While most US crypto investors believe in the virtual assets' merit, prominent people like Elon Musk seem to affect their opinion.
According to a recent research, US cryptocurrency investors have allocated on average $1,707 in such assets. 37% of them admitted they would not touch these funds even if they must cover a necessary bill or an important payment.
Somewhat expectedly, the celebrity who influences most of the respondents crypto-related decisions is Elon Musk.
Many Americans Have ‘Diamond Hands’
The betting platform – GamblersPick – surveyed 1,000 US digital asset investors to conclude that a big chunk of them (37%) would hold to their crypto possessions at all costs. 51% went further, stating that they don't find even luxury purchases as a tempting reason to cash out.
Taking a closer look at the different generations, Baby boomers are the group that has invested the most in the crypto market, while Generation Z ranked last. Male Americans have an average amount of $1,940 worth of digital assets and seem to have a greater interest in the matter than women. Female's median number stands at $1,375.
GamblersPick revealed that the demand for cryptocurrencies among US investors is growing to such a level that loans and borrowing money from friends or family are common solutions to enter the market. Per the results, every fourth respondent purchased digital assets via their credit card.
Revealing their plans for the next 12 months, investors said they plan to allocate a further $1,645 of their wealth on average. Once again, men led the statistics saying they would invest $1,988 each while women – $1,100.
Elon Musk Dictates The Actions of 35%
The research also pointed out why investors decided to jump on the crypto bandwagon. The vast majority, 75%, stated they believe the digital assets' value will increase in the future. 32% find crypto as a way to diversify their portfolios, while 24% think they will gain strong returns.
Keeping in mind the complicated condition of the economy, the mass printing of national currencies, and the ongoing COVID-19 pandemic, it is no surprise that 21% of the respondents picked “hedge against inflation” as a reason.
Social media and online forums appear to have a significant impact on US investors' crypto-related decisions. Reddit ranked first with 34% influential power, while Twitter, YouTube, and Facebook followed closely with respectively 26%, 23%, and 16%.
One man, though, is more inspiring than any of the aforementioned companies. His name is Elon Musk, and 35% of the respondents admitted they had taken choices about their cryptocurrency investments according to his recent statements, tweets, or opinions. Warren Buffett ranked second with a mere 9%, while the rap star Snoop Dogg is third with 7%.