As the interest in cryptocurrencies surges, money from the stock market is starting to rotate into crypto assets. 23% of respondents to a US poll have declared that they or someone they know have sold stocks or bonds to invest in cryptocurrencies instead. The data was collected by public opinion polling and data analysis firm CivicScience.
A recent online survey that collected responses from 1,997 US citizens above the age of 18 between November 29 and December 6 showed that 76% of people were still more likely to invest in traditional stocks than cryptocurrencies. 24% said that they were more likely to invest in cryptocurrencies.
The results represent a huge shift from data that was collected in June 2021. At this time, the preference for stocks was significantly higher, at 90%, and only 10% said that they would invest in crypto.
The firm that distributed the survey, CivicScience, said: “More recently, in fact, some investors have begun selling off some of their stock assets to purchase cryptocurrency. And when we cross this information against the kind of market observer, we see that it’s serious investors that are swapping out their assets, much more so than casual ones.”
Some 7% of respondents claim they have sold stocks or bonds to buy crypto, and 16% know of someone who has done similar, with the remaining 77% denying to having made such investment decisions or knowing someone who has made them.
Out of those who have sold stocks to buy crypto, 66% kept their contribution under a quarter of their total assets. This suggests that traditional stocks still feel like a safer option despite the rise in popularity of crypto.
The “data shows that over one-fifth of investors have sold more than half of their stock assets in order to buy cryptocurrency – a shockingly significant number. And diving deeper into the data, we see this number is largely driven by those who very closely follow financial markets and the economy.”
The firm concludes that it is possible that “dedicated investors know something the general public doesn’t about cryptocurrency, or perhaps they are simply more risk-tolerant than their less financially focused counterparts.”
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