The average bitcoin investor is male, young, and rich, according to a new survey by blockchain startup Clovr. These demographic details are not surprising to cryptocurrency evangelists who have long known that crypto is a male-dominated field.
Clovr surveyed 1,004 Americans ranging in age from 18 to 80 and discovered that men are twice as likely as women — 43 percent to 23 percent — to invest in virtual currencies.
The study also showed that Millennials were more than twice as likely as any other generation to invest in crypto.
And almost half — 47 percent — of respondents earning $75,000 to $99,999 a year had entered the market, while less than 25 percent of individuals making under $25,000 were crypto-investors.
No Surprise: Average Bitcoin Investor Is Rich Millennial Man
Interestingly, more than 75 percent of individuals surveyed said they were familiar with what bitcoin is, and a whopping 62 percent felt confident they could explain what cryptocurrencies are to a novice.
That said, 70 percent of respondents said “uncertainty” best summed up their emotions regarding digital currencies. This revelation is understandable, given the erratic price fluctuations that have characterized most cryptocurrencies, especially bitcoin.
Almost 40 percent of investors cited FOMO (“Fear of Missing Out”) as a key impetus for why they decided to enter the market.
Among those who don’t invest in virtual currencies, many said their biggest deterrent is fear that they’ll lose money.
So why is crypto so male-dominated? Some finance experts say this is because men are more comfortable taking risks than women.
There’s a 64 percent chance that a random man is willing to take more risks than a random woman, according to a study cited by the Financial Times.
Studies: Woman Are More Risk-Averse Than Men
A 2016 study presented at the Australasian Finance and Banking Conference backs up this theory. The report indicates that female stock traders take far fewer risks — both with their own money and with others’ money.
That said, more women are starting to enter crypto as it gains mainstream traction. Observers say regulating the currently decentralized, unregulated market will promote more widespread adoption of crypto by weeding out scam artists.
To this end, a group of U.S. Congressmen recently introduced three pro-cryptocurrency bills designed to promote the development and adoption of cryptocurrencies and blockchain, as the Inquisitr previously reported.
“Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States,” said Republican Congressman Tom Emmer, co-chairman of the Congressional Blockchain Caucus. “This is an exciting time for blockchain technology and cryptocurrencies.”