Only 24% of Americans Trust Crypto Security (Survey)

Only 24% of Americans Trust Crypto Security (Survey)

A Pew Research Center study found that most Americans (88%) have at least a basic knowledge of cryptocurrencies. However, only 24% believe investing, trading or using digital assets is safe and reliable.

The proportion varies across different population groups: adults over 50 are more likely to be skeptical (85%) than younger people (66%).

The latest trends in the USA

17% of study participantsapprovedabout dealing with cryptocurrencies at some point in their lives. Attitudes vary by gender, age, race, ethnicity and income level.

For example, 41% of men ages 18 to 29 reported investing in or using the asset class, compared to 16% of women in the same field.

Digital assets appear to be more popular among minorities. 24% of Asian respondents and 21% of Black and Hispanic respondents said they had entered the ecosystem. In comparison, only 14% of white adults have done so.

Knowledge appears to be at a high level, with almost 90% of participants saying they have heard at least a little about Bitcoin and some alternative coins. However, 75% are not convinced about the security and reliability of the asset class. Only 2% said they felt “extremely confident” about delving deeper into it, while 4% were rated “very confident.”

Women are slightly more skeptical than men, with 80% rating in the “not confident” zone (compared to 71% of men).

It is worth mentioning that investors have much higher confidence in cryptocurrencies. One in five of them are either “extremely” or “very confident”, while only 2% of those who have no funds distributed in the asset class answered this way.

Almost half of crypto investments were not beneficial

The Pew Research Center also estimated that most investors (74%) entered the ecosystem one to five years ago. Those who jumped on the bandwagon before 2018 were only 10%.

Unfortunately, for 45% of American investors, their forays into cryptocurrency were not as beneficial as expected. Only 15% reported better profits than originally expected.

For 3% of investors, entering the digital asset sector caused significant financial damage. 16% reported being injured “a little.”

Most of those parting with significant sums were college graduates (25%) and those with some college experience (20%).

Some cryptocurrency experts have repeatedly warned that individuals should dive into the market once they understand the matter. An essential rule was also formulated to only invest as much as you can afford to lose.

One of Bitcoin’s most vocal proponents – Anthony Scaramucci –advisedInvestors in 2021 to invest no more than 5% of their total savings in crypto. This way, they could make solid profits in the event of a price rally. On the other hand, if valuations go down, the losses would be insignificant.

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