It’s hard to tell exactly how much money people have in their pockets right now, but a new survey suggests it’s hard for most people to understand how much they have, especially when it comes to buying cryptocurrencies.
The report, released by UBS Wealth Management, is based on a survey of 5,500 people in the U.S. over the past two years, as well as a sample of over 400 people who own bitcoin and cryptocurrency related assets.
The results suggest that most people aren’t really sure how much their bitcoin is worth, and are also reluctant to invest their money in the virtual currency.
UBS’s new survey found that in the past year, only 26 percent of respondents had invested in bitcoin, while nearly half of the participants said they have invested less than $100.
The other half of respondents said they’ve invested between $100 and $1,000.
In comparison, nearly a quarter of respondents reported investing in bitcoin between $500 and $10,000, with only 18 percent reporting investments between $1 million and $5 million.
“A lot of people think that they can invest $10 million in bitcoin right now and it’ll grow into $100 million in six months, or maybe $100 billion in one year,” said UBS chief economist Michael Chilcott.
“People are confused about how much it’s worth and what it’s supposed to do for them.”
While the survey revealed that people are mostly confused about what they’re buying, it also suggested that bitcoin may have some useful applications for people who have limited budgets.
“Bitcoin can be a great way to build a wealth of information about assets, as people who want to invest in more cryptocurrencies would find that it’s much easier to do this with real-world data,” said Chilcorn.
“There are many different types of assets available, but for most individuals, Bitcoin is a great place to start.”
The survey was conducted in April of 2017.
The majority of respondents, however, said that they were more comfortable with investing in other cryptocurrencies, such as ether, litecoin and Dogecoin.
“When we asked people about the types of currencies they currently own, we saw a strong preference for ether,” said Matt McComas, head of UBS Asset Management’s cryptocurrency portfolio.
“The market is extremely volatile, and the value of ether is extremely low right now.
People are trying to build up portfolios of assets, so it would be nice if more people could diversify their portfolios, and it would also help people to know how much is available.”
The UBS report found that the majority of people who said they currently owned bitcoin, ether and other cryptocurrencies had invested between 50 and $100, while the majority invested between 500 and $2,000 and less than half invested less.
The U.K. is one of the largest bitcoin markets, with over $7.6 billion in assets and more than a quarter have purchased bitcoin since the start of 2017, according to CoinDesk.
However, the majority have invested in cryptocurrency-related assets.
“In general, people are more concerned about the price of bitcoin and ether compared to other assets,” said McComas.
“It’s easier to understand what bitcoin is doing with other currencies, but that doesn’t necessarily mean they should buy other assets, and they should be more careful with other cryptocurrencies.”
UBS said it hopes the results of the UBS survey will help improve the public’s understanding of cryptocurrencies, which has been heavily affected by a lack of transparency and lack of clarity from regulators and regulators around the world.