El Salvador recently became the first country in the world to officially declare Bitcoin (a type of cryptocurrency) as legal currency. Several major retailers, including Microsoft and PayPal, accept cryptocurrencies as payment. But new data from YouGov suggests that many Americans may be uncertain about the future of cryptocurrency.
A poll of more than 33,000 US adults finds that two in five Americans (38%) believe that cryptocurrency will be widely accepted as a means of legal transaction in 10 years. One-third (33%) think it won’t be widely accepted, and 29% are unsure.
Among those who ever use cryptocurrency as a payment method, two-thirds (68%) foresee it becoming a widely accepted means of legal transaction by 2031.
Additional data from YouGov Profiles suggests that Americans are generally hesitant around the future of cryptocurrency.
For many, hesitation or other negative ideas about cryptocurrency might be affected by a lack of understanding. In fact, about two-thirds (69%) of Americans agree with the statement “I don’t really understand cryptocurrency,” far more than the percentage of people who disagree with this statement (18%).
Many may believe crypto to be little more than a trend that will die out. About half (47%) agree with the statement “Cryptocurrency like Bitcoin is just a fad.” Only 23% disagree with this characterization.
About one-third (32%) of Americans agree with the statement, “Cryptocurrencies are the future of online financial transactions,” while slightly more (38%) say they disagree.
Among those who believe that they do understand cryptocurrency, 44% believe that it will become a widely accepted means of legal transaction within 10 years.
See full results here.
Related: Just one in five Americans believe cryptocurrency has a negative impact on the environment
Methodology: 33,143 US adults were surveyed between May 14 – 21, 2021. The responding sample is weighted to be representative of the US population.