Recent research shows that US cryptocurrency investors have an average allocation of $1,107 in digital assets. About 37% of investors accepted the non-liquidation of their crypto holdings even for significant bills or other payments.
However, the finding is that Elon Musk has a great influence on the crypto-related decisions of the majority of respondents.
A survey of 1,000 US crypto investors by betting platform, GamblersPick, displayed a startling revelation. Of these, 37% of the holders will not dispose of their assets regardless of the circumstance. Furthermore, 51% confirmed that luxury shopping would not be very attractive for them to opt for cash out.
Also, the survey took a critical examination of different generations of crypto investors. This shows that the Baby Boomer and Generation Z groups have the largest and least investment in cryptocurrencies, respectively.
Furthermore, men forks are more interested in digital investments than women, with an average of $1,940 worth of cryptocurrencies. On the other hand, the figures for women are an average of $1,375 worth of digital assets.
Related Reading | Facebook executives claim Novi has received approval from major US states
From its survey, GamblersPick traced the rise in demand for digital assets among US investors. Recently this increase in demand prompts people to borrow cash from family and friends to invest. It shows the consequences of using a credit card in purchasing cryptocurrency by every fourth defendant.
The investors revealed that they plan to increase their crypto investments by adding an average of $1,645 over 12 months. The men’s lead is again in the stats with an offer of $1,988, while the women’s plan goes for $1,100.
What Influences Cryptocurrency Investors’ Decisions?
Furthermore, research reveals what is the reason behind the recent increase in interest in crypto investing. Most of the respondents, amounting to about 75%, reaffirmed their belief in a future boom in the value of digital assets. Furthermore, while 24% see cryptocurrency as a means to generate great returns, 32% use it to diversify their portfolios.
The cryptocurrency market is back on track after a bearish pullback | Source: Crypto Total Market Cap on TradingView.com
Additionally, about 21% of participants used cryptocurrencies as a hedge against inflation resulting from economic fraud. The recent COVID-19 pandemic, as well as the massive national currency print-outs, are contributing factors.
Related Reading | Solana continues bullish trend, becomes 10th largest cryptocurrency
Additionally, online forums and social media have a major influence on cryptocurrency-related decisions and moves on US investors. Among them is Reddit which tops the list with an impressive 34% power.
Others include Twitter, YouTube and Facebook, which account for 26%, 23% and 16% of the influence, respectively. When it comes to the influence of individuals, a man stands out among others. Their influence is even greater than the companies mentioned above.
He is Elon Musk, the CEO of Tesla, a popular electric car company. 35% of research respondents admitted that their choice in digital assets is based on Musk’s statements, opinions and tweets.
Other influencers Warren Buffett is in second place and Snoop Dogg, rap star, is in third place. They have impressive ratings of 9% and 7% respectively.
Featured image from Pixabay, chart from TradingView.com