Last week, a new poll from Quinnipiac University showed that Americans below 50 are increasingly "bullish" about cryptocurrencies, with the majority of Americans — 43% — believing that cryptocurrencies will play a major role in the economy in the future.
Among the nearly 2,000 Americans polled, 55% of 18 to 29 year olds were optimistic about crypto's future. Older Americans, however, had the most negative outlook on digital currencies, with only 21% of Americans 65 or older believing that cryptocurrencies would be a dominant economic force in the coming years.
The number ticked upwards the more youthful a polling group was, with 53% of 30 to 49 year olds and just 40% of 50 to 64 year olds believing in crypto's future.
Additionally, according to the poll, 74% of polled Americans claimed they had never purchased crypto, while 8% said they previously owned crypto but no longer own the digital assets.
"Even though most people under 50 haven't heard a lot about cryptocurrencies, a majority of them see crypto becoming a dominant economic force in the future," said Dr. Osman Kilic, Quinnipiac University School of Business Professor of Finance and the Director of GAME Forum.
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"That signals the marketing is working as crypto companies target sports advertising in a push to go mainstream," he added.
Kilic is referring to crypto companies' marketing blitz during high-profile sports events like the Super Bowl. Downloads of crypto apps spiked dramatically following this year's Super Bowl, showing a 279% bump in downloads.
This year, crypto exchange app Coinbase led the pack this February with its viral ad featuring a bouncing QR code, resulting in a 309% week-over-week boost in app installations after the ad premiered during the Super Bowl.
"Cryptocurrencies may be becoming more well known, but there's still a lot of skepticism about actually owning them, including among young people who are the most bullish on crypto's future," added Kilic.
"A lack of interest and understanding is holding them back, and there are also concerns about crypto's price volatility and just how secure crypto is."