Benzinga – An investigation conducted by the Pew Research Center revealed that approximately two-thirds of all American adults do not trust cryptocurrencies.
Of the 88% of Americans who have heard of cryptocurrencies, 75% do not believe current methods of investing, trading, or using cryptocurrencies are reliable and secure.
The study found that 39% of adults who know about cryptocurrencies have no confidence in their security, while 36% have very little confidence.
Only a small percentage of these adults (2%) are extremely confident and 4% are very confident in cryptocurrencies. On the other hand, 18% say they are rather confident.
According to the survey, some demographic groups are more concerned about cryptocurrencies than others.
Adults aged 50 and over are more likely to be skeptical of the security and reliability of cryptocurrencies (85%) than their younger counterparts (66%).
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Additionally, women are more cautious when it comes to investing, trading or using cryptocurrencies, with 80% expressing a lack of confidence compared to 71% of men.
The survey also highlighted that 17% of American adults have invested, traded or used cryptocurrencies, a figure that remains virtually unchanged from previous surveys conducted in 2021 and 2022.
Cryptocurrency usage varies by age, gender, race, ethnicity, and income levels, with younger men, Asian, Black, and Hispanic adults, and those with upper and middle incomes being more likely to use cryptocurrencies.
Interestingly, 31% of those who have ever used cryptocurrencies currently hold none, with lower-income households and women more likely to have abandoned their cryptocurrency investments.
The survey also showed that 45% of cryptocurrency users say their investments have performed worse than expected, with 19% saying these investments have had a negative impact on their personal finances.
The survey showing significant distrust of cryptocurrencies underscores the need for increased adoption, education and understanding.
The collapse of cryptocurrency exchange FTX has highlighted centralized risks.
DeFi, meanwhile, based on smart contracts and decentralization, can improve security and transparency.
Educating the public about the benefits of cryptocurrencies and their underlying technologies, such as blockchain and smart contracts, can build trust in digital currencies.
Addressing skepticism and misconceptions can foster a more informed user base and promote wider acceptance of cryptocurrencies in mainstream finance.
Read next: Bankrupt Crypto Exchange FTX Bleeds $30M in Legal Fees in Single Month
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