Millennials are more optimistic about the chances of cryptocurrency being widely accepted, and nearly half of who think this would prefer using cryptocurrency over the U.S. dollar, according to a recently conducted consumer survey on awareness of and attitudes about cryptocurrency.
Nearly 80% of Americans (79%) are aware of at least one type of cryptocurrency, according to the study by YouGov Omnibus, a research firm that conducts online nationwide surveys.
Bitcoin leads the field in terms of awareness, with 71% of participants recognizing it by name. The next closest contender, Ethereum, garnered 13% recognition. The survey, which was fielded on Aug. 29 and 30, listed 16 cryptocurrencies: bitcoin, Ethereum, Litecoin, Zcash, Dash, Ripple, Monero, Cardano, Stellar, NEO, EOS, NEM, Dogecoin, Midseason/SafeCoin, Lisk and Storjcoin X.
Cryptocurrency awareness was higher among men than women for nearly all types of cryptocurrencies mentioned. Twenty-seven percent of women were unfamiliar with any cryptocurrency, compared to 16% of men.
More than a third (36%) of all respondents said they believe cryptocurrencies will become widely accepted for legal purchases in the next 10 years. Millennials, more than any age group, were more likely to believe this (44%), compared to 34% of GenXers and 29% of baby boomers.
A nearly equal number (34%) said cryptocurrencies are not likely to be widely accepted in 10 years.
Among those believing cryptocurrencies will become more accepted, millennials are nearly evenly split between using cryptocurrency in place of U.S. fiat (48%) and not doing so (50%). This makes them the most likely group to use cryptocurrencies in place of the U.S. dollar.
More than a third (36%) of all respondents who think cryptocurrencies will become more accepted said they would be more likely to use a cryptocurrency in place of U.S. fiat. The majority (57%), however, said they would not choose to use cryptocurrency over the U.S. dollar.
A hefty 87% of those who are aware of bitcoin have not used it in any way. Nearly half (49%) of those who are aware of it said they were glad not to have purchased it and have no plans to do so. Fifteen-percent said they regretted not buying bitcoin at an earlier time, but think that time has passed. People 35 to 54 years of age were more likely to express this sentiment, as 21% of them said they wish they had purchased bitcoin, compared to 11% of those 55 years of age and older.
The perception of cryptocurrency’s use for illicit activity continues to cloud the way many people view it. A quarter of the suvey respondents said they believe cryptocurrencies are more often used for illegal purchases, compared to 17 who think they are more often used for legal purchases and 19% who say they are used both legally and illegally.
Hispanic Americans more often believe cryptocurrencies are used for legal purchases.
Featured image from Shutterstock.