37% American crypto investors would not sell their digital assets even to pay bills, and just over half would not spend them on luxury goods or vacations. Such results of the survey obtained by GamblersPick, a bookmaker.
The survey included 1,000 cryptocurrency users with an average asset value of $1,707.
Baby Boomers (born 1946–1964) are the most likely to invest in cryptocurrencies, while Gen Z (born 1995–2015) are the least.
A quarter of respondents used borrowed funds to buy cryptocurrencies, averaging $2,191.
Thirty-eight percent of respondents reported sacrifices they would make to increase investments in digital assets. For this they are prepared to cut retirement savings, spending on essential purchases, credit-card and bill payments, postpone purchases to improve living standards, and build up funds for emergencies and discretionary spending.
Respondents said they planned to invest an additional $1,645 in digital assets over the coming year. To do so, they planned to use savings, borrow from friends and family, and take out a loan (10% to 21% of responses).
The primary reason for buying cryptocurrencies, investors said, is the expectation that their value will rise (75%). Other reasons include the desire to diversify (32%), recent positive price momentum (24%), protection against inflation (21%), merchant adoption of cryptocurrencies as a payment method (18%), not wanting to be left out of the trend (17%), and concerns about the consequences of selling cryptocurrencies (16%).
The main information sources cited by respondents are Reddit (34%), online forums (27%), and Twitter (26%). Among influencers, they named Elon Musk (35%), Warren Buffett (9%), and Snoop Dogg (7%).
As reported in a study by BitPay and the news aggregator PYMNTS showed, 60% of US crypto asset holders consider cryptocurrencies suitable for everyday purchases, despite existing barriers.
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