Amidst the crypto meltdown, Americans are distancing themselves from cryptocurrency investments. According to BanklessTimes.com, more than three quarters of Americans are not confident investing in cryptocurrencies.
Jonathan Merry, CEO of BanklessTimes, commented on the data. He said,
"The recent crypto meltdown has had ramifications on the American population. Most people lost faith, knowing they could lose their entire investment overnight. Cryptocurrency and the entire blockchain need much refurbishing to build users' confidence. For instance, the Ethereum merge was a step in the right direction. Even environmental champions could invest in Ethereum."
Despite the loss of confidence in crypto investment, some people remain faithful. Millennials and Gen Z are taking the lead in crypto investment in America as they believe Cryptocurrency is a get-rich-quick scheme that would improve their income level.
However, Gen X preferred real estate over other choices, while baby boomers preferred the stock market to real estate.
The stock market and real estate appear to be safe bets for boomers and Gen X, but for millennials and Gen Z, it's all about taking risks to achieve returns that can improve their lifestyles.
This new generation is also more exposed to digital assets than any other age group. They've grown up with the internet and social media, and they're the first generation to enter adulthood in the era of cryptocurrency.
Dissidents Are Getting Louder and Bolder
Some opposed Bitcoin from the onset, claiming that it was worthless. Others feel that cryptocurrencies are a creation of wealthy Hedge fund managers.
Whatever the tipping point, a sizable group raises alarms about the risks of Bitcoin investment. These dissidents are gaining traction and are coming out louder and bolder. Their conviction was reenergized by the fall of cryptocurrency in early 2022.
The dissidents are the crypto-catastrophists. They are a group of professionals who have united in warning the public and the government about investing in cryptos. Most of them have lost money in the market and are convinced that Bitcoin is a recipe for disaster.
The crypto industry is in need of a makeover, and the general public needs to be educated on the risks involved in digital asset investment. Only then will confidence be restored, and more Americans will be willing to invest in cryptocurrencies.