New research from consumer data aggregator CivicScience has found that a growing number of investors are selling their stocks to buy more crypto.
The research questions were broadcast to people over the age of 18 in the United States at different times in 2021. The results were weighted with US census data. Each question had between 1,000 and 40,600 respondents.
From 3,700 respondents questioned, the number of those who said they would rather invest their money in cryptocurrency than traditional stocks rose 140% in just five months.
In June, only 10% of respondents said they would be more likely to invest their money in cryptocurrency than traditional stocks, which rose to 24% in November.
Interestingly, those who said they were following the financial market and the economy “very closely” or “fairly closely” were more likely to trade their traditional assets for crypto.
Of the 1,285 respondents who said they followed the market “very closely,” 40% said they or someone they know sold their traditional stocks to buy crypto.
This percentage dropped to 30% for those who said they were “following the market closely” and to around 17% for those who said they were “not following the market closely at all”.
Around 44% of 1,988 respondents who sold stocks for crypto said they sold less than 10% of their portfolios.
But around a fifth had sold over half of their stocks to buy crypto, which CivicScience’s Zack Butovich described as a “shockingly significant number.” That may be urgent, but it is certainly noteworthy.
According to its website, CivicScience obtains its data through partnerships with digital and mobile content. Cointelegraph contacted CivicScience for more information on its methodology and is waiting for a response.
CivicScience also found that those not interested in blockchain technology continued to decline, from 80% as of May this year to 68% currently based on 40,571 responses from May 1st to December 6th.