Popularity of cryptocurrency plummets among millennials in 2022

Why are millennials and Gen Z so interested in cryptocurrency, when many financial advisers and other smart investors such as Warren Buffett have warned of their dangers? One reason may be the lack of quality financial information on social media, where the hype is limited only by an influencer’s imagination, especially when it comes to the poorly understood topic of cryptocurrency. — Getty Images/TNS

The popularity of cryptocurrencies such as bitcoin has plummeted in 2022, particularly among their most fervent supporters – millennial investors – according to a recent Bankrate survey. Americans of all ages have seen their comfort level with cryptocurrency sink sharply over the last year, as these digital currencies have plunged in value at a dizzying pace.

Overall, the number of Americans who said they were “very comfortable” or “somewhat comfortable” with cryptocurrencies in 2022 plummeted by more than 39% from 2021. And the numbers are even starker for millennials, where comfort levels dropped almost 42%.