Voyager Digital, one of the fastest-growing cryptocurrency platforms in the United States, has announced findings from its first Crypto Confidence Survey of more than 6,000 Americans. The data shows that US consumers are gaining confidence in crypto as it reaches mainstream acceptance and continues to expand in utility.
As 2022 kicks off, nearly two-thirds (64%) of American consumers polled are “crypto bulls,” believing that the category will continue to gain value in 2022, and a similar proportion (61%) say they are considering purchasing crypto this year. Bitcoin had a record year in 2021, and 41% of Americans believe it will grow in value in 2022. But the growing interest in cryptocurrency extends beyond Bitcoin. Today, according to the survey, more Americans would consider buying altcoins, such as Dogecoin, and stable coins, such as USD Coin, than would consider buying Bitcoin (44% vs. 39%). And most current cryptocurrency owners have purchased both Bitcoin and altcoins (60%), while 18% have purchased only Bitcoin and 22% have purchased only altcoins.
Based on the Survey, 2022 is poised to be a stand-out year with over half of the American consumers considering purchasing crypto. Among current crypto owners, 76% believe that owning cryptocurrency is a way to protect against inflation. The Survey also found that the majority of Americans agree that crypto education is important and should start in the classroom, in high school or earlier. Voyager is well-positioned to serve this growing interest in crypto with its easy-to-use app and platform that bring crypto to the real world.
Key National Findings include:
Crypto confidence is high, and Americans are pushing back on the idea that it’s just a fad:
- 66% of Americans believe that crypto will be widely accepted within the next five years, with women believing it’s more likely to happen in the next three years than men (53% compared to 44%).
- Most Americans (61%) say that they will likely purchase crypto in 2022, including a majority of Gen X (62%) and nearly one-third of Boomers (32%).
- Two in five Americans (43%) believe that crypto is the future, including a majority of Millennials (59%) and nearly half of Gen X (46%).
- 82% of current crypto investors plan to buy more crypto in 2022.
- 87% of crypto investors say they are in the market for the medium or long term
Americans are excited about opportunities to integrate crypto into their everyday lives:
- Half of Americans would be interested in receiving at least 10% of their salary in crypto, while 50% of crypto owners would prefer to receive at least 25%.
- 55% of Americans are excited about being able to buy a house using crypto.
- Nearly one third (32%) would rather receive $20 in Bitcoin than $20 in cash.
- Half of Gen Z (51%) agree that crypto would make a good Valentine’s Day or graduation gift.
2021 saw increased regulation in the industry, but Americans are concerned:
- Over half of Americans (54%) believe that most politicians don’t know enough about crypto to effectively regulate it.
- More than two-thirds of Americans (71%) are concerned about regulatory overreach in crypto, including three quarters (77%) of Millennials and Gen Z and two thirds (67%) of Gen X and Boomers.
Millennials in particular are standing behind crypto:
- 82% of Millennials are excited about crypto’s ability to reduce reliance on banks.
- More Millennials bought crypto (41%) in 2021 than bought mutual funds (23%) or new cars (27%). More Millennials bought crypto in 2021 than started a romantic relationship (19%).
- 82% of Millennials are excited about being able to buy a cup of coffee using crypto.
- 55% of Millennials believe that crypto should be treated like any other currency.
- 66% of crypto investors reported having recommended it to their friends and/or family in 2021.
- 67% of Millennials want to learn more about crypto.
More crypto education is needed and desired by Americans:
- Half of Americans would invest more in crypto if they understood it better, and most (55%) want to learn more about crypto.
- Nearly half of Gen X and Boomers (45%) wish they had learned about crypto at a younger age.
- Half of Americans (50%) wish they had learned about crypto at an earlier age.
- 66% of Americans believe that crypto should be taught in high school or earlier, and 33% believe crypto education should occur even earlier in middle school or before.
- Most Americans follow crypto news (64%). Current investors, in particular, are hooked, with 97% of crypto investors following crypto news.