The # 1 reasons men and women give to avoid cryptocurrencies
Despite the growing interest in cryptocurrency, many investors are still hesitant to invest. A recent crypto survey of Bakkt’s U.S. customers aimed to find out why.
In the survey, Bakkt asked respondents what their biggest challenge is when it comes to buying cryptocurrency. While men and women had similarities in their answers, the # 1 reason they gave was different. Here’s what men and women selected as their biggest crypto buying challenge.
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Men: too much volatility
Among men, 39% were most concerned about crypto volatility. This was almost double the number of men who chose another question, so there was quite a broad consensus.
Interestingly, volatility was more of an issue for men. Traditionally, women have been more conservative investors. Men, on the other hand, tend to be more confident (and in some cases overconfident) in their ability to invest. The fact that men see volatility as a bigger issue is unexpected given typical investing behaviors.
High volatility is a major challenge when investing in crypto. Because of how quickly crypto prices can change, it’s best to only buy cryptos with money you can afford to lose. Crypto should also only be a small part of your overall investment portfolio. A popular recommendation is to reserve 5-10% of your portfolio for these kinds of high-risk investments.
Another good option if you are worried about the volatility of crypto is the average cost in dollars, that is, when you spread your investments over time. For example, you could invest $ 200 per month in crypto instead of $ 1,000 at a time. With this method, you avoid the risk of putting all your money on top of the market.
Women: I don’t know where to start
For 30% of the women surveyed, not knowing where to start was the biggest problem with crypto. Women’s responses were more varied overall, and there wasn’t one reason that was far ahead of all the others. More than a quarter (26%) of women said crypto volatility was their biggest challenge.
Yet the question chosen by most women is a common one. A lot of people want to buy crypto but don’t know where to start. It is difficult to know which platform you should use, and especially for those new to crypto, there is this fear of getting ripped off.
If not knowing where to start with crypto has held you back, there is good news. You can find many friendly and secure places to buy crypto. Start by checking out the best cryptocurrency apps and exchanges. See how they work and read the reviews – and you should be able to find an option you like.
We are well past the days when buying crypto was a complex process. Many crypto exchanges work the same as online stock brokers, and there are even stock brokers that allow you to invest in cryptocurrencies. If you want to get into crypto, it doesn’t take long to learn how.
Other than their # 1 reasons to avoid crypto, men and women didn’t see it too differently. Not trusting exchanges and third-party brokers was a fairly common problem for both men (20%) and women (17%). And 11% of both men and women said crypto prices were too high. Everyone has their crypto challenges, but none of them need to be a deal breaker.