A new NBC News survey finds that one in five Americans has invested in, traded or used cryptocurrency, another sign that digital assets continue to gain popularity even as lawmakers warn of market risks and work to regulate the industry.
Half of the men between the ages of 18 and 49 said they were involved in cryptocurrency, the highest among all demographic groups.
Forty percent of black Americans said they have traded or used cryptocurrency, while 42 percent of all 18-34-year-olds said the same.
The fact that 21 percent of 1,000 Americans surveyed said they have used or invested in cryptocurrency at least once shows just how relatively modern the industry has taken off in recent years. Digital assets have proliferated as Capitol Hill is working to introduce new rules to the market.
Cryptocurrency advocates argue that assets such as bitcoin, ether and stablecoins offer better transaction speeds, lower costs, privacy and security, and an opportunity to provide financial services to underbanked communities.
But without a major legislative effort, the cryptocurrency market still looks like a “wild west,” according to Securities and Exchange Commission Chairman Gary Gensler. This may be why only 19 percent of those surveyed by NBC News said they view cryptocurrency positively, and 25 percent indicated that they view it negatively.
The majority – about 56 percent – said they feel neutral or unsure about the cryptocurrency industry.
However, the cryptocurrency market has grown so dramatically that President Joe Biden Earlier this month signed an executive order Directing the relevant government agencies to study its risks and benefits.
While the administration has expressed concerns about potential fraud and the financing of illegal activities, it has also made clear that the United States has a geopolitical interest in developing the infrastructure and oversight to monitor cryptocurrencies.
While both Republicans and Democrats acknowledge the potential benefits of a cryptocurrency market now worth trillions, many warn that a lack of federal oversight leaves consumers vulnerable to fraud and dangerous price volatility.
even in Bitcoinone of the most popular cryptocurrencies, is not immune to extreme price fluctuations: it has fallen by 20 percent over the past year.
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