Summary:
63% of Americans lack confidence in cryptocurrency's reliability and safety.
Older adults show greater skepticism, with 71% expressing doubts.
Only 17% of U.S. adults have used cryptocurrency, unchanged since 2021.
Among past users, 61% still own cryptocurrency, a decline from 69% in 2023.
38% of users feel their cryptocurrency investments performed worse than expected.
Cryptocurrency Market Challenges
Cryptocurrency markets continue to face significant challenges. The value of cryptocurrencies has dropped, lawsuits are mounting, and Congress is mulling regulations. Despite these issues, skepticism about cryptocurrency remains prevalent among Americans, with little growth in the number of users over the past few years.
Pew Research Center Survey Findings
According to a Pew Research Center survey conducted from February 7-11, 2024, 63% of Americans express little to no confidence in the reliability and safety of cryptocurrencies. This includes:
- 30% who are not at all confident
- 33% who are not very confident
- Only 5% of adults are extremely or very confident, while 18% are somewhat confident.
Confidence Levels by Age and Investment Experience
Older adults (ages 50 and above) are more skeptical than younger adults, with 71% expressing doubts compared to 55% of younger adults. Among those who are familiar with cryptocurrency but have not invested, 82% lack confidence, while only 39% of investors feel the same way. Interestingly, 19% of cryptocurrency investors are extremely or very confident.
Who Uses Cryptocurrency?
Overall, only 17% of U.S. adults claim to have ever invested in, traded, or used cryptocurrency, a figure that has remained unchanged since 2021.
Demographics of Cryptocurrency Users
- 42% of men ages 18 to 29 have engaged with cryptocurrency, compared to 17% of women in the same age group.
- 28% of Asian adults have used cryptocurrency, while about 20% of Black and Hispanic adults report the same, and only 14% of White adults.
- 23% of upper-income households have used cryptocurrency, compared to 18% of middle-income and 14% of lower-income households.
Decline in Cryptocurrency Ownership
Among previous users, 61% still hold cryptocurrency, down from 69% in 2023. Notably, 51% of lower-income users report no longer possessing cryptocurrency, a significant increase from previous years.
Financial Impact of Cryptocurrency Investments
When reflecting on their investments, 38% of users say their investments performed worse than expected, while 37% felt they performed as expected. In contrast, only 20% reported better-than-expected results.
Timing of Cryptocurrency Adoption
Survey data shows 74% of users first engaged with cryptocurrency within the last five years, with 16% using it for the first time in the past year.
This survey reveals a deep-seated skepticism among Americans regarding cryptocurrency, highlighting the need for better education and trust in the digital asset space.
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