Americans Remain Skeptical of Cryptocurrency, Pew Research Center Survey Reveals
The cryptocurrency market faces ongoing challenges, with declining values, legal battles, and regulatory scrutiny from Congress. A recent survey by the Pew Research Center indicates that despite these issues, Americans’ skepticism towards cryptocurrency persists, and adoption rates have not increased in the past three years.
According to the survey, conducted from February 7-11, 2024, concerns about the safety and reliability of cryptocurrency investments are widespread. Approximately six in ten Americans (63%) express little to no confidence in the current methods for investing in, trading, or utilizing cryptocurrencies. This figure includes 30% who report no confidence at all and another 33% who are not very confident. Only a small percentage, 5%, are extremely or very confident in cryptocurrencies, while 18% are somewhat confident. These findings are consistent with a similar study conducted by the Center in March 2023.
Cryptocurrency Use and Demographics
The study reveals that 17% of U.S. adults have ever invested in, traded, or used cryptocurrency, a figure that has remained statistically unchanged since 2021. Usage patterns differ across demographic groups:
- Age and Gender: Men under 50 are more likely to have used cryptocurrency than older men and women of any age. For instance, 42% of men aged 18 to 29 have used cryptocurrency, compared to 17% of women in the same age group, and 36% of men aged 30 to 49 have used cryptocurrency, compared to 15% of women in the same age group.
- Race and Ethnicity: Among racial and ethnic groups, 28% of Asian adults have used cryptocurrency, followed by approximately one in five Black and Hispanic adults. White adults (14%) are the least likely to report having used crypto.
- Income: Cryptocurrency usage increases with income levels, with 23% of upper-income households having used it, compared to 18% of middle-income and 14% of lower-income households.
- Political Affiliation: Usage of cryptocurrency is statistically equal among Republicans and Democrats, both at around 18% and 17% respectively.
Cryptocurrency Holdings and Financial Impact
Among those who have previously used cryptocurrency, a majority (61%) still hold it, although this is a decrease from 69% in 2023. The number of individuals no longer holding cryptocurrency has increased from 31% in 2023 to 39% currently.
Regarding the financial impact of cryptocurrency investments, the largest proportion of users (38%) reported worse-than-expected returns, with 37% reporting results in line with expectations. A smaller percentage (20%) experienced better-than-expected returns, and 4% were unsure.
In 2023, roughly three-quarters of Americans (74%) who reported using cryptocurrency did so for the first time within one to five years of the survey. Black users (27%) were more likely than White users (12%) to have started using cryptocurrency within the past year. Additionally, users from lower-income households were more likely to have started investing in the previous year.
The Pew Research Center conducted this analysis to understand Americans’ views of and personal experiences with cryptocurrency. The survey included 10,133 adults and was weighted to represent the U.S. adult population by factors such as gender, race, education and political affiliation. The findings offer insights into the evolving perspectives on and usage patterns associated with cryptocurrency investment within the United States.
