A recent study from CLOVR on cryptocurrencies found out that several feelings are associated with the topic. At the top of the list comes uncertainty; a feeling usually handled by professionals with high EQ, emotional intelligence, who need to make important decisions with minimal information on a daily basis.
The reason that 69.8% of the 1,000 Americans that took part in the CLOVR survey declared uncertainty as the top feeling associated with cryptocurrencies does not come as a surprise since not a lot of people fully understand what a cryptocurrency is. Only 76% stated that they might know what a crypto is but are not fully capable of explaining it to someone else.
As a matter of fact, 50% of the people who answered yes on the ‘do you know what cryptocurrency is’ question, do not feel comfortable explaining cryptocurrency to someone else. This explains the fact that uncertainty is highly associated with cryptos.
On the other hand, millennials are found to be the ones who are most likely to invest in cryptos either now or in the near future. 41% of millennials have already done so. Combined with the fact that the number one trait associated with people who have invested in cryptocurrency is risk-taking we can clearly say that millennials might not be the smartest ones, since only 24.6% stated that someone needs to be smart to invest in cryptos, but they are willing to take the high risk associated with cryptocurrency investments as the 58.1% explained.
Forward-thinking is another important trait as stated by 51.1% of the participants of the CLOVR survey. This shows that millennials are in fact the forward thinkers of our time in contrast with the 82% of the baby boomers who have explained that they have never invested in a cryptocurrency. This can either simply be that this demographic is not so familiar with the latest technologies associated with cryptos or even that they are not willing to take a risk and prefer to play it safe as the rest of the 73.5% of the participants stated.
An important conclusion to be made through the CLOVR survey is the fact that men are twice as likely to invest in a cryptocurrency than women are since the study found that 43% of men have already invested in a crypto whereas only 23% of the participating women have. This can either be true since men are usually risk-takers and will dive into a new opportunity than women who are typically more cautious.
Last but not least, the study found that the higher the annual income of a person is, the higher the chance that person would invest in a cryptocurrency. Chances increase as soon as the person reaches the $75,000 income per annum. This can be true either due to the fact that people who earn more can afford to lose more or simply because highly paid individuals have usually a bigger appetite for information and thus, understand cryptocurrencies better than the average person.