Finance
Report: U.S. Public Opinion on Cryptocurrency
Report summary
Consumers around the world are committed to crypto, despite its volatility. Leaders can no longer dismiss decentralized digital assets as a passing fad.
Combining research from Morning Consult’s Industry Intelligence, Economic Intelligence and Geopolitical Intelligence teams, this report offers a comprehensive, unparalleled overview of consumers’ opinions on cryptocurrency in the United States and around the world.
Key Takeaways
- Roughly 1 in 6 U.S. households own cryptocurrency: Although cryptocurrency owners are mostly younger, white men, there are crypto owners from all walks of life.
- Owners view crypto as an asset, not a form of payment: Making money is the main reason U.S. consumers say they own cryptocurrency, and relatively few use it primarily as a means of paying or sending money to others.
- Consumer confidence is 16.4 points higher among crypto users than the average American: While falling in recent months, Morning Consult’s Index of Consumer Sentiment has held up relatively well among crypto owners.
- Crypto owners expect bitcoin to bounce back above $37,000: The average crypto owner remains optimistic about a bitcoin rebound, despite its recent weakness.
- Drivers of interest in crypto vary globally: Inflation, restrictions on the movement of money, techno-optimism and e-commerce all contribute to global cryptocurrency adoption.
- Crypto is not a safe-haven asset: People around the world view cryptocurrency as an investment, but they don’t see it as a long-term store of value.
Methodology
MORNING CONSULT INDUSTRY INTELLIGENCE
A survey on consumers’ financial services relationships and financial habits, conducted monthly among a representative sample of 2,200 or 4,400 U.S. adults, with an unweighted margin of error of up to +/-2 percentage points.
A survey on consumers’ cryptocurrency ownership, opinions and perspectives, conducted monthly among are presentative sample of roughly 4,400 U.S. adults, with an unweighted margin of error of +/-1 percentage point.
MORNING CONSULT ECONOMIC INTELLIGENCE
A survey on personal financial conditions and business conditions conducted daily among a representative sample of roughly 6,000 U.S. adults, with an unweighted margin of error of +/-1 percentage point.
MORNING CONSULT GEOPOLITICAL INTELLIGENCE
Data comes from a monthly survey conducted since January 2021 in 15 major economies (expanded to 17 in January 2022)and a survey conducted June 1-7, 2022, among adults in the same major economies.Both of these surveys were among roughly 1,000 adults per country. The survey results have an unweighted margin of error of +/-3 percentage points.
About the authors
Charlotte Principato previously worked at Morning Consult as a lead financial services analyst covering trends in the industry.
Jesse Wheeler previously worked at Morning Consult as a senior economist.
Sonnet Frisbie is the deputy head of political intelligence and leads Morning Consult’s geopolitical risk offering for Europe, the Middle East and Africa. Prior to joining Morning Consult, Sonnet spent over a decade at the U.S. State Department specializing in issues at the intersection of economics, commerce and political risk in Iraq, Central Europe and sub-Saharan Africa. She holds an MPP from the University of Chicago.
Follow her on Twitter @sonnetfrisbie. Interested in connecting with Sonnet to discuss her analysis or for a media engagement or speaking opportunity? Email [email protected].
