Survey shows most US citizens aren’t on board with the idea of virtual currency

By James Gray·25 September 2020·2 min read

Key Points

The American public appears hesitant about adopting digital currency from central banks, despite longstanding frustrations with traditional finance.
Just days ago, the Federal Reserve unveiled researc

The American public appears hesitant about adopting digital currency from central banks, despite longstanding frustrations with traditional finance. Just days ago, the Federal Reserve unveiled research findings on CBDC potential accumulated during the pandemic, yet a new survey suggests citizens aren't embracing the concept. Genesis Mining's poll of Americans reveals significant skepticism toward any federal shift away from physical dollars. Only approximately one-quarter of the 400 surveyed endorsed the move toward a government-issued digital currency, while a majority—more than half—explicitly opposed such a transition.

728×90

The situation isn't entirely bleak, however. Backing for CBDC has actually expanded considerably. Twelve months earlier, merely 13% supported the idea. Today's figure of roughly 25% represents a near-doubling of support.

What's driving the resistance? Survey respondents pinpointed criminal activity connected to cryptocurrencies as their primary worry. Interestingly, 85% of participants indicated awareness of digital assets, yet many associate them with illicit use. This perception gap likely explains CBDC's relatively weak appeal.

The survey uncovered another problem: widespread gaps in monetary knowledge. Roughly four in ten respondents incorrectly believed the dollar derives its value from petroleum reserves, precious metals, or government bonds. Another 13% offered no answer. Despite this confusion around money itself, nearly nine in ten recognized inflation as an urgent issue facing the nation.

Recent analysis from the Bank of Canada presents a curious paradox. Enhanced financial understanding correlates with greater cryptocurrency familiarity—but paradoxically, those same financially literate individuals prove significantly less inclined to actually purchase digital assets. High-literacy respondents were approximately 50% less likely to own cryptocurrencies than average citizens.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

728×90