Most Americans Know About It, But Few Trust It – Survey
Crypto may have captured the attention of nearly 90% of American adults, but the majority are still skeptical about its reliability and security, according to a recent Pew Research Center survey.
The findingspublished on Monday, reveals a growing concern among the general public regarding ways to invest, trade or use digital currencies, raising questions about the future of this nascent industry.
As the popularity of Bitcoin continues to rise, can it overcome its trust deficit and prove its worth as a viable investment option?
Pew Research Survey: Majority of US Adults Lack Confidence in Crypto
Crypto has captured the attention of the vast majority of American adults, but confidence in its security and reliability remains low, according to a recent report from the Pew Research Center. The survey, published on April 10, revealed that 88% of respondents have heard of cryptocurrencies, with 75% expressing little or no confidence in its security.
Despite concerns over the potential risks, the survey found a slight increase in the percentage of people involved in the digital currency space. About 17% of US adults reported investing in, trading or using a cryptocurrency, up from 16% in an August 2022 survey.
The demographic most likely to engage in these asset types was men aged 18 to 29, with 41% reporting that they have invested in such assets.
However, those who have invested in Bitcoin have experienced varying degrees of satisfaction. Almost half of respondents reported that their investments have performed worse than expected, with only 15% saying they have been pleasantly surprised. Around a third of respondents said crypto has performed at the level they expected when they first invested.
The survey, conducted last month, collected responses from approximately 10,700 US adults.
Image: Latana
Factors behind low trust in cryptocurrencies
Crypto has been around for over a decade now, but confidence in this nascent industry remains low among the general public. The reasons for this are multifaceted and complex, but some common themes emerge.
An important factor is the perception of crypto as a mysterious and opaque world, where transactions take place behind closed doors and without supervision. The lack of transparency and regulation in the crypto space can make it difficult for people to trust that their investments are safe and secure.
Another problem is the prevalence of hacks and scams. Although security measures have improved over the years, there have been many high-profile incidents where exchanges have been hacked and users have lost their money.
BTC total market cap up a few digits at $581 billion on the weekend chart at TradingView.com
In February, JPMorgan Chase & Co. one examination reveals that 72% of institutional traders had no intention of trading digital currencies in 2023, while 14% planned to do so in the next five years. The results of this survey are similar to the recent findings of the Pew Research Center on crypto.
The parallel sentiments expressed in both surveys cast doubt on the widespread use of crypto as a mainstream investment asset and suggest that further work needs to be done to address the concerns of investors and traders.
– Featured image from TechSpot
