More surveyed voters, when asked if they thought cryptocurrency was the future of money, said yes (31%) than no (29%). A plurality was not sure (41%).
While most people do not invest in or understand cryptocurrencies, such as, Bitcoin, Ethereum, or Litecoin, the rise of cryptocurrencies is undeniable. They present the public with a new option as a store of value that gold or silver used to provide. They are also of importance as we move toward a more digitized world. We are already experimenting with a "metaverse," where virtual life will trump physical reality someday.
While we spend more time in a digital world, is it possible we go from a cash-based economy to a digital cashless one? According to our polling the idea is not out of this world.
Our youngest survey respondents think cryptocurrencies have a future. A majority of voters aged 18-24 (51% yes/21% no) and 18-29 (53% yes/22% no) believe cryptocurrency will be the future of money, while older voters aged 65+ (4% yes/48% no) are not on board yet. The youngest generations, Generation Z (51% yes/21% no) and Millennials (55% yes/20% no) were also fond of cryptocurrencies but older generations-Generation X (29% yes/26% no) and Baby Boomers (7% yes/39% no) were not so much.
This may change as gains in the cryptocurrency market improve and there is mass adoption by institutional investors, but in the meantime, we may be in a long bear market which has happened a few times in the last fourteen years since the invention of Bitcoin by Satoshi Nakamoto.
Democrats (41% yes/22% no) think cryptocurrencies are the future of money more so than Republicans (24% yes/33% no) and Independents (25% yes/33% no).
A majority of African Americans (53% yes/14% no) also believe cryptocurrencies will be the future of money. Continuing with the trend, more Hispanics (48% yes/25% no) were likely to think cryptocurrencies were the future of money than Whites (23% yes/32% no).
Urban voters in large sized cities (53% yes/19% no) also thought of cryptocurrencies as the future of money, while voters in medium sized cities (31% yes/31% no), small sized cities (26% yes/38% no), suburbanites (19% yes/32% no) and rural voters (20% yes/29% no) were not as keen on cryptocurrencies.
Will Bitcoin or one of the one-thousand other cryptocurrencies supplant the Dollar? It is hard to think people will be using Dogecoin or Shiba Inu coin to buy groceries five years from now, but with the way inflation is surging, it is not hard to see why people are investing in cryptocurrencies because of "to the moon" returns. Are cryptocurrencies a bubble of hot air or the next tulip craze? All investments fall or burst, but the technology that drives cryptocurrencies, such as, the "DeFi" network and "blockchain" are the personal computer and internet of this generation. Bitcoin is considered digital gold by investors, and Ethereum tokens are examples of iron clad smart contracts. They might not make the cut as money, just as Macintosh computers and AOL do not exist anymore, but so too could the Dollar lose its dominant position. While the Dollar is the reserve currency now, those also come and go, every seventy to eighty years. Everything ends, eventually!
Zogby Analytics Poll Methodology
US Likely Voters
12/21/21 - 12/22/21
Zogby Analytics conducted an online survey of 1311 likely voters in the US.
Using internal and trusted interactive partner resources, thousands of adults were randomly invited to participate in this interactive survey. Each invitation is password coded and secure so that one respondent can only access the survey one time.
Using information based on census data, voter registration figures, CIA fact books and exit polls, we use complex weighting techniques to best represent the demographics of the population being surveyed. Weighted variables may include age, race, gender, region, party, education, and religion. The party breakdown for this survey is as follows: 38% Democrat, 38% Republican and 24% Independent/unaffiliated.
Based on a confidence interval of 95%, the margin of error for 1311 is +/- 2.7 percentage points. This means that all other things being equal, the identical survey repeated will have results within the margin of error 95 times out of 100.
Subsets of the data have a larger margin of error than the whole data set. As a rule we do not rely on the validity of very small subsets of the data especially sets smaller than 50-75 respondents. At that subset we can make estimations based on the data, but in these cases the data is more qualitative than quantitative.
Additional factors can create error, such as question wording and question order.
About Zogby Analytics:
Zogby Analytics is respected nationally and internationally for its opinion research capabilities. Since 1984, Zogby has empowered clients with powerful information and knowledge critical for making informed strategic decisions.
The firm conducts multi-phased opinion research engagements for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, IT companies and Federal agencies. Zogby's dedication and commitment to excellence and accuracy are reflected in its state-of-the-art opinion research capabilities and objective analysis and consultation.