There has been a significant increase in the number of investors who prefer crypto to stocks, according to a survey.
In just five months, the number of respondents who stated they would rather invest in crypto than regular equities rose by 140 percent.
According to new research from consumer data aggregator CivicScience, an increasing proportion of investors are selling their stocks to purchase more cryptocurrency.
During the year 2021, the research questions were distributed to people who are above the age of 18 in the United States at various times. Census data from the United States was used to weigh the results. Between 1000 and 40,600 people responded to each question.
In just five months, the percentage of people who said they would rather invest in cryptocurrencies than traditional equities grew by 140 percent out of 3,700 people surveyed.
Only 10% of respondents said they would rather invest their money in cryptocurrencies than traditional equities in June, but that number increased to 24% in November.
Those who stated they monitor the financial markets and economy “very closely” or “somewhat closely” were more inclined to switch from traditional assets to cryptocurrency.
40 percent of the 1285 people who said they monitor the market “very closely” claimed they or someone they know has sold traditional equity to purchase cryptocurrency.
This figure fell to 30% for those who said they followed the market “somewhat carefully,” and roughly 17% for those who claimed they didn’t follow it at all.
Around 44% of the 1,988 people who claimed they had sold stocks for the cryptocurrency said they had sold less than 10% of their holdings.
However, one-fifth had traded more than half of their stock assets to buy cryptocurrency, which CivicScience’s Zack Butovich called a “shockingly significant figure.” That may be a stretch, but it’s certainly noteworthy.
CivicScience gets its data via digital and mobile content partnerships, according to its website.
Based on 40,571 replies from May 1 to Dec. 6, CivicScience discovered that those who are not interested in blockchain technology have continued to fall, from 80% in May to 68 percent now.