Amid the ongoing crypto winter, new Data of a Pew Research Center survey showed that 46% of adult crypto users in the United States are seeing lower-than-expected returns on their crypto investments.
The survey collected responses from more than 6,000 randomly selected adults across the United States, with panelists participating in self-administered online surveys.
Conducted from July 5-22 this year, the majority of respondents who said they had invested in crypto said they had seen returns below expectations, while only 15% of respondents said their crypto investments had done better than expected. Meanwhile, around 31% said it was “about the same as they expected”.
This is unfortunate, given that the vast majority of crypto user respondents said they were interested in cryptocurrency because they were looking for “another way to invest” and thought it was a “ great way to make money.”
Women made up more than half of the respondents, and people over the age of 50 made up the largest sample size. Overall, only 16% of total respondents said they had invested, traded, or used cryptocurrency at some point in their life.
US investors crowded into crypto at its peak
The high proportion of disappointed crypto investors could be attributed to a surge in crypto adopters in the country in 2021, when the market was at an all-time high.
Cointelegraph previously reported that around 70% of crypto hodlers in the US started investing in cryptocurrencies such as Bitcoin (BTC) in 2021, the year that saw BTC hit an all-time high (ATH) of approximately $67,582 on November 8, 2021.
Massive institutional adoption, the growth of altcoins, easier access to cryptocurrency trading, and celebrity endorsements were all cited as possible reasons for the huge spike.
However, most people who entered the crypto market during the 2021 boom will likely feel the pain now, with Bitcoin dropping over 69% from its ATH to $21,403, and Ethereum (ETH) dropping by 66% of its ATH at $1,640.
Boomers and Generation X
A separate survey by financial services provider deVere Group found that nearly half of its more than 700 baby boomer (born between 1946 and 1964) and Gen X (born between 1965 and 1985) customers around the world already own crypto -currency or plan to buy it before the end of 2022.
Nigel Green, CEO and founder of the deVere Group, believes that most people born between 1965 and 1980 invest as part of “a broader retirement planning strategy”.
Related: 3.6 Million Americans Will Use Crypto to Make a Purchase in 2022, Research Firm Says
However, he also cautioned anyone against investing in crypto without first seeking professional advice: “As this year has proven again, the crypto market remains notorious for its volatility.” .
“Therefore, retirees or those about to retire should bear this in mind and not over-commit, as this could jeopardize the wider retirement strategy.”