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The Zogby Poll®: Cryptos (Bitcoin, Ethereum and Litecoin) still on the fringes of society; More people expect to invest in the next six months; Democrats more likely to purchase cryptos than republicans and independents

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An overwhelming majority (82%) of respondents have not invested in one of the three major cryptocurrencies-Bitcoin, Ethereum and Litecoin. Only 12% of the surveyed respondents have taken the plunge and invested money in what some are calling a new "decentralized form of currency". Although cryptocurrencies such as Bitcoin exhibit characteristics of currency such as intrinsic value, exchangeability, and only a finite amount created, others have called it a mania and the biggest bubble since the Mississippi Company or the Tulips craze in Europe; both events happened in the seventeenth century.

Not surprisingly, cryptocurrencies were most popular with voters aged 18-29 (20%) and 25-34 (22%)-both were the highest among any age group. Men (17%) were twice as likely as women (7%) to invest in Bitcoin, Ethereum, and Litecoin.

When it came to the politics of respondents, Democrats (14%) were more likely than Republicans (8%) and Independents (13%) to invest in crypto-currencies. Adults who attend weekly+ religious services (29%) are one the most likely sub-groups to have already invested in a crypto-currency. Respondents in the west region (19%) and those earning $75,000-$100,000 annually (21%) were also very likely to have purchased Bitcoin, Ethereum, and Litecoin. NASCAR fans (30%), respondents temporarily unemployed and looking for work (39%), those who have lost a job (40%), gone without food for 24 hours (37%), union members (24%) investor class respondents (21%), and respondents sympathetic to ANTIFA (52%) were some of the more likely demographics to purchase crypto-currencies. Minorities such as African Americans (19%) and Hispanics (23%) were more likely to have invested in Bitcoin and other cryptocurrencies than white respondents (6%) surveyed.

Older respondents aged 50-64 and 65+ (both 95%) were more likely to respond "no" to investing in crypto-currencies. Other groups who were also not likely to invest in Bitcoin, Ethereum, and Litecoin were: Protestants (8%) compared to Catholics (16%) and Jewish respondents (43%); voters living in the suburbs (5%) compared to respondents living large (19%) and small cities (16%), and people living in the great lakes central and southern (11%) regions (5%) compared to respondents living in the east (16%) and west (19%) regions.

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More than one in five (21%) surveyed say they are likely (very and somewhat likely combined) to purchase cryptocurrencies such as Bitcoin, Ethereum, and Litecoin in the next six months, while 70% (very and somewhat unlikely combined) said they were unlikely to purchase cryptocurrencies in the next six months. This is three times more than the respondents who said yes to already purchasing crypto currencies. It seems as though more people are thinking about the idea of Bitcoin and other alt coins, yet cryptocurrencies are still a novelty in terms of actual size and ownership by the public. The tripling of ownership could increase value even more in the coming months Men (12%) were twice as likely as women (5%) to be purchasing Bitcoin and other crypto coins in the next six months. Younger respondents 18-29 (12%) were 12 times more likely to be buying cryptocurrencies in the next six months than respondents aged 65+ (1%). The group that was most likely to purchase cryptocurrencies in the next six months was those who attended weekly+ religious services (37% very likely and 52% very and somewhat likely combined).

The groups most unlikely to purchase cryptocurrencies (very and somewhat unlikely combined) are older respondents (1%-2% likely), white respondents (70% very unlikely), and respondents who never attend religious services (75% very unlikely). Respondents surveyed who live in the central great lakes region (69% very unlikely) were much more unlikely than respondents in the east (60% very unlikely), while respondents who earn $100,000-$150,000 (75% unlikely) were more unlikely than those earning less than $25,000 annually (59% very unlikely) to purchase Bitcoin, Ethereum, and Litecoin in the next six months. More independents (78% very and somewhat unlikely combined) and Republicans (71% somewhat and very unlikely combined) were more unlikely to purchase cryptocurrencies in the next six months compared with Democrats (62% somewhat and very unlikely combined).

There is definitely more interest in cryptocurrencies today than compared to last year. The value can easily increase in the next year, but can it sustain itself at this pace is the big question. When the bubble bursts, the technology will more than likely still be standing, but how much wealth will have been created and how many fortunes lost is the biggest question about Bitcoin and other cryptocurrencies that cannot be answered right now.

Zogby Analytics conducted a nationwide online survey of 847 likely voters in the US. The survey was conducted 01/12/2018 - 01/15/2018. Based on a confidence interval of 95%, the margin of error for 847 is +/- 3.4 percentage points.

 

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