Pew Research Center on Monday released the results of a survey conducted last month focusing on crypto. The study specifically addresses the issue of US investor confidence in crypto. It reveals a general skepticism vis-à-vis the new asset class. Approximately 10,700 adult Americans were interviewed in this survey. Here are the findings of the recent Pew Research Center study.
Why do Americans fear cryptos?
While US crypto regulation is not unanimous, Pew Research Center publishes the results of its recent survey. This reveals that 88% of American adults have already heard of cryptos. In parallel, 75% of respondents expressed little or no confidence into the new asset class. They believe that cryptos are not reliable, let alone secure.
According to the Pew Research Center report, Americans are increasingly worried about the crypto sector. Their concern mainly revolves around how to invest, use or trade cryptos. Even so, there are a few more Americans attracted to crypto investing. In effect, 17% of American adults have already interacted with cryptos. This is a slight increase from the 16% percentage noted during a survey carried out in August 2022.
Furthermore, the investigation found that several reasons can explain the low confidence in cryptos in the United States. In particular, there is the fact that the sector is perceived as mysterious and opaque. Some consumers feel that crypto transactions happen behind closed doors and without oversight. It should more transparency and clear crypto regulations to reassure them regarding this point.
Another factor in the lack of trust in crypto is the prevalence of hacks and scams in the industry. Indeed, the various high-profile crypto business collapses have helped to alarm consumers about digital assets. Americans are therefore afraid of losing their funds by investing in crypto.
In February, JPMorgan released a survey showing that institutional traders are avoiding cryptos. Indeed, it has been revealed that 72% of these traders do not wish to trade crypto this year. At the same time, only 14% of them plan to do so in the next five years.
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