Less Than 1% of US Investors Plan on Buying Bitcoin, Wells Fargo Survey Reveals

Omar Faridi
  • A recent Wells Fargo/Gallup survey shows that 67% of investors don’t know much about Bitcoin and other cryptocurrencies.
  • Less than 1% of those surveyed said they plan to invest in digital currencies.

A recent Wells Fargo/Gallup survey revealed that only 2% of respondents said they had invested in Bitcoin (BTC) and less than 1% intended to purchase the flagship cryptocurrency in the foreseeable future.

Moreover, the majority of survey participants stated they had no interest in ever buying bitcoin. Approximately one-fourth, or 26%, of those surveyed noted they were curious about the cryptocurrency, despite having no buying plans.

Notably, the results shared by Gallop Inc., an international performance-management firm, were part of its Q2 2018 Wells Fargo/Gallup Investor and Retirement Optimism Index survey. To participate in the US-based survey, investors had to have portfolios worth at least $10,000 in mutual funds, stocks, bonds, or traditional retirement accounts.

Other noteworthy survey results showed that only 3% of men and just 1% of women said they were holding bitcoin. Merely 3% of respondents in the 18-49 age group reported investing in BTC, while only 1% of those who were 50 or older said they owned it.

Interestingly, respondents who belonged to higher-income brackets, such as those earning $90,000 or more annually, revealed they were more prone to owning the cryptocurrency than  lower income respondents, with 3% saying they hold crypto.

When asked about their knowledge of cryptocurrencies, less than 30% of respondents said they did. The majority, 67%, claimed they’ve heard of them, but don’t really know much about them. A significant 5% said they had never come across them before.

Cryptos Perceived As “Very Risky”

The primary reason respondents cited for not investing in bitcoin or other cryptocurrencies was they felt they were a “very risky” investment. The poll’s findings suggest that younger investors, with portfolios worth less than $100,000, are more aware of cryptocurrencies.

Based on this recent survey and one reported by CryptoGlobe in early July, it seems most people aren’t too fond of Bitcoin as they don’t seem to be interested in the cryptocurrency. In fact, 50% of Ontario, Canada residents surveyed believed Bitcoin is government-backed currency.