Most Americans remain wary of cryptocurrencies due to safety concerns

A caller survey by Pew Research revealed that the bulk of Americans who cognize astir cryptocurrencies see the existent methods to put and interact with them “unsafe and unreliable.”

Cryptocurrencies stay an obscure niche for astir Americans and caller events look to person sowed much distrust toward the manufacture among the mean person.

Survey results

Only 17% of American adults said they person invested successful oregon utilized cryptocurrencies, compared to 16% successful August 2022.

The survey was conducted with 10,701 participants successful March and revealed that 88% of U.S. adults person heard of cryptocurrencies. However, astir 75% of them see crypto investing and trading unsafe.

Meanwhile, lone 2% of American adults are highly assured successful cryptocurrencies and lone 4% are precise confident. Adults somewhat assured successful cryptocurrencies made up 18% of the illustration size.

Age, Gender & Race

The survey noted that property groups were a important origin successful the answers gathered, with those aged supra 50 much apt to beryllium skeptical of cryptocurrencies.

Based connected the data, 85% of the radical supra 50 years of property considered crypto unreliable, compared to 66% of those nether 50.

According to the survey, young men are the predominant crypto idiosyncratic successful America, with 41% of men aged betwixt 18 to 29 having invested, traded, oregon utilized cryptocurrencies. Comparatively, lone 16% of women successful the aforesaid property radical answered similarly.

Overall, women are much skeptical of investing and trading successful cryptocurrencies than men — 80% of women were not assured successful crypto, compared to 71% of men.

Furthermore, contention besides showed disparities successful cognition toward crypto, with Asian, African American and Hispanic adults much apt to get progressive successful crypto than White adults.

Based connected the data, 24% of Asian adults person bought, traded, oregon utilized crypto, compared to 21% of African American and Hispanic adults and 14% of  White adults.

Income and Impact

According to the survey, radical from precocious and middle-income groups were much apt to put successful cryptocurrencies than lower-income groups.

Roughly 1 successful 5 precocious and middle-income radical adults had bought oregon traded cryptocurrencies— 21% and 19% — compared to 10% oregon astir 1 successful 10 from lower-income groups.

The immense bulk of American adults — 69% — who bought cryptocurrency inactive clasp some, portion 31% nary longer clasp immoderate integer assets.

Those from lower-income households are much apt to merchantability their holdings during times of stress, with 43% of specified respondents nary longer holding immoderate crypto.

Almost fractional of the respondents — 45% — said their crypto investments person performed worse than expected, portion lone 15% said they performed amended than expected.

However, for the bulk of investors — 60% — crypto investments did not impact their idiosyncratic finances negatively. Meanwhile, astir 20% said the investments helped their idiosyncratic finances, portion 19% said they experienced a antagonistic impact.

The station Most Americans stay wary of cryptocurrencies owed to information concerns appeared archetypal connected CryptoSlate.