Cryptocurrency markets are taking hits from all sides – from declines in worth to a number of company bankruptcies to lawsuits and regulatory threats. Among the many overwhelming majority of Individuals who say they’ve heard not less than somewhat about cryptocurrency (88%), three-quarters say they don’t seem to be assured that present methods to put money into, commerce or use cryptocurrencies are dependable and secure, based on a Pew Analysis Middle survey performed March 13-19. This comes out to about two-thirds of all U.S. adults.
Roughly four-in-ten adults who’ve heard about cryptocurrency (39%) say they don’t seem to be in any respect assured and an extra 36% should not very assured within the reliability and security of cryptocurrencies. On the opposite finish of the spectrum, few of those adults are extraordinarily (2%) or very (4%) assured in cryptocurrencies. About one-in-five (18%) say they’re considerably assured.
Whereas concern about cryptocurrency is broad, some teams of Individuals are extra involved than others. As an illustration, adults ages 50 and older who’ve heard about cryptocurrency are extra probably than their youthful counterparts to say they don’t seem to be assured in its reliability and security (85% vs. 66%).
Pew Analysis Middle performed this research to look at Individuals’ views of and private experiences with cryptocurrency. This survey was performed amongst 10,701 U.S. adults from March 13-19, 2023. Everybody who took half is a member of Pew Analysis Middle’s American Tendencies Panel (ATP), a web-based survey panel that’s recruited by means of nationwide, random sampling of residential addresses. This fashion, practically all U.S. adults have an opportunity of choice. The survey is weighted to be consultant of the U.S. grownup inhabitants by gender, race, ethnicity, partisan affiliation, training and different classes. Learn extra in regards to the ATP’s methodology. Listed below are the questions used for this analysis, together with responses, and its methodology.
This survey features a complete pattern measurement of 375 Asian adults. The pattern primarily contains English-speaking Asian Individuals and due to this fact might not be consultant of the general Asian grownup inhabitants. Regardless of this limitation, Asian adults’ responses are integrated into the final inhabitants figures all through this report.
Girls are additionally barely extra skeptical of investing in, buying and selling or utilizing cryptocurrencies. Amongst Individuals who’ve heard about cryptocurrency, 80% of ladies say they don’t seem to be assured in it, in contrast with 71% of males.
Attitudes additionally differ primarily based on whether or not somebody has invested in cryptocurrency. Whereas one-in-five cryptocurrency customers say they’re extraordinarily or very assured that it’s secure and dependable, that share drops to 2% amongst those that are acquainted with cryptocurrency however haven’t invested. Nonetheless, many who have invested in cryptocurrency even have issues about its safety: 43% of this group say they don’t seem to be very or in no way assured in it.
Who makes use of cryptocurrency within the U.S.?
Total, 17% of U.S. adults say they’ve ever invested in, traded or used a cryptocurrency. This share is generally unchanged from earlier Middle surveys performed in 2021 and 2022.
As was true in previous surveys, youthful males are extra probably to make use of cryptocurrency in contrast with males 50 and older and ladies of any age. For instance, 41% of males ages 18 to 29 say they’ve ever invested in, traded or used cryptocurrency, in contrast with 16% of ladies in the identical age vary.
Cryptocurrency use additionally differs by race, ethnicity and earnings degree. Some 24% of Asian adults and 21% of Black or Hispanic adults say they’ve ever invested in or used a cryptocurrency, in contrast with 14% of White adults.
About one-in-five adults with higher (22%) or center (19%) incomes have ever invested in, traded or used cryptocurrency, in contrast with 13% of these with decrease incomes.
Few cryptocurrency customers first used it inside the previous 12 months
The survey additionally requested Individuals after they first used cryptocurrency. Roughly three-quarters of those that have ever invested in, traded or used cryptocurrency (74%) say they did so for the primary time one to 5 years in the past. A lot smaller shares say they first did this inside the previous 12 months (16%) or greater than 5 years in the past (10%).
There are variations by race, ethnicity and family earnings amongst newer cryptocurrency buyers. Black customers (27%) are extra probably than White customers (12%) to say they first used cryptocurrency inside the previous 12 months. Roughly two-in-ten Hispanic customers (21%) say the identical. (There weren’t sufficient Asian American cryptocurrency customers to be damaged out right into a separate analysis.) And about three-in-ten customers from lower-income households report first investing in cryptocurrency inside the previous 12 months, in contrast with about one-in-ten adults from middle- or upper-income households.
Some previous cryptocurrency customers not have it at this time
Roughly three-in-ten adults (31%) who’ve ever invested in, traded or used cryptocurrency say they presently do not need any cryptocurrency. Nonetheless, a majority (69%) say they do presently have cryptocurrency.
Those that dwell in lower-income households (43%) are extra probably than these in middle- (30%) or upper-income (21%) households to have given up cryptocurrency. And girls who’ve ever used cryptocurrency are extra probably than males on this identical group to say they presently do not need any of the forex (37% vs. 29%).
Roughly one-in-five cryptocurrency customers say the investments have harm their private funds not less than somewhat
A plurality of cryptocurrency customers (45%) report that their investments have carried out worse than they anticipated, a outcome that’s statistically unchanged since July 2022, when the Middle final requested about this. As compared, 15% say their investments have accomplished higher than anticipated, 32% say they’ve accomplished about the identical as anticipated and seven% are uncertain.
Nonetheless, in terms of the influence these investments have had on customers’ private funds, three-in-five customers (60%) say that they’ve neither helped nor harm. Roughly equal shares say that these investments have helped (20%) or harm (19%) their funds. Simply 7% say that cryptocurrency has helped their funds loads and three% say that it has harm loads.
Faculty graduates (25%) and people with some school expertise (20%) are extra probably than these with a highschool training or much less (10%) to say that their cryptocurrency investments harm their private funds.
Notice: Listed below are the questions used for this analysis, together with responses, and its methodology.