Despite the growing interest of Americans in cryptocurrencies, a majority are not likely to use one. Data collected for YouGov Profiles shows that three-quarters (75%) of Americans are not likely to use cryptocurrency in the next 12 months (combining people that are not at all likely and not very likely to use cryptocurrency).
So, what deters Americans from using crypto? Though the government and mainstream financial institutions may have improved their understanding of de-centralized finance, main street hasn’t. Seven in ten Americans admit that they do not understand cryptocurrency.
However, even those Americans who do understand digital currency are unlikely to use it. Nearly half of Americans (48%) who claim to understand crypto say they are not at all likely to use the currency. Only a quarter (25%) say they may do so in the next 12 months (combining people who told us they are likely and are very likely to use the currencies).
Data also reveals that more than half (53%) of the population in the US do not trust cryptocurrency. That may explain the lack of appetite for crypto, since only 30% of Americans do not mind taking a risk with their money.
Data also reveals that even Americans with higher personal monthly disposable income are likely to abstain from using digital currencies.
More than half of the adult population across all disposable income brackets tell us they are not likely to use cryptocurrency for the next 12 months. Those with a monthly DPI (Disposable Personal Income) of $2,000 or more are the most likely to dismiss the thought of using crypto out of hand (66%). However, 21% of Americans with a DPI between $750-$999 say they are likely to use crypto and, broadly speaking, the likelihood to use a digital currency increases with disposable income, up to those with $750 to $999 to spare – then declines again.
After UK, the US is home to the highest number of digital currency exchanges in the world (27) and some call the US the new mining mecca of Bitcoin. Yet despite this, many Americans remain indifferent to the benefits of Bitcoin.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data referenced is based on a sample size of 7,563 adults in the US. Online interviews were conducted August 2020 – August 2021. Profiles data is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
