Only 17% of U.S. adults say they have invested in or used cryptocurrencies, compared to 16% in August 2022.
A new survey from the Pew Research Center shows that most Americans who are aware of cryptocurrencies believe that current methods of investing and interacting with them are “unsafe and unreliable.”
Cryptocurrency remains a little-known niche for most Americans, and recent events appear to have sowed more distrust in the industry among the average person.
Survey Results
Only 17% of U.S. adults say they have invested in or used cryptocurrencies, compared to 16% in August 2022.
The survey, conducted in March among 10,701 participants, showed that 88% of U.S. adults have heard of cryptocurrencies. However, about 75% believe that cryptocurrency investments and transactions are unsafe.
Meanwhile, only 2% of U.S. adults are very confident in cryptocurrencies, and just 4% are extremely confident. Adults who are somewhat confident in cryptocurrencies make up 18% of the sample.
Age, gender, and race
The survey noted that age group was an important factor in gathering answers, with those over 50 being more likely to be skeptical of cryptocurrencies.
According to the data, 85% of people over 50 believe that cryptocurrencies are unreliable, while 66% of people under 50 believe that cryptocurrencies are unreliable.
The survey showed that young men are the main cryptocurrency users in the United States, with 41% of men between the ages of 18 and 29 having invested, traded or used cryptocurrencies. In contrast, only 16% of women in the same age group gave a similar answer.
Overall, women are more skeptical than men about investing and trading in cryptocurrencies, with 80% of women having no confidence in cryptocurrencies, compared to 71% of men.
Additionally, racial differences in attitudes toward cryptocurrencies are evident, with Asian, African American, and Hispanic adults more likely to participate in cryptocurrencies than white adults.
According to the data, 24% of Asian adults have purchased, traded or used cryptocurrencies, compared to 21% of African American and Hispanic adults and 14% of white adults.
Revenue and Impact
According to the survey, middle- and high-income people are more likely to invest in cryptocurrencies than low-income people.
About one in five adults in the high-income and middle-income groups have bought or traded cryptocurrencies, at 21% and 19% respectively, compared to 10% of low-income groups, or about one in 10.
The vast majority of U.S. adults who have purchased cryptocurrency (69%) still hold some, while 31% no longer hold any digital assets.
People from lower-income households are more likely to sell their holdings during times of stress, with 43% of respondents no longer holding any cryptocurrencies.
Almost half of respondents (45%) said their crypto investments were performing worse than expected, while only 15% said they were performing better than expected.
However, for the majority of investors (60%), cryptocurrency investments have not had a negative impact on their personal finances. Meanwhile, about 20% said these investments have helped their personal finances, while 19% said they have been negatively affected.