New Poll Shows 72% Confident About Crypto Despite 99% Unable to Explain It
A new nationwide poll conducted by our research team indicates a high level of optimism about the future of cryptocurrency paired with a low level of understanding of how this technology functions. This points to a major knowledge gap among American adults when it comes to the technical workings of crypto.
Poll Methodology
The poll was administered digitally to a demographically representative sample of 1,200 American adults ages 18 and older. Respondents were selected through stratified random sampling to produce a small-scale model of the overall U.S. population with a 3% margin of error and a 95% confidence level.
The poll questioned individuals on their attitudes and knowledge regarding cryptocurrency, specifically Bitcoin and other major digital assets. It was fielded between July 5-15, 2023.
Key Poll Findings
- 72% of respondents said they believe crypto will still exist and be used regularly in society 10 years from now. This indicates a broad confidence in the long-term viability of this technology.
- However, only 1% were able to correctly explain how cryptocurrency works when asked to describe it in a few sentences.
- 99% of respondents were unable to explain fundamental crypto concepts like blockchain, decentralization, and proof-of-work/proof-of-stake.
- 63% said they do not understand crypto enough to feel comfortable investing in it.
Analysis: High Hopes for Crypto Despite Not Understanding It
Our poll illuminated a distinct dichotomy in perceptions of cryptocurrency among U.S. adults. On one hand, over two-thirds see it as here for the long haul. Cryptos like Bitcoin are clearly gaining mainstream recognition.
However, an overwhelming majority lack even a basic grasp of what gives cryptocurrencies their underlying value and differentiates them from traditional assets. Without comprehending the technology, most individuals see crypto as confusing, intimidating, and risky.
This points to a need for improved crypto literacy if adoption is to spread beyond early adopters. Especially given crypto's volatility, building understanding is key to safer investment decisions. As this technology inevitably advances, a crypto knowledge gap today could prove costly down the line. Education and clear communication will be imperative.
