Americans have polarizing feelings about virtual currencies

Americans have polarizing feelings about virtual currencies

The U.S. is the country with the highest capitalization of the crypto market, with almost 50 percent of it.

With that in mind, an organization called clovr surveyed a thousand Americans through Amazon's Mechanical Turk platform. The participants ranged from the ages of 18 to 80, with an average of 36 years old. The results showed that the people from the United States are split regarding cryptocurrency.

That has a lot to do with the investment results that each person has had, also depending on whether they are enthusiasts of the industry or just spectators. Their feelings range from joy and anger, to satisfaction and nervousness, a swirl of emotions almost as extreme as the prices of the digital sector.

Clovr's study is titled “How do Americans feel about cryptourrency?”.

According to the study, the most common feelings among the American population when talking about cryptocurrencies, are uncertainty and confusion.

Out of the 1,004 people surveyed, 69.8 percent of them answered that they felt uncertainty, while 32.9 percent stated that they felt confusion. Excitement, anticipation, and hope were the next three prevailing emotions, at 31.5 percent, 30.5 percent, and 28.1 percent, respectively.

According to clovr, for some people the biggest deterrent in investing of any kind _not only cryptocurrency _ is the fear of losing their money. While that fear is often linked to a lack of understanding, feeling intimidated by the prospect of investing is a primary reason some people avoid entering the digital economy game, despite many bold stories of success.

The study also showed that cryptocurrency attracts risk-takers and repels risk-averse investors.

Respondents said that the top reason for investing in cryptocurrency was the “possibility of huge return on investment” and the top reason for not doing it was that it was “too risky.”

Also, the top trait of cryptocurrency investors was “risk-taking” and “forward-thinking,” while non-enthusiasts exhibited “safe” and “smart” as their main traits.

Among the surveyed, 34 percent answered that they have previously invested in cryptocurrency, and men are almost twice as likely as women _ 43 percent to 23 percent. At the same time, younger individuals are more likely to have invested in cryptocurrency, since 41 percent of millennials claimed to have invested, followed by a 24 percent for Generation X _ people born between 1965 and 1984 _ and 18 percent for Baby Boomers _ people born between 1946 and 1964.

The results suggest that Americans are strongly divided in their perception of cryptocurrencies _ almost as much as they are in social and political issues.

However, such mixture of emotions is reasonable given recent bear market, after an incredibly profitable 2017 run. Crypto-economy is still a young industry, but as it matures, people’s perception towards it should evolve as well.

  • Alejandro Cortés

    Alejandro Cortés

    Egresado de la Escuela Mexicana de Periodismo Carlos Septién García. Ha trabajado para varios periódicos en México y los Estados Unidos desde 2002.

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