Nearly half of US adults say their crypto scores are worse than expected: survey

Amidst the ongoing crypto winter, new data from a Pew Research Center survey has shown that 46% of adult crypto users in the US see lower than expected returns on their crypto investments.

The survey collected responses from over 6,000 randomly selected adults across the United States, with panelists participating in self-administered online surveys.

Conducted from July 5 to 22 this year, the majority of respondents who said they had invested in crypto said they saw lower-than-expected returns, while only 15% of respondents said their crypto investments had done better than expected . Meanwhile, about 31% said it was “about the same as they expected.”

That’s unfortunate, given the vast majority of crypto user respondents said they became interested in cryptocurrency because they were looking for a “different way to invest” and thought it was a “good way to make money.”

Women made up over half of the respondents and people over the age of 50 represented the largest sample size. Overall, only 16% of total respondents said they had invested, traded or used a cryptocurrency at some point in their lives.

US investors piled into crypto in its heyday

The high percentage of disappointed crypto investors can be attributed to a sharp increase of crypto adopters in the country in 2021 when the market was at its peak.

Cointelegraph previously reported that approximately 70% of crypto-hodlers in the United States began investing in cryptocurrencies such as Bitcoin (BTC) in 2021, the year BTC reached an all-time high (ATH) of approximately $67,582 on November 8, 2021.

Massive institutional adoption, growth in altcoins, easier access to cryptocurrency trading and celebrity endorsements were cited as possible reasons for the huge increase.

However, most who jumped into the crypto market during the 2021 boom are likely to feel the pain now, with Bitcoin plunging over 69% from its ATH to $21,403 and Ethereum (ETH) down 66% from its ATH to $1,640.

Boomers and Gen X

A separate poll by financial services provider deVere Group found nearly half of their more than 700 Baby Boomer (born between 1946 and 1964) and Generation X (born between 1965 and 1985) customers from around the world already own cryptocurrency or plan to buy. that before the end of 2022.

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

Related: 3.6 million Americans will use crypto to make a purchase in 2022, the research firm predicts

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

“Therefore, retirees or those on the cusp of retirement need to keep this in mind and not commit, as this could jeopardize the wider retirement strategy.”