s neither good nor bad.

People who have never owned cryptocurrency are far less positive, with only 6% saying it’s a good investment.

44% of those who have never owned crypto believe it is a bad investment.

Government Regulation

About one-third of Americans (36%) believe cryptocurrency should be subject to more government regulation, while fewer say it should be less regulated (8%) or say there should be no change in regulation (14%).

People who currently own cryptocurrency are less supportive of regulation Americans overall, with 29% wanting more regulation, 20% wanting less, and 38% wanting no change.

Money-Laundering & The Dark Web

One common concern regarding cryptocurrency is its potential to aid unlawful activities, including making illegal purchases on the dark web and money laundering.

Americans stand divided on this topic with 18% saying cryptocurrency is mostly used for illegal purchases and 15% saying it’s mostly used for legal purchases.

According to YouGov, 43% to 4%, of Americans believe cryptocurrency makes it easier rather than harder for criminals to launder money.

13% stay neutral, saying it makes it neither easier nor harder.

READ MORE: According to the Declaration of Independence, An “Insurrection” is PERFECTLY LEGAL!

ABOUT THE WRITER:

Elena Patestas is a journalist and writer for Valuetainment media. She attended Pepperdine University in Malibu, California, and Adelphi University on Long Island, New York. She was born and raised in Roslyn, New York, and currently lives in Miami, Florida.

Elena is passionate about bringing positive change to our world and believes education is the root to solving many societal problems. After overcoming a chronic health condition, Elena became passionate about health and believes food is the key to preventing dis-ease and achieving optimum health.

Amongst her many goals, she hopes to bring positive, impactful change to our world to create a healthy, financially sound, and unified society.