Consumer trust in banks remains significantly higher than in cryptocurrencies, according to the results of a recent survey commissioned by CoinDesk.
When asked if they trusted banks or crypto more when it came to financial inclusion, 65% of respondents said banks, while only 5% said crypto. A little more than half (52%) agreed that cryptocurrency is more than a passing fad, while 60% think crypto will have mostly a negative effect on the economy, according to the survey.
The survey polled 1,000 randomly selected U.S. voters and, according to CoinDesk, was “meant to get a snapshot of public sentiment as crypto and artificial intelligence issues wind their way through Congress, federal regulators and the political campaigns” prior to this year’s midterm elections.
About one in four people said they have invested in crypto (27%), with most of them entering the market at least a few years ago. Only 2% say they have more than $10,000 in digital assets.
The survey reported that more than half (53%) of respondents had a less favorable impression of the industry based on recent news coverage. Those who like it focused on the sector’s opportunity for profitability, while those who distrust it were focused on crypto-related fraud and scams.
About 46% of said they don’t have anything to do with crypto and don’t want to, and 27% haven’t yet invested but said they might be open to it, according to the survey. The negative views were most likely to be held by people older than 45, with a sharp rise as respondents got older. Males, Republicans and minority groups share the most consistent approval of crypto, according to CoinDesk.
