Is Cryptocurrency Losing Its Trust Factor Among Americans? Find Out Now!
Many Americans do not trust crypto. A recent survey by Pew Research Center showed that volatility, a series of scandals, and regulatory uncertainty have left most Americans with a lack of confidence in investing and trading crypto. Pew noted that a large majority (around three-quarters) of American adults say they have heard about cryptocurrency, but they do not trust it.
After a year of extensive bullish runs that enticed both large and small investors in the cryptocurrency market, a significant decline has occurred in recent months. Big banks and crypto exchanges have faced scandals and liquidity issues, leading to widespread turbulence. American regulators have sped up their investigations, casting doubt on the future of crypto and exacerbating uncertainty.
According to a study, around 40% of Americans who have heard about cryptocurrency do not trust it. They consider it to be “not at all secure” or “not very secure” for digital currency transactions. In addition, 18% said they are “somewhat confident.”
Despite this, cryptocurrency still outperformed the US government in terms of public trust. However, Americans are still skeptical about their government. In a recent survey, only two out of ten respondents said they trust Washington to do the right thing “most of the time” (19%) or “always” (2%).
People in the United States who are over 50 years old are more skeptical than their younger counterparts. 43% of those who invest in crypto have a lack of trust in digital currencies.
Nearly three-quarters of those who invest in crypto said they did so for the first time between one and five years ago. According to a survey, 69% of crypto investors still own some form of cryptocurrency.
Bitcoin is the largest cryptocurrency and recently reached an all-time high, which occurred approximately two years ago.
In contrast to the results of the previous survey, another survey found that 75% of 5,000 US-based working-age adults were “confident or somewhat confident in the future of crypto.” The survey was conducted on January 5 and 6 and included adults who earned more than $50,000, had a bank account, and purchased crypto in the last three years.
Another report by CoinDesk found that over 50 million Americans held cryptocurrency in February, and 67% of respondents felt that the overall global financial system was flawed and in need of “significant changes or complete overhaul.
