2017’s cryptocurrency investment craze, synonymous with constant record-breaking days and a peak Bitcoin price of $19,783, was at its pinnacle almost a year ago.
The pandemonium has died down since that time, with Bitcoin coming back down to Earth and settling in at a price around $6,500. But don’t think that virtual currency is going anywhere anytime soon.
Bitcoin, in addition to other cryptos like Ripple and Ethereum, continue to experience high trading volume. Coinbase, the leading virtual currency exchange and poster child of the crypto-movement, was recently valued at $8 billion.
One of the biggest thorns in the side of crypto seems to be its dark web aura and a lack of understanding, or even acceptance, from the everyday, institutional investor. For example, while a few of the major brokerage accounts offer futures trading, none of them currently offer a direct way to purchase virtual currencies like Bitcoin and Ethereum.
Is there an untapped market for cryptocurrency trading amongst traditional investors that may not exist now, but might if the option was easily accessible?
To answer this, LendEDU, in collaboration with The Daily Hodl, surveyed 1,000 adult Americans that invest in the stock market through a brokerage account that does not offer direct cryptocurrency investments. These respondents are also not currently invested in virtual currency.
Upon completion of the survey, we came away with a few key findings that included:
- 52% of respondents would likely use their brokerage accounts to invest in cryptocurrency if the option existed. 59% of those consumers would even scale back their traditional investments to invest more heavily in cryptocurrency.
- 41% of respondents would trust a traditional brokerage more than Coinbase in handling their virtual currency investments, while 14% would trust Coinbase more. Further, 39% would trust Amazon more than Coinbase in handling crypto-investments, while 15% opted for Coinbase.
- 48% of poll participants would likely consider moving their portfolio to a brokerage account that allows them to invest in both cryptocurrency and traditional investments.
Find Full Survey Results Here