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 percent from 2021. And the numbers are even starker for millennials, where comfort levels dropped almost 42 percent. The decline of millennial investors’ comfort levels with cryptocurrency mirrors the steep declines in major cryptocurrencies such as Bitcoin and Ethereum in 2022. From their all-time highs set in late 2021, Bitcoin has fallen more than 72 percent, while Ethereum has sunk 73 percent. In 2021, nearly 35 percent of Americans said they had some level with comfort investing in digital currencies, compared to about 21 percent in 2022.
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