As Crypto Plummets, Here’s What Americans Think About The Future Of Cryptocurrencies
The Wealth Gang team writes about financial information, passive income ideas, apps, programs, cash management tools and other wealth gadgets that we think you might want to use or learn more about. Sometimes, we write about products, services or items that might be associated with affiliate partnerships. In these instances, we will earn a small percentage of the revenue from sales. There is, of course, no cost to you.
Thank you for all your support! Without you, we could not keep this site running. Gang Gang!
The last 48 hours have been a rough ride for the entire cryptocurrency market. At time of publish, Bitcoin is down about 35% over the last two weeks. So much for the roaring 20s that we were promised, huh?
A dip of that magnitude is painful for an investor to see. Especially if they just decided to invest when the market was at all time highs. But does the mean the end for crypto? Hardly.
Recently, The Harris Poll fielded a new national survey on CouponCabin’s behalf to examine America’s understanding, familiarity and thoughts on the future of cryptocurrencies. The poll also touches on Americas’s familiarity with specific digital currencies including Bitcoin, Ethereum, Dogecoin, Litecoin and more. You can find the highlights of the survey below.
What Americans Think About The Future Of Cryptocurrencies
Nearly 9 in 10 Americans (89%) have at least heard of cryptocurrencies.
Fourteen-percent of Americans who have heard of cryptocurrencies say they’re not familiar with Bitcoin, Ethereum, Dogecoin, and others.
Around 7 in 10 Americans (71%) are familiar with Bitcoin, the world’s largest cryptocurrency by market cap, while only 29% are familiar with Dogecoin and just over 1 in 5 are familiar with USD Coin and/or Ethereum (21% each).
Men (54%) are more likely to be familiar with cryptocurrencies than women (35%).
Forty-four percent of Americans consider themselves to be somewhat (or very) familiar with cryptocurrencies.
Even after the massive Coinbase IPO and multiple new highs, the overall awareness for cryptocurrencies amongst the American public has large been unchanged over the past few months.
The Competition — Bitcoin vs. The Field:
More Americans are familiar with Dogecoin (29%), a meme cryptocurrency, than Ethereum (21%), the world’s second largest cryptocurrency by market cap.
Fad or Future
Around 3 in 10 Americans describe cryptocurrencies as the future of money (31%) and innovative (30%).
Twenty-three percent of Americans think cryptocurrencies are a get rich quick scheme. Nineteen percent of Americans would describe cryptocurrencies as nefarious or shady.
When it comes to use of cryptocurrencies, 26% of Americans believe they are used for illegal transactions on the Internet, and 20% believe the digital currencies are used as a way to avoid taxes as would be required with traditional money.
Earn Crypto While Shopping
44% of Americans would be interested in receiving cryptocurrency as an alternative to traditional cash back reward programs from retailers/ cash back websites. Services like Lolli are gaining popularity. And, if you buy things now, you’ll get Bitcoin at a discount!
Check out the full survey results at CouponCabin.