One in five adults has invested in, traded or used cryptocurrency, NBC News poll shows

One in five Americans have invested, traded or used cryptocurrencies, according to a new NBC News survey, another sign that digital assets continue to grow in popularity even as lawmakers warn of market risks and work to regulate the industry.

Half of men between the ages of 18 and 49 said they have dabbled in crypto, the highest proportion of any demographic.

Forty percent of black Americans said they have traded or used crypto, while 42% of all people between the ages of 18 and 34 said the same.

The fact that 21% of the 1,000 Americans surveyed said they have at least once used or invested in cryptocurrency shows how much this relatively young industry has taken off in recent years. Digital assets have spread as Capitol Hill works to introduce new rules for the market.

Cryptocurrency advocates say assets like bitcoin, Ethereum and stablecoins offer better transaction speeds, lower costs, privacy, security and the opportunity to bring financial services to unbanked communities.

But without a major legislative effort, the crypto market still looks like the “Wild West,” according to Securities and Exchange Commission Chairman Gary Gensler. That may be why only 19% of those surveyed by NBC News said they view crypto positively and 25% indicated they view it negatively.

The majority, about 56%, said they feel neutral or unsure about the cryptocurrency industry.

Still, the cryptocurrency market has grown so large that President Joe Biden earlier this month he signed an executive order order relevant government agencies to study its risks and benefits.

While the administration raised concerns about possible fraud and funding of illegal activities, it also made clear that the US has a geopolitical interest in developing the infrastructure and oversight to monitor cryptocurrencies.

While both Republicans and Democrats acknowledge the potential benefits of a crypto market now worth trillions, many warn that a lack of federal oversight leaves consumers exposed to scams and dangerous price volatility.

Even bitcoinone of the most popular cryptocurrencies, it is not immune to wild price fluctuations: it has fallen by 20% in the last year.

All signs point to Republican Senator Cynthia Lummis, a freshman lawmaker from Wyoming and supporter of the crypto industry, introducing a major crypto bill in the coming weeks. Her legislation is believed to include input from a variety of government agencies and industry input.

Investors and crypto exchanges have repeatedly called on Congress to provide guidance on which assets belong to various classes, protections for retail investors, and clarity on the jurisdiction of the SEC, the Commodity Futures Trading Commission, and the Federal Reserve. .

The NBC News poll surveyed 1,000 adults from March 18-22 and has a margin of error of plus or minus 3.1 percentage points.