It’s hard to avoid the latest headlines proclaiming that Bitcoin has lost half of its value since hitting its all-time high just two months ago. Such news can easily raise an investor’s blood pressure by several points – or force them to put their money in a simple savings account. Yet despite such volatility in the rapidly changing world of blockchain and cryptocurrency, a new survey from the crypto trading platform digital travel announced late last week that two-thirds of the more than 6,000 Americans surveyed were bullish on cryptocurrencies. These Americans believe that cryptocurrencies such as Bitcoin, altcoins, stablecoins and others will be widely accepted as payment methods within the next five years.
U.S. consumers are growing in confidence in crypto as it becomes more mainstream and more useful, Voyager Digital said in its press release. About 64% of Americans surveyed, for example, believe crypto will gain value in 2022, with 61% saying they are likely to buy some form of cryptocurrency this year.
“I think consumers view it as a long-term investment and there will be an evolution in blockchain-based technology,” Voyager Digital CEO Stephen Ehrlich said in an interview with ZDNet. “I think a lot of protocols, a lot of coins and blockchain are the next iteration of technological evolution – not a revolution – but an evolution.”
Voyager Digital’s Crypto trust survey is his first. It was commissioned by Voyager and commissioned by global data intelligence firm Savanta between December 10 and 20, 2021. Savanta interviewed a total of 6,103 people, which consisted of a representative census sample of 1,006 Americans ages 18 and older, plus an oversample to reach 996 current cryptocurrency owners and 4,325 current Voyager customers, according to the press release.
One of the key takeaways from the survey is that women are the most receptive to owning cryptocurrency. Of the two-thirds of respondents who believe crypto acceptance will be mainstream in the next five years, more than half are women (53%) compared to 44% men. And of the 61% surveyed who say they are likely to buy crypto this year, women are slightly more likely than men to buy crypto at 62% and 60%, respectively.
Ironically, the survey results suggest that American men are twice as likely as women to currently own crypto, according to the survey.
From a generational perspective, the survey indicated that contrary to popular belief, the number of Gen X-ers and Boomers who are interested and willing to participate in cryptocurrency continues to grow. Of the 61% who said they are optimistic about buying crypto in 2022, the majority of Gen Xers (62%) and nearly a third of Baby Boomers (32%) said that they would buy crypto this year.
“Everyone thinks of [crypto] as a Millennial/Gen Z opportunity, and they are the ones who are going to get it. But Gen Xers and baby boomers say they want to participate,” Ehrlich said.
Another key finding Ehrlich notes is that Millennials and Gen Z respondents are more likely to invest in cryptocurrency than mutual funds or exchange-traded funds. “I think a lot of it goes back to the financial crisis of 2008,” he said, suggesting that younger generations – who experienced the collapse of financial markets following the Great Recession – consider crypto -currencies and decentralized finance as one of the means to better control their finances.
“They say, ‘Hey, in the long run, I know this technology is going to replace and evolve and I want to take more control because I think this decentralized aspect is going to help me build wealth so I can buy my first home,” Ehrlich said.
According to the survey, of the 43% of Americans surveyed who think cryptocurrency is the future of money, the majority are Millennials at 59%, followed by Gen X at 46% and Gen Z. at 41%.
Millennials are a significant driving force in cryptocurrency adoption, the survey suggests, revealing the following about millennials’ attitudes toward investing in cryptocurrencies:
● 82% are excited about the ability of crypto to reduce reliance on banks
● 41% bought cryptos in 2021 rather than mutual funds (23%) or new cars (27%)
● 82% are excited about being able to buy a cup of coffee using crypto
● 67% want to know more about cryptocurrency
● 59% think cryptocurrencies are the future
● 51% believe cryptocurrencies have the potential to help small businesses
Although volatile fluctuations in the value of digital coins remain a major concern among crypto traders, many respondents do not see it as a deterrent. “Consumers, even though they understand there is volatility in these asset classes, they look at that and say volatility is a roadblock and that overall,” Ehrlich noted.
Also: The Future of Money: Where Blockchain and Cryptocurrency Will Take Us Next
“Volatility comes in cryptocurrency because it’s only been about 10 years,” he explained.
For some investors surveyed, the biggest risk is not a volatile market, but not participating in crypto at all. “This is a unique opportunity to participate in what will be the infrastructure of the future,” Ehrlich said. This does not mean that investors should withdraw all their money and savings and pour it into crypto, rather they should invest the amount they are most comfortable participating with. “The key is to come in at a level of comfort and education.”
Education is one facet that survey respondents say needs more attention. About half of respondents surveyed said they would consider investing more in cryptocurrency if they understood it better, and 55% said they wanted to learn more. Forty-five percent of Gen Xers and Baby Boomers said they wish they had known about crypto at a younger age.
Additionally, two-thirds of respondents said crypto should be taught in high school, and one-third think it should be taught in middle school or earlier. This belief coincides with the opinion of newly elected New York Mayor Eric Adams, who said that cryptocurrency and blockchain should be taught in schools.
Perhaps the biggest lesson learned from the survey is that investing in cryptocurrencies is not just for younger generations. “The idea that crypto is only for millennials and Gen Z is misguided. With the number of baby boomers and Gen Xers taking part – wanting information, learning more, wanting to participate and starting to participate – it changes the narrative on cryptocurrencies,” Ehrlich said.
“I think one of the main findings of the survey is how important digital assets are becoming,” Ehrlich added, “and that alone shows you how important we are with cryptocurrencies in the United States. . We know it’s going to be so much bigger because it’s not just one or two generations. It’s everyone.”