Nearly 90% Of Americans Know Crypto But Still Don’t Believe It Completely

Key Points:

• According to the Pew Research Center, 75% of Americans who have heard of cryptocurrencies have little or no faith in their safety and dependability.
• The study included various questions on bitcoin attitude in the United States across age, racial, and gender demographics.
• Women and those over the age of 50 had the worst attitude, with just 10% and 8% of each category having acquired at least some crypto, respectively.

According to a Pew Research Center study released Monday, almost 90% of Americans have heard of cryptocurrencies, but most aren’t satisfied that existing means to invest in, trade in, or utilize them are dependable and secure.

The research contains few surprises in terms of the country’s acceptance and trust in the developing cryptocurrency company.

The poll was conducted between March 13 and 19, around the time when Silvergate Capital and Signature Bank, both crypto-friendly institutions, went bankrupt or were being sued. It was also at this period when Bitcoin values skyrocketed.

The poll included multiple questions on cryptocurrency attitude in the United States across age, racial, and gender demographics, and answers were collected from 10,071 research participants.

Probably the most important conclusion is that 75% of U.S. adults who have heard of crypto have little or no faith in its safety and dependability.

Nevertheless, that number may not accurately reflect the mindset of the ordinary cryptocurrency investor since adoption rates vary greatly by age and gender, with males aged 18 to 50 accounting for the majority of crypto market activity in the United States.

Few respondents in the Pew Research study stated they were highly (2%) or very confident (4%) in cryptocurrencies. Elderly Americans, aged 50 and more, who knew about cryptocurrency, were more likely than younger ones to express doubts about its dependability and safety. Gender differences also appeared, with 41% of males aged 18 to 29 claiming they had invested, traded, or utilized cryptocurrencies, compared to 16% of women in the same age range.

Overall, 17% of US people stated they had previously invested in, traded, or utilized cryptocurrency, which was largely consistent from prior Pew Research studies done in 2021 and 2022.

Crypto has had a hard few months, with various company failures such as the FTX crypto exchange, litigation against crypto heavyweights such as Binance, and regular regulatory threats from the US Securities and Exchange Commission.

Yet, we have seen a new Bitcoin high in 2023. This illustrates the market’s optimism, despite the present financial uncertainties.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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