A new survey conducted by the Harris Poll on behalf of Yahoo Finance finds that 20% of Americans now own cryptocurrency, up from just 5% in 2018. Of those who own cryptocurrency, 79% said they have bought it in the last year.
The survey also found that the primary reason for buying cryptocurrency is a desire for financial autonomy, with 29% of respondents citing this as their reason for owning crypto. Other reasons included the potential for high returns (25%), distrust of the traditional financial system (20%), and interest in the technology (16%).
Interestingly, the survey found that ownership of cryptocurrency is highest among millennials, with 39% of those aged 25-34 saying they own crypto. In contrast, just 7% of those over 65 said they own cryptocurrency.
The survey's findings suggest that a growing number of Americans are disillusioned with the traditional financial system and are turning to cryptocurrency as an alternative. Many people believe that the financial system is rigged in favor of the wealthy, and that cryptocurrency provides an opportunity for ordinary people to take control of their finances.
As cryptocurrency becomes more mainstream and as the frustration with financial system grows, it's likely that we will see even more Americans investing in digital assets. However, there are still concerns about the volatility and lack of regulation in the cryptocurrency market, and investors should approach this asset class with caution.