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PRESS RELEASE: Less Than 25% of People Believe Cryptocurrencies Will Regain Their Former High Valuation, While 33% Believe They Are a Scam, According to Research by Getwizer in Association with Variety VIP+￼
- August 22, 2022
- 3 min
NEW YORK, 22 August 2022 — Getwizer, the hybrid consumer insights platform, in association with Variety VIP+, has released its Media and Tech Attitudes research that casts further doubt on the future strength of cryptocurrencies, with only 23.4% of respondents believing they will regain their former high valuations. However, even more worrying for the likes of Bitcoin, when respondents were asked if they thought that cryptocurrencies were a scam or ponzi scheme 33.6% said “yes”.
The research comes during what can only be described as a nightmare year for cryptocurrencies. In November last year, Bitcoin had surged to an all-time high of $68,789, only to plummet to below $20,000 in June of this year. During July Bitcoin improved slightly to reach almost $25,000, but showed little sign of seeing a spike in value any time soon.
“Despite general skepticism from respondents, younger generations are more positive about cryptocurrencies,” says Gavin Bridge, Senior Media Analyst at Variety VIP+. While only 10% of over 60s believe cryptocurrencies will bounce back, 35.6% of 35-44 year-olds and 32.4% of 15-29 year-olds believe they will eventually return to their former high levels of valuation.”
Ethnicity also plays a role when it comes to confidence in crypto. Caucasians are most skeptical, with almost 35% believing these new currencies are a con. This drops to just below 28% for African American respondents.
“While the research revealed that most people are either unsure of cryptocurrencies or believe they are a scam, a staggering 71% of respondents think that they are too difficult for the average person to understand,” says Alexandra Frankel, Vice President, Client Success, Getwizer. “According to our research, this presents a major barrier to the wider adoption of cryptocurrencies without significant marketing and educational campaigns to drive awareness.”
Currently, while Bitcoin and its counterparts command significant coverage in the media, only 8.8% of respondents actually claim to own cryptocurrencies. Amongst ethnic groups, Hispanics are more likely to own cryptocurrencies (15.3%), with African Americans second, with 13.1% owning crypto. For caucasians, only 7% claimed ownership.
“The dramatic fall of cryptocurrencies in the space of six months highlights the fast-paced changing consumer environment organizations now operate in,” says Gilad Gans, CEO of Getwizer. “It is therefore vital for brands to understand consumers’ changing behavior in order to survive. Getwizer enables them to achieve this by delivering impactful research that’s fast and affordable, helping them to quickly adapt to meet the changing needs of the marketplace.”
This large-scale attitudes and usage study was conducted using Getwizer’s hybrid consumer insights platform and surveyed 1,720 adults (18+) that were representative of the US Census in terms of age, gender, and ethnicity.
Getwizer is a hybrid consumer insights platform integrating the very best of tech and human expertise to deliver a custom, quick and efficient research experience. We enable insights, product and marketing teams to study whatever they need, whenever they need it, freeing them up to focus on decision-making that drives growth. Getwizer counts among its clients brands such as Reebok, Wilson Sporting Goods, Playtika and Next Insurance. For more information visit www.getwizer.com.
About Variety Intelligence Platform
Variety VIP+ is a subscription-based service offering relevant industry analysis, in-depth special reports, incisive data and is home to video archives from Variety’s past summits and VIP+ Exchange webinars. For more information visit https://variety.com/vip+.
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