Results of a survey published by Wells Fargo Gallup on July 28, 2018, revealed that only two percent of US has invested in bitcoin, less than one percent plan to buy in near future while it influences 26 percent. The survey points to the fact that many investors are still hesitant to get invested in cryptocurrencies.
Gallup Survey Result
The recent poll carried out by Wells Fargo/Gallup has shown that majority of the U.S.-based investors still consider the investment in Bitcoin as “very risky.” According to a Wells Fargo/Gallup poll, just two percent of investors say they currently own bitcoin, and less than one percent plan to buy it soon. Though most investors say they have no interest in ever buying bitcoin, about one in four are intrigued by it but won’t be buying it soon.
The poll further revealed that only three percent of men, one percent of women, three percent of people from the age 18 to 49 and only one percent of investors above the age 50 own bitcoins.
The survey carried out through the Gallup panel was targeted mainly on adults of the U.S who has invested $10000 or more in different investment areas like bonds, stocks, mutual funds or any savings account.
In this context, it is worth noting the previous survey conducted by Gallup in 2016 on the subject “Most Americans Foresee Death of Cash in Their Lifetime.” People of the U.S. want cashless operations. However, they are reluctant when comes to buying bitcoin.
The Bitcoin FUD
There has been an increase of over 8,400 percent in the price of bitcoin between 2013 to 2017; however, its volatility projects a significant threat. Bitcoin price bounces every day due to various market conditions.
Karan Bharadwaj Chief technology officer of Singapore-based FinTech firm, XinFin says:
“Bitcoin was invented to be a peer-to-peer digital cash system with a limited supply of 21 million Bitcoins. Its price is driven because it is limited supply and decentralized. There is huge speculation around it, and that is what is driving the prices. Several things drive Bitcoin prices. Often when the demand for Bitcoin goes up in politically/economically volatile regions, there is a general increase in Bitcoin prices.”
He believes that currently what drives Bitcoin are the speculations and that its price is determined solely by demand and supply.
Recently the price of bitcoin has regained to its average level after a diminish in its price during the beginning of 2018.
The investors in the crypto market are of the different opinion that the price fall was for a short period and this won’t be repeated shortly, but some of them still argue that the price may fall any time in sooner. Thus in a way, it is true that bitcoin is still in its nascent stage. It would take a tremendous effort to bring awareness among people.