Dasa: Low-income investors sold most of their cryptocurrency holdings during the market crash
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Answer Dasa: Low-income investors sold most of their cryptocurrency holdings during the market crash
Nearly half of the crypto investors (46%) surveyed admitted to selling some of their holdings in the past several weeks, especially those with lower salaries who were more likely to give up their crypto holdings.
Most Bitcoin HODLers are financially sufficient and do not need Bitcoin at the moment:
polled US-based Civic Science has surveyed thousands of cryptocurrency investors to see how the ongoing meltdown in the market has affected their actions.
26% said they cashed out a lot of their positions, while 20% sold a small amount.
Unsurprisingly, most of the financially stable individuals (specifically those earning more than $150,000 a year) remained HODLers while only 28% of them broke away from some of their crypto holdings.Read:Why did the price of Crypto.com coin (CRO) increase by more than 350 percent?
65% of the low-income bracket sold a portion of their stock.
The desire to invest in digital assets has also changed due to the price crash.
In January, 54% of investors said market volatility was a significant obstacle that could prevent them from distributing wealth in it, while 58% currently share this view.
However, the main reason people are turning away from the world of digital assets is not the price volatility.
30% believe that Bitcoin is illegal, while 23% indicate its volatility.
10% admitted that they do not have the financial ability to enter the crypto market ecosystem, and 5% do not understand how to buy cryptocurrencies.
On the other hand, many other studies have proven the assumption that digital assets are an attractive investment option primarily for wealthy individuals.
A CNBC survey at the end of 2021 estimated that 83% of millennial millionaires own cryptocurrency.
While 48% say they plan to increase their exposure to cryptocurrency in 2022, only 6% believe they should reduce their holdings.
Wealthy millennials have also invested a significant amount of their wealth in bitcoin or altcoins.Read:Analysis Shows Strong Hands Bought More Bitcoin in Its Recent Drop
53% state that half of their portfolio is in cryptocurrency, and 30% admit that 75% of their total wealth is dedicated there.
Another recent study by Forbes revealed that billionaires are also inclined towards the cryptocurrency category.
According to the results, every third person surveyed with a total fortune of at least $1 billion has some type of exposure to cryptocurrencies.
Some of the notable names on that list include “Sam Bankman-Fried,” CEO and co-founder of FTX, who said that between 76% and 100% of his portfolio is distributed in cryptocurrencies.
The owner of “The Dallas Mavericks” club is also part of the cryptocurrency exposure.
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