70% Americans are Uncertain about Cryptos Says Clovr Report

By Chetna Phour

According to a recent research conducted by Clovr, crypto awareness is increasing at a steady pace in the United States and American have almost evenly split on the question of whether or not to invest in the cryptos.

Investing in cryptocurrencies looks like a get rich quick scheme. With the investment in Bitcoins and other cryptocurrencies some people became really really rich but because of the higher volatility, the crypto investors lost their newly earned wealth as quickly as they have earned it.

Recently Clovr has conducted a market research in which over 1,000 American adults participated. The main reason behind conducting the survey is to understand the feelings of American about cryptocurrencies and to break down whether excitement or fear is the overwhelming emotion towards digital currencies. In the survey responses of 1004 Americans aged between 18 and 80 were gathered via Amazon’s Mechanical Turk platform. The average age of respondents was 36.5, with a standard deviation of 11.86 years.

As the popularity of digital assets is increasing Americans are becoming more aware of the cryptocurrencies. According to the survey, over 75% feels that they know about the cryptocurrencies and further 20% indicated that ‘sort of’ know about cryptos. They even know what is going on with these electronic payment methods. The percentage dropped to 62% when asked if they would be comfortable to explain what cryptocurrency is to others. It is expected that the percentage of the American population which is aware of the crypto continues to grow steadily.

According to 70% of respondents, there is uncertainty in cryptocurrencies. For this feeling who could be blamed? Might be Bitcoin, the price of Bitcoin shoots off like a rocket and then it crashed back to the earth less than in a year. In a report, Federal Trade Commission said that in the first two months of 2018 American lost over half a billion dollars in cryptos. This is why some of the respondents even have a feeling of fear towards digital currencies.

In the survey, 51.6% of respondents said that they would invest in crypto in the expectation of huge returns while for 58.1 % said that they will not invest in cryptocurrencies because they are too risky. The survey also shows that crypto investment is still a male-dominated activity. 43% of surveyed male invested in the cryptos against 23% of women.

Americans appeared to be divided in opinion over cryptos. Cryptocurrencies are still considered uncertainty among Americans. Though many Americans know what cryptos are but still there is a fear in investing in digital assets.