Sentiment regarding bitcoin (BTC) has been quite negative lately. Not surprising when we look at the falling prices and the overall situation in the world. According to a study by the financial services company Bankrate, the interest in crypto among millennials has decreased significantly in 2022.
30% feel comfortable investing in crypto
The survey was conducted at the end of June this year and 1,025 adults from the United States participated. The purpose of the study is to get an idea of how the average American currently views various investments, including crypto such as bitcoin and ethereum (ETH).
The results show that by 2022, Americans will be much less comfortable investing in crypto. On average, the group that feels “very comfortable” and “somewhat comfortable” when investing in this asset class has decreased by 39% compared to 2021.
The picture among millennials is even worse. The group of millennials who feel very comfortable or somewhat comfortable with crypto has decreased by 45%. In 2021, 49% of millennials said they belong to one of these two groups, this year it was just 29%.
Possible reasons for declining interest in bitcoin
Bankrate puts forward several reasons that could be related to the decline in the popularity of crypto investments. At the top of that list are, of course, falling prices. Many crypto prices are currently trading well below their all-time highs, which were mostly reached in 2021.
The researchers also cite the rising interest rates as one of the reasons for the declining interest. The stricter laws and regulations also play a role:
“In addition, some investors are concerned that further government regulation proposed by the Biden administration, including a digital currency issued by the central bank, could derail the cryptocurrency market.”
It is not clear whether such a development can also be observed in the Netherlands. Last summer, it was reported in the crypto news that almost 2 million Dutch people own crypto. Bitcoin was the most popular crypto in it.