US investors are showing less interest in buying cryptocurrency as overall risk-taking declines, according to a study from the Financial Industry Regulatory Authority (FINRA).
While the overall share of crypto investors remained steady at 27% between 2021 and 2024, the proportion of those considering buying crypto—either for the first time or increasing their holdings—fell to 26% in 2024 from 33% in 2021, FINRA reported Thursday.
The study also found that investors willing to take “high levels of investment risk” dropped four percentage points, from 12% to 8%, over the same period. The decline was most pronounced among investors under 35, where risk-takers fell nine points to 15%.
Investment in crypto typically rises during periods of strong optimism in the broader economy, but uncertainty around interest rates, inflation, and overall economic conditions has likely pushed investors toward perceived safer assets.
Crypto seen as risky, but still relevant for financial goals
FINRA’s study, conducted between July and December 2024 with 2,861 U.S. investors and a state-by-state survey of 25,539 adults, found that 66% of respondents now view crypto as a risky investment, up from 58% in 2021.
Despite this, one-third of investors said they felt they needed to take significant risks to achieve their financial goals—a figure that rises to 50% among those aged 35 and under. Around 13% of investors, including nearly a third of individuals under 25, reported buying meme stocks and other viral investments.
Pace of new investors slows
The rate of new market entrants has also slowed since 2021. Only 8% of investors reported entering the market in the two years to 2024, down from 21% in 2021.
“The surge of younger investors who joined markets early in the pandemic, as reported in the 2021 NFCS, reversed as the pandemic ended, bringing the share of U.S. adults under 35 who invest back to 2018 levels,” FINRA noted.
Overall, the study indicates a “modest trend toward more cautious attitudes and behaviors” compared with the 2021 survey.
