With all the buzz around cryptocurrency, we had to ask: what do consumers think?
Confusion & Lack of Knowledge
We found that Americans are pretty confused as to what cryptocurrency is and at the same time, they are ready to have some of it. Over half of Americans (56%) report knowing a little or a lot about cryptocurrency, while just under half (44%) know nothing. Men are more likely to report they know a lot about it in comparison to women (23% of men vs. 7% of women). When we ask people what they think cryptocurrency is, results validate confusion.
While the industry describes it as a currency, Americans are less certain. Over one-third of Americans (38%) describe it as currency, while a quarter (26%) say they have no idea what it is; the remainder are roughly split between saying it’s an investment (19%) or a commodity (17%).
Despite the market confusion around cryptocurrency, Americans are fairly engaged with it. Nearly a quarter (24%) report that they currently own cryptocurrency or have owned it in the past. Even more anticipate they will own it in the future–over one-third (35%) of Americans say they are likely to own cryptocurrency in the next 5 years.
Are Americans ready for money to function like software? Alison McCauley, author of Unblocked: How Blockchains Will Change Your Business and (What to Do about It) explores this concept in her recent article in Forbes. We’ve seen in our Logica Future of Money Study that U.S. adults are eager for new technologies around money. In fact, they anticipate paying in ways that haven’t been invented yet. This may or may not be cryptocurrency as we know it today. From the consumer perspective, the technology is not the important part; they want payments to be easy and provide the features and benefits they need.
No doubt the financial industry is in a state of disruption that will lead to even more innovation.
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