The low-income investors sold their crypto in the recent market crash according to data from Civic Science which shows 54% of the investors weathered the storm and didn’t cash out so let’s read more today in our latest cryptocurrency news.
Half of the surveyed crypto investors admitted to selling some of their possessions in the past week and the low-income investors were more likely to sell their holdings. The intelligence company Civic Science polled thousands of investors to find out how the market crash affected their actions and 26% of them said they cashed out a lot of their positions while 20% sold a smaller account.
The financially stable individuals remained to hold their positions and 28% of them only parted with their possessions, 65% of those from the lower income levels sold a chunk of their stash. The wish to invest in digital assets changed to the price collapsing and 54% of the investors said that the market volatility is a huge obstacle that can stop them from distributing wealth in it while 58% share the opinion. The main reason people stay away from the crypto spaces is not just the price swings. 30% think that BTC is not legitimate and 23% of them point to the strogn volatility. 10% admitted they don’t have the financial ability to enter the ecosystem and 5% don’t even know how to buy crypto.
Other studies show that the assumption that digital assets are an attractive investment option is true for rich individuals only. The survey carried out by CNBC estimated that 83% of millennial millionaires own crypto and 48% of them said that they plan to increase their exposure. The rich Millenials invested a huge amount of their wealth in BTC or altcoins while 53% said that half of their portfolios are in crypto. Another survey shows that the billionaires are also inclined to the asset classes and every third polled person with a total wealth of $1 billion has some kind of exposure to crypto.
Notable names on this list include the CEO of FTX who said that between 76% and 100% of his portfolio is in digital assets, Mark Cuban also said that his crypto holdings performed better than his tech shares in the market crash:
“It’s no different than investing in stocks, bonds, other assets. Interest rates go up, risk assets go down. My tech stocks have performed worse than my crypto has.”
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