A new study shows that the vast majority of cryptocurrency holders in the United States made their first investments in cryptocurrency last year.
According to the 2022 Crypto Awareness Report compiled by Huobi Group, the operator of major cryptocurrency exchange Huobi, about 70% of cryptocurrency owners in the United States have started investing in cryptocurrencies such as Bitcoin (BTC) in 2021.
In mid-December 2021, the company asked about 3,100 American adults to rate respondents’ knowledge of cryptocurrencies, their views on the growth of the crypto market in 2021, and more.
The survey showed that 68% of respondents first acquired cryptocurrency in the past year, and 21% of them started investing in cryptocurrency up to two years ago. 12% of respondents made their first investment in cryptocurrency within four years, and 9% started investing in cryptocurrency more than four years ago.
Source: Huobi Group.
According to the survey, respondents did not invest much in cryptocurrencies. 46% of respondents reported having invested $1,000 or less in cryptocurrencies. Another 25% said they had between $1,000 and $10,000 in crypto.
The study also showed that there is still a lot of skepticism around the cryptocurrency industry, with 42% of respondents believing that investing in cryptocurrency is risky. 34% of those surveyed were also concerned about the lack of market regulation, and 24% of respondents indicated that they do not have enough capital to invest in cryptocurrencies.
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Jeff Mei, director of global strategy for Huobi Group, said that 2021 was an important year for cryptocurrencies with the emergence of sectors such as decentralized finance and non-fungible tokens.
“But we still have a long way to go before mass adoption occurs. As more people take the time to understand the industry and there is more clarity about global regulation, we can expect more participation.”