The vast majority of cryptocurrency owners in the United States (US) made their first crypto investment last year, according to a new survey.
According to the Huobi Group analysis, approximately 70% of all cryptocurrency holders in the United States only began investing in cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) in 2021.
The survey polled 3,100 persons in the United States about their understanding of cryptocurrency, their expectations for the market’s rise in 2021, and more.
According to the study results, 68 percent of respondents received their first crypto exposure over the last year, while another 21% began investing in crypto within the last two years. Within the last four years, 12 percent of respondents made their first crypto investment, while 9 percent began investing in crypto more than four years ago.
However, the amount of money invested in the crypto market by survey respondents varies substantially. Sixty-six percent of all respondents stated they had less than $1,000 invested in cryptocurrency. Another 25% stated they have made a cryptocurrency investment of between $1,000 and $10,000.
Even so, there would be a lot of suspicion about the crypto sector as a whole. 42 percent of those polled believed it was too risky to invest in cryptos at this time. 34 percent of respondents were concerned about a lack of market regulation, and 24 percent said they didn’t have enough money to invest in cryptocurrency.
Huobi, the renowned cryptocurrency exchange, had a banner year last year. The number of users on the crypto network has risen dramatically. However, Jeff Mei, the Huobi Group’s Global Strategy Director, has this to say regarding the future:
“We still have a long way to go before mainstream adoption for cryptocurrencies takes place. When more people take the time to understand the industry and there is more clarity about global regulations, we can expect a spike in participation.”