As Crypto Plummets, Here’s What Americans Think About The Future Of Cryptocurrencies

future of cryptocurrencies

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.

Over the past year crypto has seen a meteoric rise. Many coins (including Bitcoin and Dogecoin have reached new heights that have prompted further utility.

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

dogecoin interest by state

Crypto’s Takeover:

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:

mark cuban bitcoin could double

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.

C. James

C. James is the managing editor at Wealth Gang. He has a degree in finance and a passion for creating passive income streams and wealth management.