Most Americans Know About It, But Few Trust It — Survey
Cryptocurrency may have attracted the attention of nearly 90% of American adults, but most remain skeptical of its reliability and security, according to a recent survey by the Pew Research Center.
O findingspublished on Monday, reveals a growing concern among the general public regarding ways to invest, trade or use digital currencies and raises questions about the future of this nascent industry.
As Bitcoin’s popularity continues to rise, can it overcome the trust deficit and prove its worth as a viable investment option?
Pew Research Survey: Most US Adults Don’t Trust Cryptocurrencies
Cryptocurrency has captured the attention of the vast majority of US adults, but confidence in its safety and reliability remains low, according to a recent report by the Pew Research Center. The survey, published on April 10, revealed that 88% of respondents had heard of cryptocurrencies, with 75% expressing little or no confidence in their safety.
Despite concerns about potential risks, the survey found a slight increase in the percentage of people involved in the digital currency space. About 17% of US adults reported that they have invested, traded or used a cryptocurrency, up from 16% in an August 2022 survey.
The demographic most likely to be involved with these types of assets is men aged 18-29, with 41% reporting that they have invested in such assets.
However, those who invested in Bitcoin experienced varying levels of satisfaction. Nearly half of respondents reported that their investments performed worse than expected, with just 15% saying they were pleasantly surprised. Around a third of respondents said the crypto performed at the level expected when initially investing.
The survey, carried out last month, gathered answers from approximately 10,700 American adults.
Image: Latana
Factors behind low confidence in cryptocurrencies
Cryptocurrency has been around for over a decade, yet trust in this nascent industry remains low among the general public. The reasons for this are multifaceted and complex, but some common themes emerge.
An important factor is the perception of cryptocurrency as a mysterious and opaque world where transactions take place behind closed doors and without supervision. The lack of transparency and regulation in the crypto space can make it difficult for people to have confidence in the security of their investments.
Another issue is the prevalence of hacks and scams. While security measures have improved over the years, there have been several high-profile incidents of hackers and users losing their funds.
BTC total market cap up a few digits at $581 billion on the weekend chart at TradingView.com
In February, JPMorgan Chase & Co. published a survey revealing that 72% of institutional traders had no intention of trading digital currencies in 2023, while 14% planned to do so within the next five years. The results of this survey are similar to recent Pew Research Center findings on cryptocurrencies.
The parallel sentiments expressed in both surveys raise questions about the widespread adoption of cryptocurrencies as a mainstream investment asset and suggest that more work needs to be done to address investor and trader concerns.
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