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A new survey by Pew Research reveals that the majority of Americans who know about cryptocurrencies consider current methods of investing and interacting with cryptocurrencies to be “unsafe and untrustworthy.” .
Cryptocurrency remains an obscure niche for most Americans, and recent events seem to have increased the average person’s mistrust of the industry.
Investigation result
Only 17% of American adults have ever invested in or used cryptocurrencies, compared to 16% in August 2022.
The survey, conducted in March with 10,701 participants, revealed that 88% of US adults have heard of cryptocurrencies. However, about 75% of them believe that investing and trading in cryptocurrencies is unsafe.
Meanwhile, only 2% of American adults are very confident about cryptocurrencies, and only 4% are very confident. Adults with some confidence in cryptocurrencies made up 18% of her sample size.
age, gender, race
The study noted that age group was a key factor in the responses collected, with people over the age of 50 likely to be skeptical of cryptocurrencies.
Based on the data, 85% of people over 50 thought cryptocurrencies were untrustworthy, compared to 66% of those under 50.
Research shows that young men are the primary cryptocurrency users in the United States, with 41% of men between the ages of 18 and 29 having invested, traded or used cryptocurrencies. By comparison, only 16% of women in the same age group responded similarly.
Overall, women are more skeptical about investing in and trading cryptocurrencies than men — 80% of women were unsure about cryptocurrencies compared to 71% of men.
Additionally, race also shows disparities in attitudes toward cryptocurrencies, with Asian, African American, and Hispanic adults more likely than white adults to engage with cryptocurrencies.
Based on the data, 24% of Asian adults have purchased, traded, or used cryptocurrencies compared to 21% of African American and Hispanic adults and 14% of Caucasian adults.
income and impact
Research shows that people in high- and middle-income groups are more likely to invest in cryptocurrencies than low-income groups.
About 1 in 5 (21% and 19%) of high and middle income adults have bought or traded cryptocurrencies, compared to 10% of low income adults, about 10 1 person in
The majority (69%) of American adults who have purchased cryptocurrencies still hold some, but 31% no longer own digital assets.
People from low-income households are more likely to sell their holdings in times of stress, and 43% of those respondents no longer hold cryptocurrencies.
Nearly half (45%) of respondents said their cryptocurrency investments performed worse than expected, while only 15% said they performed better than expected.
However, for the majority of investors (60%), investing in cryptocurrencies did not negatively affect their personal finances. Meanwhile, about 20% said the investment helped their personal finances, and 19% said they experienced a negative impact.
