Quite a number of digital currencies are seeing their prices enjoy an upsurge in recent times, and now investors have little or no doubts about the future values of their crypto assets. In a recent survey of 1,000 U.S. crypto investors carried out by Gambler’s Pick, a whopping 37% of the respondents insisted that they would not cash out their crypto, even if it is of utmost importance or the cash is needed to make an emergency payment.
51% also won’t cash out for luxury or recreational purchases
Furthermore, in the survey that the Gambler’s Pick titled “Cryptocurrencies 2021 Survey: Save or Spend”, it was revealed that crypto holders generally have a hard time when it comes to parting with their digital assets even for any reason at all. The 1000 participants surveyed were 135 Baby Boomers, 212 Generation X, 442 Millennials, and 206 Generation Z individuals. The study indicates that, on average, Americans hold about $1,707 in crypto. Still, even in the event of an emergency, a good fraction of the American people will not spend the funds.
Having established that 37% would not cash out their crypto to make necessary or otherwise critical payments, 51% also said they would not cash out to buy what they consider to be a luxury item or use the funds for the recreational purchase.
The study details further by revealing that Millennials are most likely to stop saving for their retirement or neglect their credit card payments just so they can hold onto their existing crypto investments.
What percentage skips payments or borrows debt to buy crypto?
Out of all the respondents, 38% were honest enough to say that they missed a payment to hold their cryptocurrencies for longer. According to the report highlights of the Gambler’s Pick report, almost 1 in 4 participants have leveraged at least a credit card to buy crypto. Respondents of the study also revealed that they borrowed about $2,191 on average to pay for digital assets.
Gambler’s Pick survey participants also said that in the year 2022, they plan on investing $1,645 on average into the crypto business. Male participants on average, plan to spend $1,998, while the female respondents on average plan to spend $1,110 in the coming year.