Bitcoin prices came tumbling down earlier this week after Tesla’s Elon Musk announced his decision to suspend the use of the cryptocurrency to sell his electric cars citing environmental concerns. This report delves into people’s opinions about cryptocurrencies, especially given the growing investment and ever-increasing buzz around it

Elon Musk has done it again, sending crypto on a wild ride with just his tweets. From calling Dogecoin a ‘hustle’ to implying Tesla has sold or may sell its entire bitcoin holding, the SpaceX CEO has not only caused their prices to crash but has also unnerved investors with his change of stance. While Musk can be credited for lending legitimacy to digital currencies with his market-moving decision and tweets earlier this year, cryptocurrencies, in general, have been slowly going mainstream over the past two years, with several big brands accepting it as a valid form of payment. Given the explosion of interest and the volatilities, how interested and cautious are Americans of this latest trend? Piplsay polled 5,061 people nationwide to get some insights. Here is a summary of what we found:

Other Insights

• 49% of Millennials own cryptocurrencies as compared to 38% of Gen Xers and 13% of Gen Zers
• 88% of all investment in cryptocurrencies is done by respondents with a college or a master’s degree
• 53% of Millennials are ‘very likely’ to purchase products or services using cryptocurrency as compared to 40% of Gen Xers and just 7% of Gen Zers

Survey Methodology: This Piplsay survey was conducted nationwide in the US in May 2021. We received 5,061 online responses from individuals aged 18 years and older.