July 18th, 2022, Kineree Shah
Cryptocurrencies have suffered an intense meltdown losing $2 trillion in value with many experts calling it a “crypto winter.” So what do Americans and Britons have to say about future of this digital currency?
Data from YouGov Global Profiles suggests that among people who look for profitable ways to invest money, more than two in five Americans agree that cryptocurrencies are the future of online financial transactions. A quarter of them are also willing to give up their bank account and use cryptocurrency instead. In comparison Britons are less likely to agree with both the statements (27% and 13%).
When it comes to trust nearly three in five of Americans and Britons (58% and 60%) do not trust cryptocurrencies. On the other hand, a large majority of consumers (71% of Britons and 67% of Americans) from both countries don’t really understand cryptocurrency, which is likely to be feeding into this mistrust.
So what does this mean? Consumers who look for profitable ways to invest money neither trust cryptocurrencies nor understand them. But despite this, a significant proportion of Britons and Americans think they are the way forward – either as an inevitability or because they represent genuine progress.
Marketers or people working in the financial advisory sector should be mindful when advising consumers on cryptocurrencies since they are likely to have to tackle this mistrust first.
Methodology
YouGov Global Profiles is a globally consistent audience dataset with 1000+ questions across 43 markets. The data is based on continuously collected data from adults aged 16+ in China and 18+ in other markets. The sample sizes for YouGov Global Profiles will fluctuate over time, however the minimum sample size is always c.1000. Learn more about Global Profiles.
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