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More people are jumping into cryptocurrency, many because of how easy it’s become to trade the digital assets, a CNBC/Momentive Invest in You survey found.
More than 10% of those surveyed said they’re invested in cryptocurrency, ranking the digital coins fourth after real estate, stocks, mutual funds and bonds.
Some 65% of those cryptocurrency investors jumped into the asset class in the last year, according to the survey. In the same timeframe, the prices of some of the top cryptocurrencies have displayed trademark volatility. Bitcoin, for example, surged to an all-time high of more than $63,000 in April, slumped afterwards and then recently rallied again to nearly $50,000.
Among those who do trade cryptocurrencies, the top reasons cited are that it’s easy to make trades, it’s exciting to invest in and there’s potential for high growth in a short period of time, according to the survey.
“There are a lot of things that make crypto very attractive; the biggest one is the opportunity to make a lot of money,” said Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth in New York.
Education is key
Of course, there is still risk associated with investing in cryptocurrency, as there is with any other asset.
The space may be exciting and cool, said Boneparth, “but it doesn’t change the fact that you’re still putting risk on your money.”
For people who