According to a survey done on behalf of the American Institute of CPAs by The Harris Poll, of the 35% of Americans who are currently investing or planning to invest in 2019, cryptocurrencies will form 5% of their investment mix.
Additionally, the survey revealed that nearly half of Americans are unfamiliar with cryptocurrencies, with 48% of US adults not being familiar with bitcoin, litecoin or ethereum. The 42% that were aware of cryptocurrencies expressed uncertainty over how they would perform next year. 25% said they would rise in value, 29% thought their value would decline, and 12% said they would remain stable.
Speaking about investments in general, Greg Anton Chairman of the AICPA’s national CPA Financial Literacy Commission gave said, “Before Americans invest their hard-earned money, it is important they take control of their financial future and do some research. While no one can say with certainty whether an investment will go up in value, taking the time to evaluate past performance can give some insight into future possibility.”
While the survey didn’t investigate the reasons why investors would only allocate 5% of their investment to cryptocurrency, a recent survey by Gallup highlighted the perception that bitcoin is a high risk/high reward investment. Three out of four investors who are aware of bitcoin describe the currency as a “very risky” investment.