Most Americans still skeptical of crypto, says survey

While cryptocurrency valuations have gotten a boost since Donald Trump's second presidential victory, that doesn't mean Americans are necessarily confident in adopting digital assets anytime soon.

A recent survey report from the Pew Research Center points to continued skepticism about cryptocurrencies among US adults, with the proportion of users not seeing significant growth over the past three years.

According to the report, which draws from polling conducted in February, 63 percent of adults express little to no confidence in the safety and reliability of investing, trading, or using digital currencies.

Among respondents, only 5 percent reported feeling extremely or very confident in cryptocurrency, while 18 percent said they were somewhat confident. These results align closely with Pew’s findings from March 2023.

"Some groups of Americans are more concerned than others about cryptocurrency," Pew noted in its report. According to the survey, 71 percent of those aged 50 and above said they were not very or not at all confident in its reliability, compared to 55 percent of adults under 50.

Previous exposure to cryptocurrency also plays a role in shaping attitudes. Among those familiar with digital currencies but who have not invested, 82 percent lack confidence in them. In contrast, 39 percent of individuals who have invested share similar doubts, while 19 percent of investors are extremely or very confident.

Seventeen percent of US adults reported having ever used, traded, or invested in cryptocurrency – a figure that has remained stable since 2021. However, usage rates vary significantly across demographic groups. Among men aged 18 to 29, 42 percent said they had used cryptocurrency, compared to just 17 percent of women in the same age range.

Cryptocurrency use also differs by income level. Twenty-three percent of adults in higher-income households said they had used digital currencies, compared to 14 percent in lower-income households. Racial disparities are also notable, with Asian adults reporting the highest usage rates (28 percent), while white adults reported the lowest (14 percent).

Despite the hype surrounding cryptocurrency, most investors report modest financial outcomes. According to the survey, 38 percent said their investments performed worse than expected, while 37 percent said they performed as expected. Only 20 percent reported better-than-anticipated results.

That could have changed since then, however, as President-elect Trump's victory has fueled fresh optimism in crypto markets. Bitcoin, the poster child for digital assets, recently shattered the $90,000 barrier, and there's now a serious question of whether it'll break past $100,000 in the near term.