Opinion By  Anton Kryshtal
Newbie 429 2 Jun 2023

Americans' Mixed Views on Cryptocurrency

By  Anton Kryshtal 429 2 Jun 2023
Photo - Americans' Mixed Views on Cryptocurrency

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.

General perception

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.

No gains?

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.