A recent survey from YouGov reveals widespread knowledge of cryptocurrencies in the United States, the report also shows mixed sentiments toward the technology.
YouGov, an international market research and data analytics firm, gathered data from 1,202 participants at the end of August; the poll results showed an interesting disparity in knowledge of cryptocurrency and the actual adoption of it.
The poll found that 79% of Americans were familiar with at least one cryptocurrency with Bitcoin being the most prevalent among 71% of people who said they knew of it. Ethereum came in second at 13% with Litecoin and others trailing behind.
With a vast majority of respondents knowing about cryptocurrencies, a greater disparity is revealed. Of those who said they knew of Bitcoin, 87% said they had not interacted with it; this includes buying, selling and mining.
Some 49% of the Bitcoin-aware group said, “I’m glad I didn’t buy Bitcoin earlier, and I don’t plan to buy it”, while another 15% wish they had bought earlier and now feel it’s too late. In contrast, a South African poll showed that 38% of its respondents wished they had invested sooner.
Despite this, 36% of people in the YouGov poll thought that it cryptocurrencies will eventually be more widely accepted as a means to purchase goods and services legally within ten years, while 34% disagree and don’t think this will be the case. In this group, millennials made up the majority of those who believed in crypto acceptance with 44% polling favorably.
About 25% of poll respondents think cryptocurrencies are used mostly for illegal purchases, which is a traditional but waning view. However, this skepticism does hold ground in America due to the connections found between Bitcoin and the 2016 election hacking scandal.
With regards to cryptocurrency acceptance, a positive sentiment towards cryptocurrencies is growing in the states, just over a third of those who believe in wider crypto acceptance say they have interest in primarily using crypto over the US dollar.
The article reporting the survey results writes, “However, a majority (57%) say they would not be interested in converting away from the US dollar. Millennials are almost equally split between being interested (48%) and not interested (50%).”
The bigger picture
In July, a Wells Fargo Gallup Investor and Retirement Optimism Index poll gathered data from 1,921 investors over 18 years of age with at least USD 10,000 in traditional investments. It revealed that 2% of respondents owned Bitcoin, and younger investors were keener to adopt Bitcoin should cryptocurrencies become more mainstream, a growing sentiment among millennials.
Other polls found that 50% of participants from a 2,000 person survey “would like to try out Bitcoin“, with millennials of low income being the most likely to invest. In South Korea, surveys show that cryptocurrencies are rising in popularity, and in the United Kingdom, it was reported that 3 million people have invested in Bitcoin.
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