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US Cryptocurrency users mostly young males; XRP, Ethereum users most educated: Survey

US Cryptocurrency users mostly young males; XRP, Ethereum users most educated: Survey
Written by publisher team

New Delhi: The world of cryptocurrency is very dynamic. The research paper ‘Distrust or Speculation? Socioeconomic Drivers of Cryptocurrency Investments in the US’, published in July 2021, reveals several useful findings about the socio-demographic makeup of cryptocurrency use in the US.
Research by Rafael Orr of the Bank for International Settlements (BIS) and David-Tercero Lucas of the Autonomous University emphasized the following important conclusions in the American context:
*The research found that men have a higher tendency to invest in cryptocurrency than women. A gender gap has been seen in terms of cryptocurrency ownership.
* Education and income levels, digital financial experience gained from the use of debit and credit cards, and the use of a mobile application to pay for products also played an important role in guiding the choice of cryptocurrency.
XRP and Ether owners are the most educated, followed by Bitcoin Cash and Bitcoin users.
XRP, Ether, and Stellar owners are the most profitable, while Bitcoin investors earn the least.
Litecoin owners are the least educated.
* Gender and age were found to be unrelated to differences in knowledge about encryption technology.
* Owning a cryptocurrency in one year increases the probability of owning a cryptocurrency in the next year by 50 percent based on a beta test, which is a misspelling of the word contract that means buying a cryptocurrency and holding it for a longer period.
* Cryptocurrencies are not treated as alternatives to fiat currency but as a specialized digital speculative object.
Auer and Tercero’s research used Federal Reserve survey data as a base. The pool of cryptocurrency investors in the United States has grown exponentially by 2020 with Americans owning about 4 percent of the cryptocurrency in their portfolio, more than 1.4 percent in 2019 according to a Federal Reserve survey.
Charles Randle, the head of Britain’s Financial Conduct Authority, has warned that the hype and frenzy surrounding cryptocurrencies could lure clients into such fraudulent investments and thus the need for regulation. The crux of the research by duo Auer-Tercero is that there are crypto-specific regulations because the goals of cryptocurrency investors are the same as those of the asset classes.
(For the latest cryptocurrency news, investment tips, and real-time price updates, follow our website Cryptocurrency page.)

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