Most Americans see cryptocurrency as a risky investment

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Don’t fall for these crypto and NFT scams

Don’t fall for these crypto and NFT scams 05:12

Cryptocurrency has captured the awareness of most Americans these days, even if most aren’t ready to invest in it themselves. Most Americans have at least heard about cryptocurrency, but most also see cryptocurrency as a risky investment, including a majority of those who have used it.

While two in three Americans have heard something about cryptocurrency, just one in five say they know a lot about it. Even fewer — just 18% — say they have used or invested in cryptocurrency themselves.

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Few Americans who have heard about cryptocurrency consider investing in it to be safe, and this is true both of those who say they have heard a lot about it and those who have used or invested in it themselves. Just 31% who have used or invested in cryptocurrency say it is safe.

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Investing and using cryptocurrency is not an activity done solely by the wealthy. While those at the lower end of the income scale are less likely to have invested in cryptocurrency than other Americans, there’s little difference by income level among those making more than $50,000 a year. Between one in four and one in five Americans earning above that level have invested in or used cryptocurrency.

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Still, some Americans have been more inclined to invest in cryptocurrency than others. Overall, men are more than twice as likely as women to have invested in cryptocurrency, and younger Americans — those under the age of 45 — are far more likely to have invested or used cryptocurrency than older Americans. This is true across income levels.

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This CBS News/YouGov survey was conducted with a nationally representative sample of 1,980 U.S. adult residents interviewed between January 27-31, 2022. The sample was weighted according to gender, age, race, and education based on the U.S. Census American Community Survey and Current Population Survey, as well as to 2020 presidential vote. The margin of error is ± 2.6 points.

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