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A majority of U.S. crypto investors are relative newcomers to the space. In fact, 7 in 10 crypto holders started investor in digital currencies such as Bitcoin (BTC) in 2021.
This was revealed by the recently released Crypto Perception Report 2022 by Huobi Group, the operator of one of the world’s major crypto exchanges Huobi. The study polled more than 3,000 American adults in mid-December 2021 tp assess their knowledge of cryptocurrencies as well as their thoughts on emerging trends in the sector.
Based on the study’s findings, 68 percent of American crypto investors only started investing in the assets within last year while 21 percent of the respondents got their first crypto exposure up to two years ago, according to Cointelegraph. Meanwhile, 12 percent said they made their first investment in crypto within four years and 9 percent said they first invested in the asset class more than four years ago.
The survey also revealed that American investors did not invest too much in digital currencies. Forty-six percent of the respondents said that they invested $1,000 or less in crypto while 25 percent said that they held between $1,000 and $10,000 worth of crypto.
Despite the rising popularity of Bitcoin (BTC), Ethereum (ETH), and other digital currencies, crypto knowledge among mainstream audiences remains low. In fact, more than 40 percent of the respondents admitted that they were “not very knowledgeable” or “not at all knowledgeable” about digital currencies.
While crypto adoption soared last year, there’s still a lot of skepticism surrounding the industry. For instance, 42 percent of the respondents felt that it was too risky to invest in crypto while 34 percent expressed concern over the lack of regulatory clarity. Meanwhile, 24 percent said that the lack of capital is preventing them from investing in the asset class.
“Thanks to the rise of DeFi, NFTs, and other emerging sectors, crypto has seen interest from the everyday consumer grow substantially over the last year or so,” Jeff Mei, Director of Global Strategy at Huobi Group, said. “However, we still have a long way to go before mainstream adoption will happen. Once more people take the time to understand the industry and there's more clarity on global regulations, we can expect to see a spike in participation.”
