Survey Finds 37% of American Crypto Investors Have Diamond Hands

Divya  |  Aug 23, 2021

A sizeable number of American crypto investors wouldn’t part with their holdings even if they’re confronted with critical payments. This finding was made by GamblersPick, which surveyed 1,000 people about digital assets and found that 37% of them have diamond hands.

GamblersPick Survey Shows 37% Crypto Owners in the US Have Diamond Hands

To sell or to hold -- is one of the biggest questions facing cryptocurrency owners in the United States. Now, we have a clearer picture of their selling and spending habits, courtesy of betting platform GamblersPick that interviewed 1,000 people about the subject.

Surprisingly, a significant chunk of people (37%) said that they wouldn’t cash out their holdings at any cost. And to top it off, 51% indicated that they were less likely to exchange their crypto stash for luxury purchases.

On average, the survey participants were reportedly holding $1,707 worth of digital assets. Male respondents held a higher average amount ($1,940) than female respondents ($1,375) and showed greater interest in the asset class.

Baby Boomers Lead Debt Fuelled Crypto Purchases

While getting to the bottom of people’s income sources for crypto investments, the survey stumbled on a worrying trend. Nearly one in four respondents had used credit cards to purchase cryptocurrencies. 

Also, despite holding an average of $1,707 worth of cryptos, these people had borrowed an additional $500 to afford their purchases. 

Baby boomers were leading debt-fuelled buys with an average borrowing of $4,035. Almost 21% of participants were amenable to taking on consumer debt for further crypto purchases. Some 18% indicated that they would borrow from friends and family, while 11% would use their savings and 10% would refinance their homes to acquire more crypto assets.

The Elon Musk Effect Continues to Impact Crypto Buys

Tesla CEO Elon Musk is still the most sought-after source for crypto knowledge, according to the survey’s results. Some 35% of people admitted that they got their information from his tweets. 

Additionally, social news website Reddit is also a staple for cryptocurrency buyers to consult and make decisions. A third of all those who were interviewed said that they relied on the platform.

 

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