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Survey reveals how Americans feel about cryptocurrency

09 Oct, 2018
by Matthew Kim
News
Survey reveals how Americans feel about cryptocurrency

The cryptocurrency windstorm has undoubtedly evoked a wide range of emotions for enthusiasts and spectators. From anger to joy, jealousy to satisfaction, and nervousness to confidence, emotions swirl as flippantly as the unstable prices. In a study, titled “How Do Americans Feel About Cryptocurrency?”, clovr examined the feelings Americans have about virtual currencies.

An organization called clovr collected responses from 1,004 Americans via Amazon’s Mechanical Turk platform. Participant ranged from ages 18 to 80 with an average of 36.05. The results revealed that the American people are firmly split towards cryptocurrency.

According to the study, the most common emotions regarding cryptocurrency in America are uncertainty and confusion. 69.8 percent of the respondents answered that they felt uncertainty, while 32.9 percent stated that they felt confusion. On the other hand, excitement, anticipation, and hope were the next three prevailing emotions, at 31.5 percent, 30.5 percent, and 28.1% respectively.

The study also displayed that cryptocurrency attracts risk-takers and repels risk-averse investors. The top reason for investing in cryptocurrency was the “possibility of huge return on investment” and the top reason for not investing in cryptocurrency was that it was “too risky”. Additionally, the top trait of investors of cryptocurrency was “risk-taking” and “forward-thinking”, while no-coiners exhibited “safe” and “smart” as the top traits.

34 percent of the respondents answered that they have previously invested in cryptocurrency. A greater percentage of males invested in cryptocurrency than women. And younger individuals are more likely to have invested in cryptocurrency: 41 percent of millennials claimed to have invested, 24 percent for Generation X and 18% for Baby Boomers.

The survey showed that Americans are heavily divided in its feeling towards cryptocurrency. But such mixture of emotions is reasonable given recent bear market after an incredible 2017 run. Cryptocurrency remains an infant industry, but as it matures the society’s emotions towards it should stabilize as well.

To read the full survey, click here.

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