The popularity of cryptocurrencies has seemingly exploded in the past year. So much so that now one in five Americans owns some form of cryptocurrency, including Bitcoin, Dogecoin, Ethereum, and Ripple.
But most of the ownership is concentrated among younger, college-educated Americans earning more than $50,000 a year, according to a new survey of more than 2,000 U.S. registered voters commissioned by venture capital firm Andreessen Horowitz and conducted by Morning Consult from Dec. 1 to Dec. 3.
About 45% of crypto owners are millennials, born between 1980 and 1996, according to the survey. And more men than women are currently invested. Over half, 55%, have a college or post-college degree, and nearly as many, 53%, earn over $50,000; a third of crypto owners earn over $100,000.
One in five crypto owners is Black, and 27% are Hispanic, compared with 19% who identify as white. In fact, according to the Morning Consult breakout, Black and Hispanic Americans are far more open to using a wide range of crypto services than the general public. Additionally, Black adults are more likely to invest in a celebrity-endorsed cryptocurrency.
Crypto owners also lean more liberal than conservative in their politics. Most swung for Democrats in the last presidential election: 61% say they voted for Joe Biden, while 32% reported voting for Donald Trump, according to the survey.
The results of the Andreessen Horowitz survey mostly square with previous polling done by Pew Research, which found about 16% of Americans have invested, traded, or used cryptocurrencies in a survey conducted in September.
Yet, despite many Americans jumping into the space, crypto remains a volatile investing class. Earlier in the week, Bitcoin, Ether, and Shiba Inu were experiencing a slump following last weekend’s flash crash.
Money managers actually named crypto as the top contender for a major correction next year, and three out of four say the tokens are not an appropriate investment vehicle for the average retail investor, according to a recent survey done for Natixis Investment Managers.
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