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Most Americans know about crypto, but few are confident in its safety or reliability, survey finds

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Almost 90% of U.S. adults have heard something about cryptocurrencies, but most aren’t confident that ways to invest, trade, or use it are reliable and safe, according to a Pew Research Center survey published Monday.

The survey was conducted between March 13-19, around the time that Silvergate Capital and Signature Bank, both crypto-friendly banks, collapsed or were being wound down. It was also around the time that bitcoin
BTCUSD,
+0.34%

prices had soared.

Crypto has seen a rough several months, from multiple corporate bankruptcies like the FTX crypto exchange, to lawsuits against crypto giants like Binance, and frequent regulatory threats from the U.S. Securities and Exchange Commission.

Few adults from the Pew Research survey said they were extremely (2%) or very confident (4%) in cryptocurrencies. Older U.S. adults, aged 50 and above who knew about crypto, were more likely than younger people to say they weren’t confident in crypto’s reliability and safety. Differences also emerged in gender groups, with 41% of men between the age of 18 to 29 saying they have invested, traded or used cryptocurrency, compared with 16% of women in the same age group.

Overall, 17% of U.S. adults said they had invested in, traded, or used crypto in the past, which was mostly unchanged from previous surveys conducted by the Pew Research team in 2021 and 2022.

These numbers were similar to those reflected in a JPMorgan Chase & Co. survey that came out in February, in which 72% of institutional traders said they had no plans on trading cryptocurrency in 2023, and 14% said they would in the next five years.

Bitcoin, which was created back in 2009, is currently trading at $29,140, up 3.58% in the past 24 hours, according to CoinDesk Data. It’s still well below its $65,000 peak in November 2021.

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Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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