Despite “How to buy Bitcoin?” and “What is Bitcoin?” being top Google searches in the US in 2017 and 2018, respectively, recent data from YouGov reveals about 7 in 10 (69% of) Americans say they don’t really understand cryptocurrency. This lack of understanding may also explain why many are uncertain about its future.
Of the more than 33,000 US adults surveyed in May 2021, YouGov found that nearly half (47%) think cryptocurrency, such as Bitcoin, is just a fad. One third also believe that cryptocurrencies will not be very widely accepted (20%) or not accepted at all (13%) as a means of legal transaction in 10 year’s time, while 3 in 10 (29%) remain unsure about cryptocurrency’s future.
On the other hand, close to 4 in 10 believe that cryptocurrencies will be very widely (14%) or somewhat widely (24%) accepted by 2031. Unsurprisingly, those who have used cryptocurrency are more likely than average to say that it will be very widely (35%) or somewhat widely (33%) accepted within the next 10 years.
Furthermore, of the 19% of Americans who say they understand cryptocurrency, some 4 in 10 (44%) believe it will be a widely accepted form of tender by 2031. This is slightly higher than the 32% of the overall population who believe that cryptocurrencies are the future of online financial transactions.
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About the Data: Results are based on a May 2021 online survey of 33,143 US adults and weighted to be representative of the US population.