Cryptocurrencies remains popular with NASCAR fans and fringe groups
According to a June Zogby survey of 878 likely voters, most (89%) respondents have not invested in cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. While some are calling cryptocurrency a new digital form of "decentralized money", it's still yet to capture the imagination of the general public. The value of Bitcoin and other popular cryptocurrencies reached a fever pitch in value eight months ago, but since then values have retreated due to the volatility of the digital currency markets. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain that serves as a public financial transaction database.
Compared to six months ago, when we last asked this question, the number of respondents who say they have purchased "cryptos", such as Bitcoin, Ethereum, and Litecoin, has decreased from 12% to 7%. The decrease in popularity might be due to the sharp decrease in value, and some negative comments made by Wall St. and central banks.
Our polling found cryptocurrencies were more likely to be purchased by younger adults age 18-24 (23%) and 18-29 (21%). In comparison, respondents age 30+ were much less likely to have purchased the new digital currencies, which ranged from 2-5%. Bitcoin, Ethereum, and Litecoin were also more popular in the minority communities with Hispanics and African Americans (both 14%). In fact, Hispanics and African Americans were more than three times as likely as whites (4%) to have purchased crypocurrency. Numbers were up among younger adults, but down overall among minorities, compared to our January results. Men (9%) were more likely than women (6%) to have invested in cryptocurrencies but the number of men investing is also down sharply from six months ago.
When it came to politics, this time around Republicans (10%) were more likely than Democrats (5%) and Independents (7%) to have purchased cryptocurrencies. The groups who were most likely to invest in digital assets were NASCAR fans (18%), NRA members (25%), respondents sympathetic to the alt-right (29%) and ANTIFA (36%).
Only 13% of surveyed respondents say they are likely (very and somewhat likely combined) to purchase cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, in the next six months. Three-quarters of respondents (very and somewhat unlikely combined) said they were unlikely to purchase cryptocurrencies in the next six months. Since our last time tracking cryptocurrency purchases, numbers are down overall when it came to purchases in the next six months.
Among certain demographics, future plans to purchase cryptocurrencies have increased. The price of "cryptos" have taken a beating in the last eight months, but are up in value year on year. Men (18%) were twice as likely as women (9%) to purchase Bitcoin and other "crypto coins" in the next six months. Younger respondents age 18-29 (36%) were 18 times more likely to be buying cryptocurrencies in the next six months than respondents age 65+ (2%). Once again, those who attend weekly+ religious services (20% very likely and 32% very and somewhat likely combined) were more likely to consider purchasing cryptocurrencies in the next six months. Minorities were twice as likely as all adults, and more than four times as likely as white respondents, to purchase cryptocurrencies in the next six months. Respondents who have lost a job (30% likely) and are afraid of losing a job (24% likely) were also considering purchasing Bitcoin, Ethereum, and Litecoin in the next six months.
Other groups who were more likely to invest in digital currencies in the next six months were NASCAR fans (25%), NRA members (32%), adults sympathetic to the alt-right (41%) and ANTIFA (49%).
The groups most unlikely to purchase cryptocurrencies (very and somewhat unlikely combined) are older respondents age 65+ (92% very unlikely), white respondents (75% very unlikely), and respondents who never attend religious services (77% very unlikely). Respondents surveyed who earn $150,000+ annually (82% somewhat and very unlikely combined) were more unlikely than those earning $25,000-35,000 annually (64% somewhat and very unlikely combined) to purchase Bitcoin, Ethereum, and Litecoin in the next six months. More independents (77% very and somewhat unlikely combined) and Republicans (80% somewhat and very unlikely combined) were more unlikely to purchase cryptocurrencies in the next six months compared to Democrats (73% somewhat and very unlikely combined).
Zogby Analytics conducted a nationwide online survey of 878 likely voters in the US. The survey was conducted 06/04/2018 - 06/06/2018. Based on a confidence interval of 95%, the margin of error for 847 is +/- 3.4 percentage points.