Wiser Wealth: Most Americans Don’t Understand Bitcoin, with 1 in 10 Never Having Heard of it
As some financial services, such as Mastercard and ATMs, have begun embracing the usage of cryptocurrencies, that would seem to suggest it is becoming more commonplace. That seems logical since the value of a single Bitcoin has fluctuated in value around $50,000 at times.
However, a survey reveals that many Americans might still have no idea what cryptocurrency actually is.
As reported by Charlie Wells for Bloomberg, a survey conducted earlier this month by the Harris Poll revealed the results that 1 in 10 Americans have never even heard of cryptocurrencies like Bitcoin, Dogecoin, and Ethereum.
Of the remaining respondents, 61% said they knew of it but did not understand how cryptocurrencies work.
The survey had nearly 2,000 participants, providing a pretty decent sample size. Yet only 14% of those who had heard of cryptocurrency felt that they had a very solid understanding of it.
Perhaps more surprising is that this did not appear to be a case of the younger generation being more tech-savvy.
In the same survey, nearly 60% of Generation Z regarded cryptocurrency to be comparable to using cash or credit. Among millennials, the number was closer to 70%.
Oftentimes people chalk up these disparities in tech knowledge to being out of touch with the younger generation, but that does not seem to be the case here.
So even as financial institutions begin integrating consideration for cryptocurrency into their companies, the general public can’t even seem to agree whether cryptocurrency is the future, or a passing fad.
If you want to learn more about cryptocurrencies, make sure to check out Bloomberg’s article by clicking here.
Need financial planning advice? Learn more about Fred Hubler’s no conflict of interest, retainer-based financial advice model here or read more about Fred’s Phoenixville business on MONTCO.Today here.
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