According to a Quinnipiac University nationwide poll of adults, a plurality of Americans, 43%, believe cryptocurrencies will become a dominating economic force in the long run, while 35% believe they are a short-term trend, and 22% have no opinion. The study was carried out in conjunction with Quinnipiac University’s School of Business’s GAME Forum XI event.
Of the people who were polled, 55% of people between the ages of 18 to 29, 53% of those between the ages of 30 and 49, 40% of those between 50 and 64, and 21% of those above 64 were bullish on crypto.
Two-thirds of Americans (66%) say they’ve heard about crypto. 28% say they have read a lot about it, while 38% say they know something about cryptocurrencies like Bitcoin.
One-third (33%) say they’ve heard about cryptocurrency, while 16% said they’ve not read too much about it. And lastly, 17% of the people polled say they know nothing about cryptocurrencies.
Regarding the gendered statistic, 38% of males say they’ve heard or read a lot about cryptocurrencies, while only 20% of women say they’ve heard or read a lot about it.
Owning cryptocurrency
Fewer than one-fifth of Americans (16%) say they presently hold cryptocurrency, while 74% say they have never purchased it and 8% say they once did but no longer do.
Among those who do currently own cryptocurrency, 46% have assets worth $1000 or less. 34% own digital assets between $1000 and $10,000, 9% own crypto worth between $10,000 and $50,000, while only 4% own anything above the $50K mark.
Of the people who do not own cryptocurrency, a majority of them stated that their reasons for not owning any are because they are not interested, or do not understand it well enough to put their hard-earned money into it. This goes on to show that education and awareness are important factors in the space of cryptocurrencies. Many are not within the fold for the sole reason of just not knowing enough.
Americans were asked where they would invest if they were given $1000. Almost three-quarters (73%) say they would put it in traditional stocks, while 16% say they would put it in a cryptocurrency.
Non-Fungible Tokens (NFTs)
Non-fungible tokens, or NFTs, are known by a majority of Americans (52%), while 47% have never heard of them.
Gender and age groups have significant disparities in this regard as well. 61% of men have heard of NFTs, compared to only 43% of women.
As per the poll’s data, only 3% of Americans own NFTs.
Cryptocurrencies have shot into the mainstream in recent times. As pointed out in an earlier Watcher Guru article, Bitcoin could become a savior in times of extreme economic flux. Cryptocurrencies are already becoming more and more popular as a form of payment. Businesses around the globe have started adopting the new asset as something of value. It is only a matter of time before we see a full-scale global mass adoption of crypto.