Almost 60% of the total market has heard of cryptocurrency. But if you are Hispanic or African-American, you are less likely to know what bitcoin is or how it works.
Among Asian-Americans, however, this isn’t the case. According to our most recent study, “Cross-Cultural Cryptocurrency Insights,” nearly 70% of Asian-Americans are aware of cryptocurrency, followed closely by non-Hispanic whites at 61%.
But awareness of cryptocurrency among Hispanics and African-Americans is low, which is surprising for two cohorts that typically over-index in digital usage and awareness. So what makes this technology so different?
For U.S. Hispanics, perhaps the key driver of crypto’s low popularity is income level. Consider this: As household income rises, awareness of cryptocurrency increases. For U.S. Hispanics with household incomes of $80K+, awareness of cryptocurrency is at 65%.
As household income decreases, awareness of cryptocurrency decreases as well. When looking at U.S. Hispanics with household incomes of $40K and under, awareness drops to 45%.
While overall household income for Latinos is rising in the U.S., they are still significantly below the U.S. average household income, which alludes to another key driver of low adoption: education levels.
Households with lower education levels often fall victim to lower household incomes. As education levels in the home rise, homeowners obtain better-paying jobs, which could lead to increased exposure to bitcoin technology.
But if minorities aren’t buying cryptocurrencies, who is?
Cryptocurrency has long since gained the reputation for being most popular among affluent white males. But this virtual currency is gaining popularity cross-culturally, yet at a different pace among each cohort.
Looking at respondents who have heard of cryptocurrency, there are no statistically significant differences among those who have purchased the most well-known cryptocurrency, bitcoin, in the past 12 months.
Non-Hispanic white respondents have purchased directionally more bitcoin than the other cohorts at 18%. Hispanic, African-American, and Asian respondents are virtually on par at 15%, 15%, and 14% respectively.
Education and exposure will make the difference.
While cryptocurrencies experienced a recent fall in valuation, they are still being invested in, and are also being considered by some countries to replace their official currencies. Minority communities, in general, are at risk of missing out on this conversation, which has broad implications for the U.S. economy.
For cryptocurrency to be taken seriously in the U.S., more must be done to educate Hispanic and African-American communities on what cryptocurrencies are and how the underlying blockchain technology works for them, to reach critical mass in adoption.
2. 2
ThinkNow Cryptocurrency Report
Survey Method
Field Timing
303
Hispanics
516
Hispanics
1,541
Total Market
Plus Teen
Augment
Base
Sizes
› Online via ThinkNow Research’s
Omnibus Study
Regional Coverage
› National
Screening Criteria
259
Non-Hispanic
Whites
258
African-
Americans
258
Asian-
Americans
› Total Market: 18-64 years of age
› Teens: 13-17 years of age› April, 2018
MethodologyWhat is it?
This report summarizes the results of a
nationwide survey that looks at
awareness and usage of cryptocurrency.
The study looks at Americans as a whole
and by key subgroups such as age group
and race/ethnic segments.
250
Teens
(13-17)
3. 3
Who We Are
An authority on creating
and managing research
products that help clients
gather insights about
rapidly changing consumer
segments.
Conduct
online, behavioral, in-
person and telephone
research.
Research experience
specifically in the
Hispanic, African
American, Asian and Total
markets.
Experience in hard-to reach
demographic sub-groups.
Only full-service market
research company that
owns & operates an in-
house Hispanic panel.
Servicing Fortune 500
clients, ad agencies, non-
profits and other market
research companies.
5. 5
56%
18% 17% 17%
Bitcoin Btcoin Cash Ethereum Litecoin
59%
Aware of Cryptocurrency
Q. Have you heard of cryptocurrency? Which cryptocurrencies are you aware of?
Base Size: Total Market (n=1,291)
The majority of American adults are aware of cryptocurrency. This awareness is driven by Bitcoin.
Awareness of
Cryptocurrency
(Total Market 18-64)
• Fewer than 20% are aware of Ethereum and Lifecoin each.
6. 6
Letters indicate statistically significant difference (95% confidence)
Q. Which cryptocurrencies are you aware of? Which cryptocurrencies are you aware of?
:Base Size: Men (n=569), Women (n=722), Teens (n=250), Millennials (n=560), Gen X (n=445), Boomers (n=286); Hispanics (n=516), Whites (n=259), African-Americans (n=258), Asians (n=258)
Men report significantly higher awareness of cryptocurrency than women.
Cryptocurrency Awareness
(By Gender, Age, Race/Ethnicity)
• Teens and Millennials are the most likely to be aware of Ethereum and Litecoin.
Men
(A)
Women
(B)
Teens*
(13-17)
(C)
Mille-
nnials
(18-34)
(D)
Gen X
(35-54)
(E)
Boomers
(55-64)
(F)
Hispanics
(G)
Whites
(H)
African-
Amer.
(J)
Asians
(K)
Cryptocurrency 75%B 43% 65%F 61%F 62%F 48% 51% 61%G 52% 68%GJ
Bitcoin 73%B 40% 62%F 56% 61%F 45% 47% 59%G 50% 66%GJ
Bitcoin
Cash
24%B 11% 26%F 23%F 16% 12% 17% 18% 17% 19%
Ethereum 28%B 7% 21%F 24%F 16%F 7% 14% 17% 16% 21%
Litecoin 24%B 9% 22%F 23%F 15%F 7% 14% 17% 19% 22%
*Teens are not included in the other columns/groups.
7. 7
19%
17%
8%
2%
Teens (13-17) Millennials (18-34) Gen X (35-54) Boomers (55+)
11%
Total Market (18-64)
Q. Have you purchased any bitcoins in the past 12 months?
Base: Total respondents (n=1,291), Teens (n=250), Millennials (n=560), Gen X (n=445), Boomers (n=286);
Approximately 1-out-of-10 adults have purchased Bitcoin currency in the past 12 months.
Have Purchased Bitcoin in Past 12 Months
(Total Market & Age)
• Teens and Millennials are more than twice as likely to have purchased Bitcoin than their older cohorts.
(A) (B) (C) (D)
CD
CD
D
8. 8
17%
4%
8%
10%
18%
7%
11%
8%
10%
Letters indicate statistically significant difference (95% confidence)
Q. Have you purchased any bitcoins in the past 12 months?
Base: Men (n=569), Women (n=722): <$40K (n=688), $40K-$79K (n=342), $80K+ (n=171); Hispanics (n=516), Whites (n=259), African-Americans (n=258), Asians (n=258)
Men and higher income households are the most likely to have acquired Bitcoin currency.
Have Purchased Bitcoin in Past 12 Months
(By Gender, HH Income and Race/Ethnicity)
B
Men Women <$40K $40K-79K $80K+ Hispanics Whites African-
Americans
Asians
(A) (B) (C) (D) (E) (G) (H) (I) (J)
• There is no significant difference in purchase by race/ethnicity.
CD
9. 9
Q. How much in U.S. dollars have you invested in cryptocurrency?
Purchased Bitcoins within 12 months (n=109)
The average investment in cryptocurrency is $3,256 across all Bitcoin adult purchasers.
• Just over half have invested at least $1,000.
• One-third have invested less than $500.
Amount of Cryptocurrency Investment
(Purchased Bitcoin in Past 12 months)
More than
$10,000
14%
$5,000 to $9,999
11%
$1,000 to $4,999
31%
$500 to $999
10%
$100 to $499
19%
Less than $100
15%
Subgroups not shown due
to small base sizes.
Average Investment:
$3,256
$1,000+
$56%
$5,000+:
25%
<$500
34%
Adults 18+.