Digital currency prices have seen a revival in recent times and
investors have been feeling optimistic about future values. A recent
survey of 1,000 U.S. crypto investors conducted by Gambler’s Pick notes
that 37% of the respondents said they “wouldn’t cash out their crypto,
even if they need to pay a necessary bill or make a critical payment.”
37% Won’t Cash Out Crypto to Make Critical Payment, 51% Won’t Cash Out for Luxury or Recreational Purchase
A survey
published by Gambler’s Pick called the “Cryptocurrencies 2021 Survey:
Save or Spend” explains that crypto holders have a hard time parting
with their digital assets. Out of the thousand participants surveyed,
135 were Baby Boomers, 212 Generation X, 442 Millennials, and 206
individuals were from Generation Z.
The study indicates that on average Americans hold around $1,707 in
crypto but if an emergency comes a good fraction of people will not
spend the funds.
37% said they would not cash out their crypto if they had a critical
payment to take care of and 51% said they would not cash out to pay for a
luxury item or a recreational purchase. “More than 1 in 10 stopped
saving for an emergency to buy crypto, while the same amount said they
had skipped out on a purchase that would have genuinely improved their
life,” the Gambler’s Pick researcher’s report notes. The study continues
by adding:
Millennials were the most likely to skip saving for their
retirement or miss credit card payments to hold onto their existing
crypto stashes.
Skipping Payments, Borrowing Debt, and Refinancing a Home to Buy Crypto
38% of all the respondents said they skipped a payment to hold their
cryptocurrencies for longer. “Baby boomers, though unlikely to take on
debt for cryptocurrency, also had the highest average value already
saved up,” the Gambler’s Pick report highlights. Nearly 1 in 4
participants have leveraged a credit card to purchase crypto.
Respondents of the study borrowed around $2,191 on average to pay for
digital assets.
21% will take on consumer debt to get the funds, 18% will borrow from
family, 11% will dip into savings, and 10% are actually willing to
refinance their home to buy crypto. Gambler’s Pick survey participants
said that they plan on investing $1,645 on average in the coming year.
Male participants on average plan to spend $1,998 and female respondents
on average plan to spend $1,110 in the coming year.
source link : https://news.bitcoin.com/survey-shows-37-of-american-crypto-investors-wont-spend-tokens-in-an-emergency/
