What Does The Average American Think of Cryptocurrency?

February 27, 2021

US and Cryptocurrency

On Sunday the 21st February 2021, Bitcoin hit an all-time high of just over $58,000. This caps off an incredible two-month stretch during which the crypto coin rose by more than 100% in value.

Dogecoin, a cryptocurrency inspired by a meme, also saw a sharp increase in value after Elon Musk announced that he was making a purchase for his son. It is safe to say that cryptocurrency is rapidly becoming mainstream. Individuals and companies no longer view crypto as an investment opportunity but as a legitimate means of payment.

With all of the sudden renewed interest regarding cryptocurrency, an interesting question arose: How do ordinary Americans view crypto? A recent survey by Piplsay sought to answer that exact question. After polling more than 30,000 people, this is what they found.

Some Get the Picture, But Not Too Clearly

Judging by the results of the poll, it seems that the majority of individuals have at least some understanding of the crypto concept. Stats show that 57% of respondents indicated that they understood cryptocurrency, with 22% stating that they understood it ‘very well’ and 35% saying that they somewhat understood it.

The other 43% of respondents indicated that they had no understanding of crypto at all, with 17% of these stating that they had never even heard about it!

Concerns Over Safety

The Piplsay survey revealed that a fair portion of individuals are still unsure of the safety of investing in crypto. While 50% of respondents stated that they felt cryptocurrency was safe, 22% indicated that they did not believe that it was not. A further 28% stated that they were simply not sure of the safety of using crypto.

The People Want More

Despite these concerns, it is clear that individuals want to see crypto being used more, especially as a form of payment. Of those surveyed, 57% indicated that they wanted to see their favourite brands accept crypto as a form of payment, while only 18% of respondents did not want this to happen.

As cryptocurrencies move further into the mainstream, the numbers above are likely to change dramatically. As people become accustomed to using crypto in their everyday lives, many of the stated concerns will abate.

PIPLSAY Infographic

Thanks to PIPLSAY.com for the infographic.