New Cryptocurrency Research Shows 7 Out Of 10 American’s Feel “Uncertainty” Regarding Bitcoin
Clovr recently decided to hold a research study, resulting in a publication called “How Do American’s Feel About Cryptocurrency?” In this research, which involved 1,000 Americans, the group aimed to “to understand their feelings about cryptocurrencies and to break down whether excitement (or fear) is the overwhelming emotion toward virtual money.” Ultimately, about 70% of Americans agreed that they felt “uncertainty” regarding cryptocurrency.
The information gathered in this study came from respondents that were abled between 18 and 80, though the average age is 36 years old. Participants engaged in the study by using the Amazon Mechanical Turk platform, which is a data-entry opportunity for individuals to fill out surveys and perform other work that pays out for participation, starting at $0.01.
The majority of Americans, about 9 out of 10 according to the study, have some kind of knowledge about cryptocurrency. Of that 90%, about 75% of Americans “feel they know what cryptocurrency is,” and “over 20% of the remainder believes they ‘sort of’ know what’s going on.” Clovr noted, “Almost 70 percent of respondents felt ‘uncertainty’ summed up their emotions regarding cryptocurrencies.”
When surveyed about why the participant would want to get involved with cryptocurrency, the top reason seemed to be “of riding the bitcoin wave or possibly getting in on the ground floor of an alternative like Litecoin or Ripple could most certainly pay massive returns … if they take off.”
Approximately 40% agreed that they would be more likely to participate in cryptocurrency if someone they knew was involved, which is just another demonstration of the “fear of missing out” (FOMO). About a third of the Americans surveyed already are involved in the cryptocurrency space, but the details showed that men “are twice as likely as women” to be already involved in cryptocurrency.
One of the other details included in this survey had to do with the income that participants made each year, determining if there was any correlation. Over half of the investors in the cryptocurrency industry have an income of between $75,000 and $99,999 annually. However, less than half of the participants that make under $25,000 took the time to do so. Still, Millennials “were almost twice as likely as any other generation to be crypto-investors.
The study concludes by saying,
“Americans appear to be divided in opinion over cryptocurrency and its role moving forward. It’s also apparent that while many think they know what it is, when asked whether explaining it to others was feasible, fewer believed they could do so, indicating a superficial understanding.”
Alan Zibluk Markethive Founding Member