Confusion & Lack of Knowledge
With all the buzz around cryptocurrency, we had to ask: what do consumers think?
We found that Americans are pretty confused as to what cryptocurrency is and at the same time, they are ready to have some of it. Over half of Americans (56%) report knowing a little or a lot about cryptocurrency, while just under half (44%) know nothing. Men are more likely to report they know a lot about it in comparison to women (23% of men vs. 7% of women). When we ask people what they think cryptocurrency is, results validate confusion.
While the industry describes it as a currency, Americans are less certain. Over one-third of Americans (38%) describe it as currency, while a quarter (26%) say they have no idea what it is; the remainder are roughly split between saying it’s an investment (19%) or a commodity (17%).
Despite the market confusion around cryptocurrency, Americans are fairly engaged with it. Nearly a quarter (24%) report that they currently own cryptocurrency or have owned it in the past. Even more anticipate they will own it in the future–over one-third (35%) of Americans say they are likely to own cryptocurrency in the next 5 years.
