In a recent survey, 60% of US investors reported a decline in the quality of their personal relationships after being involved in the crypto sector, a report on Bloomberg pointed out Sunday.
The findings were among the first of their kind, a nod to the adage of money not necessarily equating to happiness.
Crypto leads to breakups…perhaps
The study, performed by online survey tool SurveyMonkey on behalf of .Tech Domains, surveyed 1,000 Americans to delve into the demographics, long-term outlooks, and social standings of crypto traders and investors.
One of the most interesting parts of the survey was the section on relationships and cryptocurrencies. It found over 60% of all investors found their sheer belief and interest in the cryptocurrency market to have rubbed off the wrong way among friends and family—they stated their involvement in the space was a “negative” impact.
.Tech domains opinionated why the results were what they were. “With countless stories of people selling homes and businesses to invest in crypto and the sheer polarizing nature of the topic, perhaps it’s not surprising that so many crypto investors have experienced strain on their personal relationships,” wrote Tasm ina Sayed, author of the report.
Some experts agree with Sayed, however: “The stress on relationships could come from a number of fronts,” said Jeffrey Halley, senior market analyst at Oanda Asia-Pacific Pte.
“One person in a relationship investing in cryptos when their partner is a vehement non-believer would create natural stresses — especially when cryptos have such large intraday swings in value and thus, the value of the portfolio.”
“Except for the lucky few, I fear that cryptocurrencies’ path will be littered with human tragedies,” Halley noted.
Some of the findings were typical. Males (31%) dominated females (21%) when it came to crypto investments, Millennials (42%) and Gen Z (46%) were the largest age groups who owned or used crypto, and Bitcoin (65%) being the numero uno choice of crypto as an investment.
Other findings were not so typical. The study found more investors had plowed into Dogecoin (39%) than Ethereum (33%) and that 60% of respondents had divested from stock markets to invest in crypto—unlike popular sentiment that considers the latter to be a short term pump-and-dump game.
Meanwhile, the leading reason behind people not investing (59%) into crypto was that they didn’t “know much about it,” followed by “I don’t believe in it” (26%) and lack of regulation (25%). But for now, it’s bull season: the majority of respondents say Bitcoin would end the year between the $50,000-$100,000 mark, with 34% of those even aiming for a pierce $100,000. The asset trades at $53,000 at press time.
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