According to a recent survey published by Bankrate, the percentage of millennials who are comfortable with cryptocurrencies has fallen dramatically in 2022.
The survey shows that one-third of the respondents from the aforementioned age group feel comfortable about investing in cryptocurrencies.
Considering that that figure was at an impressive 50% a year ago, it is safe to say that even millennials, who tend to be the most crypto-friendly demographic, have soured on cryptocurrency following this year's market rout.
Overall, only roughly one-fifth of American adults is comfortable about putting their money into crypto.
As explained by Bankrate's James Royal, the massive drop in enthusiasm should not come as a surprise since retail investors and traders tend to be interested in crypto mainly when prices are elevated. With Bitcoin, Ethereum and other cryptocurrencies losing more than 70% of their value, crypto has lost its mojo. Young people are less likely to speculate on crypto when prices are not going up, Royal explains.
Royal believes that cryptocurrencies should notbbe viewed as a traditional investment since most of their buyers simply want to sell them at a higher price without thinking about fundamentals. He cites it as the reason why such prominent investors as Warren Buffett are refusing to touch it with a 10-foot pole.
According to Royal, an S&P 500 index would be a more suitable investment option for those who want to look beyond speculation.