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Majority of Americans Distrust Cryptocurrency, Says Pew Research

A recent Pew Research Center survey reveals a confidence crisis among US crypto investors, with the majority expressing distrust in digital currencies due to price instability and regulatory uncertainty.

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Confidence Crisis Among US Crypto Investors

According to a recent survey by the Pew Research Center, most Americans need more confidence in cryptocurrency due to factors such as price instability, a series of bankruptcies, and regulatory uncertainty. This lack of confidence in the safety and reliability of investing and trading cryptocurrencies is prevalent among 75% of those familiar with digital assets, representing approximately two-thirds of all US adults.

Crypto Market Deterioration and Regulatory Scrutiny

The cryptocurrency market has significantly deteriorated over the past year following an extended bull run that attracted many investors. In recent months, big banks and cryptocurrency exchanges have collapsed amid scandals and liquidity issues, leading US regulators to increase scrutiny and cast doubt on the future of crypto.

Americans' Crypto Confidence Level

The study revealed that nearly 40% of Americans who have heard about cryptocurrency are "not at all confident" or "not very confident" in the safety of digital trading currencies. Meanwhile, 18% expressed "somewhat confident" sentiments. Despite these results, crypto still polls slightly better than the US government regarding trustworthiness.

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Pew Research Center logo

Older Americans Show Greater Crypto Skepticism

Americans aged 50 and above are more skeptical of cryptocurrency than younger individuals. Among those who have invested in crypto, 43% need more confidence in digital currencies. Approximately 75% of crypto investors first invested between one and five years ago, with 69% still holding some digital assets.

Contrasting Survey Results on Crypto Confidence

Interestingly, the Pew results contradict other recent surveys. A Paxos-backed poll of 5,000 US-based working-age adults showed that 75% remain "confident or somewhat confident" in the future of crypto. Additionally, a Coinbase survey revealed that more than 50 million Americans own crypto, and 67% of respondents find the global financial system unfair, requiring significant changes or a complete overhaul.