According to a new report published by consumer intelligence research platform CivicScience, about 54% of investors have not sold their cryptocurrencies over the past few months.
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However, roughly a fourth of cryptocurrency investors sold almost all of their holdings. Twenty percent of respondents only sold a small amount of crypto.
Unsurprisingly, there is a direct correlation between one's income and one's ability to hold onto a cryptocurrency stash. Those investors who earn more than $150,000 per year typically have a high level of conviction, with roughly 70% of them not selling anything over the past few months. Conversely, the majority of those whose annual income is below $50,000 did sell all or at least some of their holdings.
Tue, 07/26/2022 - 19:04
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The percentage of those who claim that cryptocurrency volatility affects their desire to invest in digital assets, such as Bitcoin, Dogecoin and Ethereum, has grown from 54% in January to 58% in July. This suggests that the recent crash made cryptocurrencies significantly less appealing to risk-averse investors.
Only a fifth of investors believe that crypto has not peaked in popularity, which once again confirms that it is currently in a bear market.
The top reason why investors are hesitant to get exposure to crypto is its perceived lack of legitimacy, according to 30% of the respondents.
Respondents are also reluctant to dip their toes into crypto because they do not understand it. Some are also concerned about its extreme volatility.
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