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Ownership, uses and perceptions of cryptocurrency: Results from a population survey

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  • Steinmetz, Fred
  • von Meduna, Marc
  • Ante, Lennart
  • Fiedler, Ingo

Abstract

A decade after the launch of Bitcoin, cryptocurrencies are maturing from a niche phenomenon and appealing to a broader audience. However, the actual prevalence of cryptocurrency ownership and usage, the users’ socio-demographics, the motives to buy, and the popularity of and knowledge about cryptocurrencies have not been sufficiently researched. Based on a representative online survey among 3864 Germans, we find that 83% of the respondents are aware of the phenomenon, yet the respondents’ self-assessed knowledge about cryptocurrencies and the underlying blockchain technology is limited. 9.2% of the respondents owned cryptocurrencies at the time of the survey; another 9.1% have owned cryptocurrencies in the past. Cryptocurrency users tend to be young, male, well-educated and well-off. Ownership is often associated with long-term investments, and 62% of the respondents state that their ownership is ideologically motivated. The empirical analysis discloses that a major driver of ownership is knowledge about cryptocurrencies, mediated by trust. There is some discrepancy between the actual and perceived usage domains of cryptocurrencies, which reflects the polarization of the phenomenon. The findings have implications for regulators and businesses which are potentially affected by the increasing societal relevance of cryptocurrency.

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  • Steinmetz, Fred & von Meduna, Marc & Ante, Lennart & Fiedler, Ingo, 2021. "Ownership, uses and perceptions of cryptocurrency: Results from a population survey," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    • Handle: RePEc:eee:tefoso:v:173:y:2021:i:c:s0040162521005059
    DOI: 10.1016/j.techfore.2021.121073
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