Digital currency prices have seen a revival in recent times and investors have been feeling optimistic about future values. A recent survey of 1,000 U.S. crypto investors conducted by Gambler’s Pick notes that 37% of the respondents said they “wouldn’t cash out their crypto, even if they need to pay a necessary bill or make a critical payment.”
37% Won’t Cash Out Crypto to Make Critical Payment, 51% Won’t Cash Out for Luxury or Recreational Purchase
A survey published by Gambler’s Pick called the “Cryptocurrencies 2021 Survey: Save or Spend” explains that crypto holders have a hard time parting with their digital assets. Out of the thousand participants surveyed, 135 were Baby Boomers, 212 Generation X, 442 Millennials, and 206 individuals were from Generation Z. The study indicates that on average Americans hold around $1,707 in crypto but if an emergency comes a good fraction of people will not spend the funds.
37% said they would not cash out their crypto if they had a critical payment to take care of and 51% said they would not cash out to pay for a luxury item or a recreational purchase. “More than 1 in 10 stopped saving for an emergency to buy crypto, while the same amount said they had skipped out on a purchase that would have genuinely improved their life,” the Gambler’s Pick researcher’s report notes. The study continues by adding:
Millennials were the most likely to skip saving for their retirement or miss credit card payments to hold onto their existing crypto stashes.
Skipping Payments, Borrowing Debt, and Refinancing a Home to Buy Crypto
38% of all the respondents said they skipped a payment to hold their cryptocurrencies for longer. “Baby boomers, though unlikely to take on debt for cryptocurrency, also had the highest average value already saved up,” the Gambler’s Pick report highlights. Nearly 1 in 4 participants have leveraged a credit card to purchase crypto. Respondents of the study borrowed around $2,191 on average to pay for digital assets.
21% will take on consumer debt to get the funds, 18% will borrow from family, 11% will dip into savings, and 10% are actually willing to refinance their home to buy crypto. Gambler’s Pick survey participants said that they plan on investing $1,645 on average in the coming year. Male participants on average plan to spend $1,998 and female respondents on average plan to spend $1,110 in the coming year.
What do you think about the Gambler’s Pick study that says 37% of American crypto investors won’t cash out even during an emergency? Let us know what you think about this subject in the comments section below.
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