Americans prefer crypto over a traditional savings account, study shows (opens in new tab)

(cryptobuzz.cc)

2 pointspiccogabriele4y ago7 comments

7 comments

Actual statement from the linked to link...

> According to The State of Consumer Banking & Payments report published on January 25, 2022, by Morning Consult, most American adults at 24% owned cryptocurrencies as of 2021.

> The figure was slightly higher than 23% of Americans who own certificates of deposit. Notably, a certificate of deposit refers to a savings account holding a fixed amount of money for a specified period.

Report here: https://go.morningconsult.com/rs/850-TAA-511/images/220120_S...

Which mentions...

> Poll conducted Dec. 23-25, 2021, among a representative sample of 2,200 U.S. adults, with an _unweighted margin of error of +/-2 percentage points._

My emphasis on +/- 2 percentage points when differing between 23 and 24 percent.

cryptoguy774y ago

The statistics are wrong, but the trend is correct

i67vw34y ago

When people hold cryptocurrencies, most of them hold for few hundred/thousand dollars. They may hold it for short term or long term for investing/trading/fun or to pay using actual crypto. Eg., I may hold $100 of bitcoin and $10 of dogecoin.

Compared to deposits in savings account or long term fixed deposits, the amount in them is quite high compared to cryptocurrencies for most individuals.

The statistics/data 'may' be correct, but it does not mean that normal users prefer crypto to savings account. Most of the population does not even know what cryptocurrencies are in general (except for bitcoin) and usually associate them with some type of scam.

fivelessminutes4y ago

> The study was conducted between December 23-25, 2021, while sampling feedback from 2,200 United States adults.

Randomly selected? Members of some crypto site? Garbage website makes sure there's no methodology or link to it you so will never know.

i67vw34y ago

Bogus study, avoid posting it again.

piccogabrieleOP4y ago

Agreed, not reliable indeed.

beardyw4y ago

Probably 98% had (some) cash. So cash is favoured over. crypto.

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7 comments

EdwardDiego4y ago

Actual statement from the linked to link...

> According to The State of Consumer Banking & Payments report published on January 25, 2022, by Morning Consult, most American adults at 24% owned cryptocurrencies as of 2021.

Report here: https://go.morningconsult.com/rs/850-TAA-511/images/220120_S...

Which mentions...

> Poll conducted Dec. 23-25, 2021, among a representative sample of 2,200 U.S. adults, with an _unweighted margin of error of +/-2 percentage points._

My emphasis on +/- 2 percentage points when differing between 23 and 24 percent.

cryptoguy774y ago

The statistics are wrong, but the trend is correct

i67vw34y ago

Compared to deposits in savings account or long term fixed deposits, the amount in them is quite high compared to cryptocurrencies for most individuals.

fivelessminutes4y ago

> The study was conducted between December 23-25, 2021, while sampling feedback from 2,200 United States adults.

Randomly selected? Members of some crypto site? Garbage website makes sure there's no methodology or link to it you so will never know.

i67vw34y ago

Bogus study, avoid posting it again.

piccogabrieleOP4y ago

Agreed, not reliable indeed.

beardyw4y ago

Probably 98% had (some) cash. So cash is favoured over. crypto.

j / k navigate · click thread line to collapse