A recent survey of over 1,000 Americans hoped to glean more about attitudes toward crypto. According to Clovr, the vast majority of virtual currency investors are young, male, and relatively wealthy.
Clovr, a company focused on fostering mainstream adoption of blockchain, recently carried out a survey of 1,004 Americans through the Amazon Mechanical Turk Platform that focused on people’s thoughts about crypto and investing.
The company said more than 75% of respondents indicated they had an understanding of what cryptocurrency is. Clovr noted how the results seemed to suggest:
Almost the entirety of America has at least some exposure to the concept of currency akin to bitcoins.
However, Clovr suggested some of this perceived knowledge might be more of a superficial understanding, since just around 60% of respondents said they would be comfortable actually “explaining cryptocurrency” to a novice.
Fear Of Missing Out Is A Big Investment Draw
When asked about reasons for investment, a majority of respondents cited something akin to peer pressure, or the ‘fear of missing out.’
About half of those surveyed said “the possibility of huge return on investment” was a leading reason to invest, while about 43% thought virtual currency was the future of money.
Just around 17% said a reason to invest was because “my gut says to do it.”
Overall, 66% said they were not invested into cryptocurrencies. Those who were are primarily men (43%), young (41% are Millennials), urban (42%), and relatively wealthy (43% made 100k+).
75% of those in the survey thought people who had not invested into virtual currency were playing it safe.
In contrast, about half said investors were forward thinking. About 36% characterized them as innovative. Just 22.3% regarded investors as reckless.
Looking at the results of the survey, Clovr ruminated on the fact that “Americans appear to be divided in opinion over cryptocurrency and its role moving forward,” explaining how ‘uncertainty’ was the most common emotion associated with digital currency and investing.
Surveys Suggest Bitcoin Hype Is Growing
A number of recent surveys have suggested Bitcoin is starting to catch on in the mainstream despite turbulent cryptocurrency markets in 2018.
Law firm Foley & Lardner LLP carried out a cryptocurrency survey in the summer, finding how the bulk of respondents believed Bitcoin had the best potential to become adopted by the mainstream.
A different poll conducted in August revealed that around 50% of the 2,000 respondents were open to trying out Bitcoin.
This survey also suggested Millennials were increasingly interested in the field and were more apt to invest in digital currencies.
What do you think about the latest survey results from Clovr? Let us know in the comments!
Images courtesy of Clovr, Shutterstock.
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