Cryptocurrencies fascinate many but people have also been lured to invest in schemes that do not exist. A new survey shows that as cryptocurrency markets are taking hits from all sides – from declines in value to multiple corporate bankruptcies to lawsuits and regulatory threats – three quarters don’t trust these currencies. Roughly one-in-five cryptocurrency users say their investments have hurt their personal finances at least a little
Women are slightly more skeptical of investing in, trading or using cryptocurrencies. Among Americans who have heard about cryptocurrency, 80% of women say they are not confident in it, compared with 71% of men.
Among the vast majority of Americans who say they have heard at least a little about cryptocurrency (88%), three-quarters say they are not confident that current ways to invest in, trade or use cryptocurrencies are reliable and safe, according to a Pew Research Center survey.
39% who have heard about cryptocurrency say they are not at all confident and an additional 36% are not very confident in the reliability and safety of cryptocurrencies.
On the other end of the spectrum, few of these adults are extremely (2%) or very (4%) confident in cryptocurrencies. About one-in-five (18%) say they are somewhat confident.
While concern about cryptocurrency is broad, some groups are more concerned than others. Adults ages 50 and older who have heard about cryptocurrency are more likely than their younger counterparts to say they are not confident in its reliability and safety (85% vs. 66%).
“Attitudes also differ based on whether someone has invested in cryptocurrency. While one-in-five cryptocurrency users say they are extremely or very confident that it is safe and reliable, that share drops to 2% among those who are familiar with cryptocurrency but have not invested.
Still, many who have invested in cryptocurrency also have concerns about its security: 43% of this group say they are not very or not at all confident in it.”
Overall, 17% of U.S. adults say they have ever invested in, traded or used a cryptocurrency. This share is mostly unchanged from surveys in 2021 and 2022.
“Younger men are more likely to use cryptocurrency compared with men 50 and older and women of any age. For example, 41% of men ages 18 to 29 say they have ever invested in, traded or used cryptocurrency, compared with 16% of women in the same age range.”
Roughly three-in-ten adults (31%) who have ever invested in, traded or used cryptocurrency say they currently do not have any cryptocurrency. Still, a majority (69%) say they do currently have
45% of cryptocurrency users report that their investments have performed worse than they expected, a result that is statistically unchanged since July 2022, when the Center last asked about this. In comparison, 15% say their investments have done better than expected, 32% say they have done about the same as expected and 7% are unsure.