Men more likely than women to invest in cryptocurrencies

Author Moonshot.news

Published on: 29/08/2022

The digital transition has affected also our money with a turbulent interest in cryptocurrencies. A new survey shows that among the 16% of US adults who say they ever invested in, traded or used cryptocurrencies, 46% report that their investments have done worse than they expected. Men are 14 percentage points more likely than women to say they have used cryptocurrencies.

15% say their investments have done better than they expected, 31% say they have worked out about the same as they expected and another 8% say they are not sure, according to the study by the Pew Research Center.

Men ages 18 to 29 stand out for saying they have ever invested in, traded or used a cryptocurrency such as bitcoin or ether. 42% of men ages 18 to 29 have used cryptocurrencies, compared with 17% of women in that age range.

Overall, men are 14 percentage points more likely than women to say they have used cryptocurrencies. And adults under age 50 (25%) are more likely than those 50 and older (7%) to be crypto users. There are also differences by race and ethnicity. About one-in-five Black, Hispanic or Asian Americans say they have ever invested in, traded or used a cryptocurrency, compared with 13% of White Americans who say the same.

The survey, conducted in July, shows that the overall share of US adults who have ever invested in, traded or used a cryptocurrency  is unchanged since September last year which the researchers point out as a surprise following strong attention to crypto in the news.

Among the 16% of Americans who say they have ever invested in, traded or used a cryptocurrency, 78% say that a reason is that they want a different way to invest or that it is a good way to make money (75%).

54% say at least a minor reason is that they think crypto is easier to get into than other ways to invest. Smaller shares cite being more confident in cryptocurrencies than other investments (39%) and wanting to be part of a community (33%) as at least a minor reason for investing.

In addition to asking about cryptocurrencies, the survey explored use of NFTs (non-fungible tokens) being used to pay to artists and others who have crated and sold NFTs. 49% say they have heard at least a little about non-fungible tokens, including 11% who have heard a lot. But just 2% of Americans say they have bought an NFT.

Men under 30 are 21 points more likely than women under 30 to say they have heard at least a little about NFTs (79% vs. 58%). Though, among adults under 30, men and women are about equally likely to say they have actually bought an NFT (5% vs. 7%).