42% of Americans Believe Cryptocurrencies will Eventually Replace Fiat Currencies: Survey

Bitcoin prices have come tumbling down after Tesla’s Elon Musk announced his decision to stop taking BTC payments for Tesla purchases due to environmental issues.

Piplsay Research has delved into people’s opinions about digital currencies, especially given the rising levels of investment and “ever-increasing buzz” around them.

As noted in the research report shared with CI, Elon Musk has “done it again, sending crypto on a wild ride with just his tweets.”

The report added:

“From calling Dogecoin a ‘hustle’ to implying Tesla has sold or may sell its entire bitcoin holding, the SpaceX CEO has not only caused their prices to crash but has also unnerved investors with his change of stance.”

Although Musk may be credited for lending “legitimacy” to cryptocurrencies with his “market-moving” decision and tweets earlier this year, digital assets have actually been gradually going mainstream during the past few years, the report noted.

Many big-name brands have been accepting crypto as a form of payment. Given the dramatic rise in interest and the volatility of these nascent assets, how interested and “cautious” are US residents of this trend? Piplsay decided to find out by polling 5,061 consumers nationwide in order to get insights.

Here’s what they learned:

  • 33% of Americans “now own cryptocurrencies as compared to 25% back in February this year”
  • 47% of Americans are “keen to purchase services or products using cryptocurrencies”
  • 42% of Americans “believe cryptocurrencies will replace traditional currencies in the future”

When asked about how “familiar” they were with cryptos, 35% said “very familiar”, 34% said “somewhat familiar”, and 31% said “not familiar.”

Out of those that stated they were familiar with crypto-assets, only 33% or a third consider them to be a store of value. Interestingly, 67% of those surveyed revealed they do not own cryptocurrencies while 33% said they do.

Responding to a question about how likely they are to buy products with cryptos, 47% said “very likely,” 36% said “not likely,” and 17% said “somewhat likely.”

When asked about how “familiar” they were with cryptos, 35% said “very familiar”, 34% said “somewhat familiar”, and 31% said “not familiar.”

Out of those that stated they were familiar with crypto-assets, only 33% or a third consider them to be a store of value.

Interestingly, 67% of those surveyed revealed they do not own cryptocurrencies while 33% said they do.

When asked if they intend to buy or sell crytos in the coming year, 35% said they’d “buy a little”, 33% said “neither buy nor sell,” 12% said “sell a little,” 11% said “buy a lot,” and 9% said “sell a lot.”

When questioned about how they perceive the “riskiness” of crptocurrencies, 53% think they are very risky, 28% say they are “somewhat risky,” and 19% said they are “not risky.”

Responding to a question about which factors make cryptos the most risky, the respondents said:

  • 21% – lack of system knowledge
  • 20% – lack of regulations
  • 19% – volatility of cryptocurrencies
  • 10% – trust factor – peer to peer
  • 7%  – Fear of government regulations
  • 6%  – Not Sure

Other insights shared in the research report are as follows:

  • 49% of Millennials “own cryptocurrencies as compared to 38% of Gen Xers and 13% of Gen Zers”
  • 88% of all investment in cryptocurrencies is “done by respondents with a college or a master’s degree”
  • 53% of Millennials are ‘very likely’ “to purchase products or services using cryptocurrency as compared to 40% of Gen Xers and just 7% of Gen Zers”

Survey Methodology: This Piplsay survey (powered by Market Cube) was “conducted nationwide in the US in May 2021.” The company “received 5,061 online responses respectively from individuals aged 18 years and older.”

Sponsored Links by DQ Promote

 

Send this to a friend