While a vast majority of people who’ve heard of crypto “are not confident” in its safety and reliability, it seems it will take more than high-profile crypto exchange implosions, bank runs, and bankruptcies for a majority of cryptocurrency investors to sell off, Pew Research Center found in a new study.
The new study, conducted from March 13 to 19, found that 88% of Americans now say that they have heard at least a little about crypto. Among this group, 39% do not feel confident at all, while a slightly smaller percentage, 36%, say they are not very confident that the space is reliable and safe.
Interestingly, a significant portion of the respondents still feels confident about crypto — 8% are somewhat confident, 4% are very confident, and 2% are extremely confident. (The latter 6% are all the guys still with laser eyes on Twitter.)
The study also found that, not surprisingly, crypto investors are predominantly men 18 to 49 years old, middle- to upper-income earners. The racial divide leans more toward Asian Americans at 24%, with Black and Hispanic Americans both at 21%, and White Americans at 14%.
Of the 17% of Americans who’ve invested in or traded using crypto, 31% have given up on the space and sold off, with those in lower-income households twice as likely to have given up (43%), than those in upper-income households (21%).
But as mentioned earlier, a great majority of investors at 69% remained steadfast through the crypto winter and have held on to their crypto investments. 60% said that their crypto investments did not impact their personal finances — neither helping nor hurting them — while 20% said that crypto helped, and 19% said that crypto hurt their finances.
RELATED: Retail Adoption: Is Crypto Still Going Mainstream?
Information for this story was found via Pew Research Center, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
