Despite growing adoption, a majority of Americans still view cryptocurrencies as “risky” and want no part of digital assets such as Bitcoin (BTC) and Ethereum (ETH).
A new Gallup poll found that only 14% of U.S. adults own crypto of any kind, a figure that has been steadily growing but still represents a small share of the investing public.
The study shows that deep skepticism about cryptocurrencies remains, with 60% of respondents saying they have no interest in ever buying Bitcoin or another cryptocurrency.
Only 17% of people surveyed said they’re “intrigued” by crypto and only 4% of respondents said they plan on buying a cryptocurrency in the near future.
Despite the misgivings, crypto ownership rates in America have risen from 2% in 2018 to 17% today, helped largely by the launch of Bitcoin and Ethereum exchange-traded funds (ETFs).
Much of the continued skepticism stems from concerns investors have regarding high-profile crypto bankruptcies, as well as scams and online schemes related to crypto investments.
And while institutional investors are increasingly jumping into the crypto market, many retail investors say they remain wary and are staying vigilant concerning digital assets.
The Gallup poll found a deep divide related to crypto. While one in four men aged 18 to 49 owns crypto, the survey found that ownership drops sharply among women and older adults.
Recent college graduates and high-income earners report above-average participation, but seniors and low-income households remain largely absent from the crypto space.
There also continues to be a knowledge gap around cryptocurrencies.
While nearly everyone surveyed had heard of crypto, only 35% of respondents said they understood how it works. Familiarity was highest among young men.
Even among those who claim to understand crypto, most still call it a risky bet. Among U.S. investors, 64% see the asset class as “very risky,” up from 60% who said the same in 2021.
Currently, only 4% of American adults said crypto is the best long-term investment.
Bitcoin is currently trading at $118,785 U.S., having gained 27% this year.
