The number of people who have invested in cryptocurrencies has risen from 9% at the beginning of the year to 17%, based on 5,098 responses in the first two weeks of July as per CivicScience, which first started tracking consumer attitudes towards crypto in April, as digital currencies continue to become more mainstream.

According to the recent data, those who invested or intend to invest in crypto are of male and young demographics while being relatively even across income levels. Also, they are more likely not to own their own home, which CivicScience says implies a level of risk-tolerance for financial investments.

Out of 7,497 responses between May and July, 36% said not understanding cryptocurrency is the main reason for not investing in it, while 20% each believe it’s too volatile or isn’t legitimate, but while the former has stayed the same, the latter has gone down from 34%, which makes sense amidst the growing adoption and ongoing quantitative easing.

As for the reason for investing in cryptocurrency, if they were to do so, 26% out of 3,168 responses from between June 17 to July 12 said long-term growth investment followed by the short-term investment by 24%.

A good 17% are interested in easy, safe, and fast transactions through crypto, while 12% will do it to gain independence from governments. 11% would also like to use crypto to hedge against economic conditions.

Interestingly, the younger generation, especially Gen Z, is more interested in the long term, unlike those aged 55 and older who are in just the short term.

Additionally, Gen Pop wants a traditional bank to back the technology though it has dropped by 12% since April while PayPal and Facebook are growing in popularity.

Basically, the younger and the less-wealthy are more optimistic about the potential for crypto to change the structure of the financial services industry.

“Cryptocurrencies definitely do have a place among traditional financial institutions and banks, so long as it is developed the right way and served to the customers most likely to want to use it,” said CivicScience.

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