Several opinion polls and surveys have shown that older Americans remain bullish on cryptocurrencies, and many plan to use their investment for retirement. They are however cautioned that crypto is prohibitively volatile for retirement purposes.

A joint conclusion of investors and asset managers at a summit hosted by Reuters is that if a person is not a sophisticated investor or is willing to accept large losses, it is better to stay out of the way.

A survey conducted by crypto exchange KuCoin found that 27% of Americans aged 18 to 60, or about 50 million people, have owned or traded crypto in the past six months.

The survey also showed that older Americans are more devoted to the young asset class than the general population, with 28% of over-50s relying on crypto as part of their early retirement plans.

Another survey of 11,000 adults conducted by the Fed found that 12% of Americans dabbled in cryptocurrencies as an investment in 2021. Moreover, the survey found that nearly half of those who consider cryptocurrencies an investment have an annual income of $100,000 or more, while nearly a third have an income of less than $50,000.