A survey by financial services company Bakkt conducted via an online survey tool in July of 2021 shows that the majority of investors who hold crypto plan to hold it for the long term.
58% of those surveyed who had purchased crypto in the past six months planned to hold onto it as a long-term investment. Interestingly, a significant number of those surveyed (almost 20%) said that they had invested less than $100 dollars in crypto.
Younger people seem more likely to plan on holding crypto long term, with 35% of crypto holders between the ages of 18 and 29, and 36% of crypto holders between the ages of 30 and 44 that saying they planned on holding crypto as a long-term investment and accumulate value.
That number plummets after 44, with only 21% of crypto holders between the ages of 45 and 60, and just 14% of those over 60, planning to hold crypto long-term.
The survey also shows that age is linked to self-reported knowledge about crypto, with younger investors reporting the greatest knowledge of cryptocurrencies and blockchain. The 30 to 44 age group indicated the greatest knowledge of cryptocurrencies, with 9% saying that they “know a lot” about blockchain and cryptocurrencies and 28% saying that they “know some.”
The 18 to 29 age group is not far behind when it comes to self-reported knowledge of crypto and blockchain. 6% of 18 to 29 year olds said that they “know a lot,” and 31% said that they “know some.”
By comparison, 45% of respondents in the 45 to 60 age group said that they don’t know anything about crypto, compared to only 26% in both the 18 to 29 age group and 30 to 44 age group.
Only a small percentage of those surveyed purchased bitcoin for online transactions (24%), in-person purchasing of goods (12%), or with the intent to transfer to a friend or family member (11%).
While buying crypto only appeals to about 35% of those surveyed, long-term return on investment appears to be the most appealing thing about buying cryptocurrency, with 28% of respondents citing it as such.
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