53% of Americans Think Crypto Is the "Future of Finance": Report
Research conducted by Ethereum Layer 2 creator StarkWare has shed light on crypto adoption in the U.S.
Key Takeaways
- StarkWare has released a survey report investigating attitudes towards cryptocurrencies in the U.S.
- 53% of respondents agreed that crypto was the "future of finance," with the most positive responses coming from the 25 to 34-year-old age group.
- The data also showed high recognition of crypto-specific terminology, with over 40% of participants recognizing terms like “Binance” and “blockchain.”
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A recent survey conducted by StarkWare has revealed that 53% of Americans think cryptocurrency is the “future of finance.” The report also suggests that crypto awareness is highest among 25 to 34-year-olds.
Americans Embrace Crypto
New data suggests that belief in cryptocurrencies is growing.
StarkWare, one of several companies building Ethereum scaling solutions, released a crypto survey report Tuesday, showcasing attitudes towards cryptocurrencies in the U.S. Out of a national sample of 2,000 American adults, 53% reported that they thought cryptocurrencies were the “future of finance,” indicating a major shift in public perception.
‘It’s astounding that a system most people hadn’t heard of a decade ago is now considered the ‘future of finance,’ said StarkWare president Eli Ben-Sasson. Within the sample, the most positive responses came from the 25 to 34-year-old age group, indicating belief in cryptocurrencies was higher among millennials. Ben-Sasson also said that he believes the results suggest the world is on the cusp of the “biggest financial change since the credit card,” as younger generations are increasingly drawn towards alternative financial systems.
However, while the survey revealed that belief in cryptocurrencies was high, it also indicated that many respondents were struggling to get to grips with blockchain technology. Another question asked participants if they thought cryptocurrencies were “simply too hard to understand,” with 36% of respondents saying yes.
Despite this, the data showed high recognition of crypto-specific terminology. Over 40% of participants had heard of terms like “Binance” and “blockchain,” and 34% had heard of NFTs. Even more obscure terms such as “The Flippening,” which refers to the market cap of the second-largest cryptocurrency, Ethereum, overtaking that of Bitcoin, were recognized by 17% of respondents.
StarkWare’s survey also asked participants if they had already invested in cryptocurrencies. Over all ages, 17% of U.S. respondents replied yes, with the 35-44-year-old cohort registering the highest number of investors at 35%. Similarly, another StarkWare survey found a slightly higher number of British respondents had invested in cryptocurrencies at 20%.
In light of the survey responses, StarkWare CEO Uri Kolodny explained that while crypto adoption is increasing, more work needs to be done in making crypto applications more user-friendly. As StarkWare continues building out its Ethereum scaling solutions StarkEx and StarkNet, accessibility is likely to be a top priority going forward.
Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies.
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