60% Of Americans See Crypto Investing As Highly Risky—but Millennials Are Still Its Biggest Fans

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60% Of Americans See Crypto Investing As Highly Risky—but Millennials Are Still Its Biggest Fans
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Most Americans consider cryptocurrency to be a good investment.

According to the CNBC Make It: Your Money survey conducted in partnership with Momentive, nearly 60% of Americans think investing in digital currencies is too risky -- up from 45% in 2021. Another 26% consider it somewhat dangerous.

However, the younger generation seems to be more willing to invest in cryptocurrency than the older generation.

About 38% of Gen Xers (defined here as 25 and under) and 46% of Millennials (defined here as 26-41) say investing in cryptocurrency is too risky. In contrast, more than 60% of Gen Xers (here defined as ages 42-57) and nearly 80% of Baby Boomers and the Silent Generation (here defined as ages 58+) consider themselves to be at high risk.

And the recent turmoil in the cryptocurrency world does nothing to ease investor uncertainty.

The cryptocurrency market has lost a little over $2 trillion since last year. In addition, FTX, one of the world's largest cryptocurrency exchanges, fell from its January value of $32 billion on November 11, 2008. Another struggling cryptocurrency company, BlockFi, has filed its balance sheet. .

"The lights are out on this coin": The popularity of cryptocurrencies as an investment

Crypto remains among the most popular investments: according to the survey, only 10% of Americans own it.

Among those who do, millennials are the biggest fans of virtual currency. 15% of Millennials surveyed said they own cryptocurrencies, 12% of Xers and Gen Xers, and less than 5% of Baby Boomers and the Silent Generation.

"For many young investors, interest in cryptocurrency is fueled by get-rich-quick lottery ticket sentiment," Bankrate senior correspondent James Royle told CNBC's Make It.

However, with Bitcoin, the largest by market cap, trading below all-time highs from November to December 12, 2021, confidence in cryptocurrency investments is waning among investors of all ages.

"With major cryptocurrencies like Bitcoin and Ethereum down more than 70% from their all-time highs, it's no surprise that the lights have gone out on these coins," Royal said.

Unlike stocks and bonds, cryptocurrency does not derive its value from the underlying entity. Since it is considered a highly volatile asset subject to volatile price fluctuations, financial experts advise against investing more than you can afford to lose.

“You don't get interest for trading cryptocurrencies. Instead, you buy a playground token and hope someone pays you later,” says Royal.

Do you want to earn more and work less? Register for the free CNBC Make It: Your Money virtual event on December 13 at 12:00 p.m.

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