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Most Americans Do Not Trust Crypto: Pew

An overwhelming majority of American adults who say they have heard of cryptocurrency do not trust it, according to a new survey from the Pew Research Center.

As such, about three-quarters of those asked who reported knowing at least “a little about” crypto said they do not feel confident enough in the ways it is traded, stored and used to invest in the digital assets. Per the data, approximately 88% of those surveyed said they have heard of cryptocurrency, which means about two-thirds of all adults in the U.S. report they are not comfortable investing.

“While concern about cryptocurrency is broad, some groups of Americans are more concerned than others. For instance, adults ages 50 and older who have heard about cryptocurrency are more likely than their younger counterparts to say they are not confident in its reliability and safety,” according to the survey's summary.

Breaking down the results further, about 39% of those asked said they are “not at all confident” and 36% said they are “not very confident” in its safety and reliability. The results show a startling contrast between the top and bottom of the spectrum, as only 2% of those surveyed say they are “extremely” confident while only 4% reported being “very confident” dealing in crypto.

From Twitter 

Dooridoori @DooridooriCoin

“From a coin's perspective, the weakening of the dollar is happening, whether intentional or not. In the anti-Western camp, monetary reform is underway in a blockchain-based form. Formation of regional economic blocs: South America, Middle East, Africa, ASEAN, BRICS Implementation of common currency within economic blocs Adoption of ‘Bitcoin’ as a buffer zone between national currencies *Both individuals and nations can only trust Bitcoin. - Doori Doori –” #Bitcoin #Cryptocurrency #Crypto #Blockchain #BTC #DigitalCurrency #Decentralized #BitcoinNews #BitcoinRevolution #CryptoMarket #Doorinati"

“Attitudes also differ based on whether someone has invested in cryptocurrency,” notes the report. “While one-in-five cryptocurrency users say they are extremely or very confident that it is safe and reliable, that share drops to 2% among those who are familiar with cryptocurrency but have not invested. Still, many who have invested in cryptocurrency also have concerns about its security: 43% of this group say they are not very or not at all confident in it.”

Additionally, across the last several surveys, data shows the number of crypto users in the U.S. has barely changed since 2021. To that end, the share of adults in the nation that report engaging with the digital assets has remained at around 17% in the last three surveys.

While most individuals who have engaged with crypto still have at least some assets, about three of every 10 U.S. adults who once used them no longer have any form of cryptocurrency, it adds.

“Those who live in lower-income households (43%) are more likely than those in middle- (30%) or upper-income (21%) households to have given up cryptocurrency,” notes the report. “And women who have ever used cryptocurrency are more likely than men in this same group to say they currently do not have any of the currency (37% vs. 29%).”

Cryptocurrency and its underlying technologies have had some tough sledding recently as several high-profile scandals made their way into the mainstream news. Recently, the U.S. Department of the Treasury also published its 2023 DeFi Illicit Finance Risk Assessment, which shed some light onto some of the most problematic areas of the digital asset space.

DeFi, or decentralized finance, does not have an official definition, notes the department, but the assessment broadly refers to virtual asset services and protocols aimed at allowing automated peer-to-peer transactions using blockchain technology.

The treasury assessment illustrates, at least in part, the uphill battle the crypto industry faces as it tries to gain mainstream traction. “Our assessment finds that illicit actors, including criminals, scammers, and North Korean cyber actors are using DeFi services in the process of laundering illicit funds,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Capturing the potential benefits associated with DeFi services requires addressing these risks.” 

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