New research by consumer data aggregator CivicScience has found that a growing number of investors are selling their shares to buy more cryptocurrencies.
Research questions were sent to people age 18 and older in the US at different times during 2021. Results were weighted based on US Census data.Each question had between 1,000 and 40,600 respondents.
Out of 3,700 respondents, the number who said they would be more likely to invest their money in cryptocurrencies than traditional stocks jumped 140% in just five months.
In June, only 10% of those surveyed said they would be more likely to invest their money in cryptocurrencies than in traditional stocks, which rose to 24% in November.
Stakeholders who said they follow the financial market and the economy “very closely” or “somewhat closely” were more likely to trade their traditional assets for crypto.
Of the 1,285 respondents who said they follow the market “very closely,” 40% said that they or someone they know has sold their traditional stocks to buy cryptocurrencies.
This percentage was reduced to 30% for those who followed the market “somewhat closely” and around 17% for those who said they followed the market “not closely”.
About 44% of the 1,988 respondents who had sold stocks for crypto said they had sold less than 10% of their portfolios.
But about a fifth had sold more than half of their stock assets to buy crypto, which Zack Butovich of CivicScience described as a “surprisingly significant number.” That might be pressing, but it’s certainly remarkable.
Related: True or false: 91% of surveys on Bitcoin and crypto are totally wrong
According to its website, CivicScience obtains its data through digital and mobile content partnerships. Cointelegraph contacted CivicScience for more details on their methodology and is awaiting a response.
CivicScience also found that those not interested in blockchain technology has continued to decline, from 80% in May this year to 68% today, based on 40,571 responses from May 1 to December 6.