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A recent Kraken survey shows that attitudes towards crypto are changing, with 55% of Americans believing that crypto assets have real-world uses and 73% plan to reinvest in 2025.
A survey conducted by the major crypto exchange Kraken on 2,537 Americans revealed that 55%, whether they own crypto or not, believe that crypto has real-world uses. However, around 29% are still uncertain about its future outlook.
Despite this uncertainty, around 73% of respondents who currently hold crypto admitted that they plan to continue investing in digital assets as they enter the new year of 2025. As many as 43% view crypto as being “more secure than the traditional financial system,” compared to the other 30% who disagree. While 52% see it as a promising investment for the long-term.
The survey explores how much “crypto myths” still shape people’s perceptions towards investing in crypto and whether attitudes have shifted.
One of the most prevailing myths is the belief that crypto is mostly used to facilitate criminal activities. Kraken’s survey revealed 60% of respondents still think crypto fuels illegal acts more than any other asset. Even though the research tells a different story.
According to the Chainalysis Crypto Crime 2024 report, only a small portion of crypto-based transactions were found to be linked to criminal activities in 2024, which is around 0.34%. In fact, a study by Crypto ISAC showed that cash is still the preferred tool for criminals engaging in illegal activities.
On the other hand, only 8% of respondents believe that crypto is akin to a Ponzi scheme. A Ponzi scheme is an investment fraud method which uses funds from new inventors to pay existing investors. Meanwhile, 53% of respondents believe negative attitudes towards crypto are fueled by ignorance and a lack of understanding, emphasizing the importance of crypto education for the wider public.
Gen X has the most faith in crypto
Data from the Kraken survey show that the age group with the most confidence in crypto is Gen X. According to the survey results, 63% of people aged 45 to 60 years old see crypto as a practical investment.
It is believe that Gen X’s prior history of living through two economic crises, the Great Recession of 2008 and the COVID crisis of 2020, have shaped their disbelief in traditionally-held currencies that failed to hold up against high levels of inflation.
Gen X is also the generation that brought in the Cypherpunk movement, which means they have experienced dealing with both the traditional finance and the rise of crypto. This varied perspective could help them contextualize crypto’s practical value.
On the other hand, Gen Z appears to have the least confidence in crypto. Only 32% of respondents aged 18 to 29 years old believe crypto has practical uses in the real world. This could indicate that younger investors are still navigating the complexities of crypto and the uncertainty surrounding it.
This article first appeared at crypto.news
