Key takeaways:
- According to a recent survey, Elon Musk exerts the biggest amount of influence over investment decisions, ahead of Reddit, online forums and Twitter posts
- On average $1,707 is held in crypto by the surveyed investors, with men holding $565 more than women
- Crypto investors are very committed to their holdings, with 75% convinced the value of their investments will increase
In a recent survey of 1,000 US cryptocurrency investors conducted by GamblersPick, a surprisingly large share or precisely 35% of respondents admitted that their investment decisions are in part influenced by the CEO of Tesla and so-called “Dogecoin Dad” Elon Musk.
How much crypto do Americans on average hold?
There are some interesting statistics found in the survey, especially in terms of the role that age plays in allocating funds to crypto, differences between genders and what sources influence trading decisions.
A third of respondents said that they get their information from Reddit, despite the fact that a massive share of information shared on the social media platform is unverified. Interestingly, financial news is the 4th most popular source of information, behind Reddit, online forums and Twitter.
“Decisions on how and when to invest were made mostly after consulting Reddit, with over a third of crypto holders getting their information there. While not all information on the site is verified, the world has recently seen the power that Reddit can have over the financial industry. The only source more influential was a single individual – Elon Musk.”
Per the results, the average amount of money held in crypto assets among the survey-takers is $1,707. The Baby boomer generation holds the most crypto at just under $2,000 per individual, while Gen Z individuals hold the least at $1,201 on average. Despite the figures, Gen Z plans to invest the most funds in crypto in the near future, while Baby boomers the least.
There are also some distinct differences between genders as men hold $565 more in crypto assets than women. The amount is also reflected when asked about future investments as men plan to invest more than double the funds than women over the coming year.
How committed is the average US investor to crypto?
In short, very committed. The 1,000 strong sample is perhaps not the most representative thing in the world, however it does paint a general picture well enough. 37% of respondents said they would rather skip paying a critical payment before cashing out their crypto funds. Furthermore, more than a half said they wouldn’t treat themselves to recreational or luxury purchases if that meant they would have to dip into their crypto stash.
In order to get additional funds to fuel crypto investing, roughly a fifth of respondents said they would take on debt, while one in ten said they would try to get additional money by refinancing their home.
When asked about the reasons why they hold their cryptocurrency, it quickly becomes clear why the respondents are so adamant about holding onto their crypto assets. Precisely 75% of the survey-takers are convinced that the value of their portfolio will increase.
