Americans' Mixed Views on Cryptocurrency
By Anton Kryshtal 429 2 Jun 2023
The Pew Research Center conducted a survey among 10,700 Americans to understand public opinion on cryptocurrency. Interestingly, while a majority (88%) have heard about digital assets, only a small 4% feel confident in their reliability.
The instability of prices, relentless regulatory pressure, and a news narrative that focuses on the criminalization or insolvency of cryptocurrency significantly influence American attitudes. This state of affairs breeds distrust in 75% of the surveyed population. Unless the political landscape changes, the number of proactive advocates is unlikely to rise.
Upon a closer look, age and gender have a significant bearing: 85% of older respondents express doubts about cryptocurrency, while only 66% of the younger ones do so. Moreover, skepticism is more common among women than men (80% against 71%).
But what about investment?
Actual experience with cryptocurrency ownership can dramatically shift a person's perspective. The survey reveals that those who have previously purchased crypto are ten times more likely to trust digital assets. Yet, 43% of potential investors remain uncertain about the reliability of cryptocurrencies.
Simultaneously, young men (under 29 years) are more engaged with cryptocurrency than women of the same age group: 41% against 16%. Considering the influence of income on investing, we observe that those with lower incomes are less likely to engage (13%) compared to those with higher incomes (22%).
Notably, the overall user base is quite small (17%), suggesting a vast untapped potential. Regrettably, this percentage hasn't changed much over the past year, as a large proportion of Americans (80%) invested over a year ago. While asset holding can impact one's financial state, 69% continue to retain their cryptocurrency, while 31% have entirely discarded it.
Roughly one in five Americans claim that cryptocurrency has adversely affected their financial situation, while the same proportion report an increase in wealth. The rest, 60%, note no significant financial impact from cryptocurrency, essentially breaking even. Consequently, a large group (45%) express dissatisfaction with their investments, stating that the returns fell short of their expectations. Meanwhile, 32% acknowledge that the outcome met their initial projections. Interestingly, individuals with higher education more frequently report (25%) a negative financial influence from digital assets.