Tracking Cryptocurrency Adoption and Perspectives

Updated: May 11, 2022 | By Charlotte Principato

Cryptocurrency and its underlying technology stand to fundamentally alter the financial services industry, particularly the way consumers manage their finances and transact with one another. Or it could all be just a passing fad. The speed of cryptocurrency’s adoption and the uncertainty about its future mean it is imperative that financial services leaders track its developments.

The methodology for the monthly tracker is included at the bottom of this page.

KEY TAKEAWAYS

Trust in cryptocurrency remains negative overall, and lower than at the beginning of the year. More consumers say they don’t trust cryptocurrency than say they do, yielding a net trust rating of minus 38 percentage points, a notable decline from January’s rating of minus 28.

Retail investors are staying the course on crypto positions, with ownership and purchasing intent showing little month-over-month change despite a continuous drop in trust in cryptocurrency since the beginning of the year. As of mid-April, 18% of U.S. adults reported owning some form of cryptocurrency, roughly equal to the share who said the same in January.

Cryptocurrency owners’ bitcoin price prediction has reached a high for the year. Adults who own crypto anticipate that the average price of bitcoin will top $50,000 in six months’ time. That’s still shy of bitcoin’s all-time high price of just under $69,000, but much higher than its roughly $40,000 value when the survey was fielded in mid-April.

Cryptocurrency Ownership

Share of adults who say they own cryptocurrency

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Cryptocurrency Ownership and Usage

Cryptocurrency Ownership

Share of respondents who say they own each

Bitcoin Ownership

Share of each reporting that they own bitcoin

Reported Cryptocurrency Sales

Share of cryptocurrency owners saying they sold any of the following in the last month:

Anticipated Cryptocurrency Purchases

Reported likelihood of purchasing cryptocurrency in the next month

Bitcoin Price Prediction

Respondents were asked what they expect the price of bitcoin to be in six months

Cryptocurrency familiarity and opinions

Familiarity With Cryptocurrency and Related Topics

Share reporting they are very or somewhat familiar

Trust in Cryptocurrency and Related Topics

Respondents who had heard of a given topic were asked how much they trust it (net trust)

Opinion on Cryptocurrency Regulation

Respondents were asked how regulated cryptocurrency should be relative to financial assets such as securities and investment funds

Opinion on Cryptocurrencies’ Impact on Society

Respondents were asked which statement they agree with more
*Full text of response option: Cryptocurrencies are mostly beneficial to society because they don't rely on traditional financial institutions and can offer underserved populations greater access to wealth
**Full text of response option: Cryptocurrencies are mostly harmful to society because they don't rely on traditional financial institutions and make it easier for criminals including terrorists to commit crimes

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Methodology

The Cryptocurrency Insights Hub relies on data collected monthly through Morning Consult’s proprietary survey research capabilities. The interviews are conducted online, and the data are weighted to approximate a representative sample of U.S. adults based on gender, educational attainment, age, race and region. Results from the full survey have a monthly sample size of 4,400 U.S. adults and an unweighted margin of error of plus or minus 1 percentage point.

On April 1 2022, Morning Consult updated its general population weighting targets for the United States to be more representative of the most recent population data. This change has slightly and not meaningfully altered some historical data in this tracker.

About Morning Consult

Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at morningconsult.com

About the Author

Charlotte Principato is a financial services analyst at Morning Consult, where she leads the company’s analysis to deliver real-time insights to the financial services sector.

Email  to speak with a member of the Morning Consult team.

Morning Consult