Very few people wanted to step into the minefield that was the cryptocurrency business in 2022.
Key Takeaways
- The number of people who owned cryptocurrency flatlined in 2022 after doubling the two previous years, a survey showed.
- Cryptocurrency prices plunged in 2022 and have yet to recover, with Bitcoin trading at less than half the peak it hit in November 2021.
- Survey data suggests “buyers’ remorse” among crypto owners, researchers at the Atlanta Fed said.
That’s according to a blog post Monday by researchers at the Federal Reserve Bank of Atlanta analyzing a survey that showed the percentage of U.S. adults who owned cryptocurrency flatlined at 10% in 2022 after doubling each of the two previous years.
With headlines in 2022 dominated by crashing prices, crypto kingpins being arrested, and the downfall of the NFT fad, it’s little wonder that investors were reluctant to trade their cash for digital currency.
“This makes us think that the get-rich-quick allure of crypto speculation waned in the wake of the spring 2022 market crash,” researchers at the Atlanta Fed…