Nearly 70 percent of Americans surveyed felt “‘uncertainty’ summed up their emotions regarding cryptocurrencies,” according to results published under the title, “How Do Americans Feel About Cryptocurrency?” Research was carried out by Clovr of more than 1,000 Americans. The point was “to understand their feelings about cryptocurrencies and to break down whether excitement (or fear) is the overwhelming emotion toward virtual money.” Using Amazon’s Mechanical Turk platform, respondents ranged between the ages of 18 and 80, with the average age about 36 years old.
How Do Americans Feel About Cryptocurrency?
Survey results recently published point to roughly nine out of every ten Americans at least having a passing knowledge of cryptocurrency. Of that more than 90 percent, over “75 percent of Americans feel they know what cryptocurrency is,” while “over 20 percent of the remainder believes they ‘sort of’ know what’s going on,” researchers explained. Still, four in ten would not like to be the one to explain just what crypto is to a novice.
“Almost 70 percent of respondents felt ‘uncertainty’ summed up their emotions regarding cryptocurrencies,” Clovr noted. Of course, it would depend upon the reader, but there might be some hope for the bullish among enthusiasts, as the extended bear market, going on nearly a year, has not entirely soured potential participants.
Millennial Urban Males Making More Than $75,000 Are Most Likely to Have Invested in Crypto
Unsurprising findings include how dreams “of riding the bitcoin wave or possibly getting in on the ground floor of an alternative like Litecoin or Ripple could most certainly pay massive returns … if they take off” topped the reasons why most would wish to be involved with cryptocurrency. And, of course, crypto’s perceived risk remains the biggest barrier to more adoption, the survey concluded.
Four of ten answered they were more likely to have dabbled in digital assets should people they know “were doing it,” which could very well be just another way to phrase what enthusiasts have long termed FOMO, fear of missing out. Indeed, nearly as many responded that was the case (35 percent). Clovr also found more than a third of Americans are already investing in cryptocurrency. Bitcoiners and veterans in the space will attest to crypto investors as coming from a broad range of backgrounds. However, the survey found some definite patterns such as how men “are almost twice as likely as women – 43 percent to 23 percent – to have invested in cryptocurrency.”
Close to half of decentralized money investors make $75,000 to $99,999 annually, while half that number earning under $25,000 bothered. Millennials “were almost twice as likely as any other generation to be crypto-investors,” the survey detailed. Double the number of urbanites were interested in crypto compared to rural counterparts.
Researchers conclude, “Americans appear to be divided in opinion over cryptocurrency and its role moving forward. It’s also apparent that while many think they know what it is, when asked whether explaining it to others was feasible, fewer believed they could do so, indicating a superficial understanding.” For businesses and marketers looking forward, such insights and demographics could very well help form a variety of strategies. Surely firms could decide to double down on the kind of folks already inclined toward the space. Perhaps, too, a business could just as likely view those wary or currently uninterested as puzzles potentially containing gold mines.
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Images courtesy of Shutterstock, Clovr.
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