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Investment apps are giving people more ways than ever before to buy and sell cryptocurrency.
Traders in the past were limited to crypto exchanges, like Gemini and BiNance, which feature complex registration and transaction processes that can be intimidating to newcomers.
Apps such as Robinhood, SoFi, Webull, Public and others have simplified the process for retail consumers. These apps act as crypto brokers, placing digital coin orders directly with exchanges on the user’s behalf.
Now, investors can dabble in crypto in the same app they use to buy more traditional assets like stocks and ETFs.
Investment App Users Eye Crypto’s Big Paydays
Volatility is a trademark of cryptocurrency. Yet a majority of investment app users accept those roller-coaster price fluctuations in exchange for high potential payoffs.
The Penny Hoarder polled nearly 2,000 investment app users in December 2021, and over half of respondents (51%) view cryptocurrency as a high risk, high reward investment. On the flip side, nearly 30% of survey respondents considered cryptocurrency a low-risk investment.
Those perceptions — coupled with investors’ real money — have been on a wild ride.
Bitcoin — the long-time crypto heavyweight — increased 63% in 2021 alone, driving the entire crypto market to a combined $2 trillion in value.
Ethereum also experienced eye-popping growth in 2021, rising in value by more than 400%.
While Ethereum nearly doubled in price from February 2021 to February 2022, the currency experienced massive booms and busts along the way:
- February 2, 2021: $1,513
- May 14, 2021: $4,080
- July 20, 2021: $1,786
- Nov. 8, 2021: $4,811
- Feb. 1, 2022: $2,789
In early 2022, the global crypto market plummeted, erasing more than $1 trillion…
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