A growing number of investors now prefer investing in cryptocurrencies such as Bitcoin (CRYPTO: BTC) over shares, a new survey has shown.
What Happened: The survey by CivicScience showed that while 76% of the respondents surveyed said they were more likely to invest in traditional stocks, 24% of them preferred investing in cryptocurrencies such as Bitcoin, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
The percentage of investors who favour investing in cryptocurrencies over stocks has surged from 10% in June this year to 24% in November, while those who prefer investing in stocks has dropped from 90% to 76% over the same period.
Forty-four percent of the 1,988 respondents who sold their stocks to buy cryptocurrencies said they sold less than 10% of their stock portfolios to make the purchases.
The data showed that over one-fifth of investors sold more than half of their stock assets to buy cryptocurrencies, which according to CivicScience, was a “shockingly significant number.”
CivicScience said the results of the survey were weighted by U.S. census data. There were between 1,000 and 40,600 respondents for the questions in the survey.
Why it Matters: The results of the survey indicate the rising profile and continued mainstream acceptance of cryptocurrencies. A growing number of companies now accept cryptocurrencies for payments.
In September, El Salvador became the first country in the world to adopt Bitcoin as legal tender.
More than one in four residents in the U.S. would support the government if it decides to make Bitcoin a legal form of currency, it was reported in September, citing a new poll from research and data analytics firm YouGov (LON:YOU).
Meanwhile, worries about the potential impact of the Omicron variant of the coronavirus on the global economy and rising inflation fears have impacted U.S. stock markets recently.
Price Action: Bitcoin is down 1.0% during the past 24 hours, trading at $50,017.43 at press time, while Ethereum is up 0.1% over the 24-hour period to $4,374.05. Dogecoin is down 2.9% over the past 24 hours to $0.1766.