Despite the buzz surrounding cryptocurrencies, most investors are reluctant to sink large amounts of money into the volatile space, with a new poll finding that the average investment in bitcoin amounts to $2,930.85.
The results come from the latest survey conducted by LendEDU, commissioned by online pollster Pollfish. They discovered that most respondents — about 55 percent — plan to hold their bitcoin investment for less than three years.
And yet, 67 percent of those surveyed who have invested in bitcoin have not yet sold any of it.
The poll also found some shakiness in investor confidence. Just 56 percent of respondents said they do not “routinely worry” about the technological security of their bitcoin investment, but the remaining 44 percent indicated they do have concerns frequently.
The survey might also indicate unrealistic, inflated expectations for the future performance of bitcoin, particularly since more than half plan to sell in the next three years.
Respondents were asked at what price per bitcoin they would be willing to sell all of their investment. At the time, bitcoin was valued at $6,490, but investors on average said they would only sell if the price was a whopping $196,165.79 per bitcoin — more than 30 times its current value.
The poll featured responses from 564 American consumers aged 18 and up who were screened for having invested in bitcoin. It was conducted from Nov. 9 through 13.
The same group conducted a poll earlier this fall that found most Americans are familiar with bitcoin, though they are unsure of its legality. A lack of familiarity with cryptocurrencies remains one of the biggest roadblocks on the path to wider public adoption.