Few See Crypto As a Long-Term Commitment

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That’s how few people said in a poll that cryptocurrency was the best option for long-term investing, underscoring the setbacks that digital currencies have faced in recent months. 

Real estate, at 45%, was the top choice in the poll, released by Gallup Thursday. The polling firm asked U.S. adults in April to rank six types of assets as vehicles for long-term investments. Crypto trailed not just real estate, but also stocks (chosen by 18%) and gold (15%). Only bonds (3%) were less likely to be picked as the top long-term investment. Among younger people, however, crypto was more appealing: At 13%, it was tied with stocks as the second-most popular choice among 18 to 49-year-olds, but it was dead last with the 50-and-over crowd at 2%.

Digital currency’s reputation for viability as a long-term investment hasn’t been improved by recent declines in the price of Bitcoin, the most widely known cryptocurrency. Bitcoin dropped below $29,000 Thursday afternoon, less than half its November peak, when each Bitcoin was worth nearly $69,000. The Federal Reserve’s campaign to raise interest rates, the rise in the value of the dollar, and a general decline in tech-related investments has made traders shy away from risky bets such as cryptocurrency, economists said. 

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