Texans Are Warming Up to Cryptocurrency Ownership

An OnMessage survey of 2,000 likely Texas voters in March 2022 reveals that interest in cryptocurrency is growing. The results, however, don’t show Texans to be more interested in crypto than anyone else in the U.S.

 

How Many Texans Have Ever Own Cryptocurrencies?

Only 29 percent of Texans surveyed have ever owned any cryptocurrency. Sixty-nine percent said they’ve never owned any cryptocurrency.

Of the Democrats surveyed, 31 percent claimed to have owned some cryptocurrency while 66 percent have not. The number of Republicans who have owned cryptocurrency is slightly less, 28 percent, while 70 percent claim never to have owned any.

Independent voters are slightly more likely than Republicans to own cryptocurrency and slightly less likely than Democrats. Twenty-nine percent have and 70 percent have not.

With a 2.2 percent margin of error, it would be difficult to correlate a link between party affiliation and interest in cryptocurrencies even though it may appear to have a Republican tilt. That tilt may be an illusion.

 

Which Demographic Groups Have Ever Owned Cryptocurrency?

Younger people and racial minorities are more likely to have owned cryptocurrencies, but crypto is still largely a male-dominated interest.

Forty-eight percent of 18- to 29-year-olds said they had owned cryptocurrencies and 50 percent said they had not. Forty-seven percent in the 30-44-year-old age group have owned cryptocurrencies while 52 percent have not. Older Texans are less likely to have ever owned cryptocurrencies.

Thirty-one percent of Texans between 45 and 54 said they had owned cryptocurrencies, either currently or in the past. Eighteen percent between 55 and 64 said they’ve owned cryptocurrencies versus 6 percent in the 65+ category.

This is consistent with findings nationally where 43 percent of men aged 18 to 29 have bought cryptocurrencies.

Forty-one percent of African Americans, 38 percent of Hispanics, and 24 percent of white voters have owned cryptocurrencies.

Nationally, young black Americans are leading the charge into crypto investing.

The male-female split among those who have owned cryptocurrencies is 34 percent male and 25 percent female. Sixty-six percent of men surveyed said they’ve never owned cryptocurrencies while 72 percent of women have not.

Urban voters answered with 34 percent having owned and 64 percent having never owned cryptocurrencies. Suburban and small-town voters each answered with 27 percent saying they’ve owned cryptocurrencies. Seventy-two percent of small-town voters have never owned cryptocurrencies while 71 percent of suburban voters have not. Twenty-six percent of rural voters have owned them, and 70 percent have not.

These figures don’t indicate that Texas is any different than the broader U.S. in terms of who is and who isn’t familiar with cryptocurrencies.

 

 

86 Percent of Texans Plan to Buy Cryptocurrency in 2022

When asked how likely they were to purchase cryptocurrency in 2022, 51 percent of those surveyed said “very likely” and 35 percent said “somewhat likely.” Eight percent of Texans surveyed said they were somewhat unlikely to buy cryptocurrencies in 2022 while another 4 percent said they were very unlikely.

While Republicans are the least likely to have ever owned any cryptocurrency, they are more likely to purchase cryptocurrencies in 2022 than either Democrats or Independents. Eighty-eight percent of Republicans said they are likely to purchase cryptocurrencies while only 10 percent said they were not likely to purchase cryptocurrencies this year.

There could be any number of reasons for this. It could be because many prominent Republicans are against new regulations targeting cryptocurrencies, which might make them appear more pro-crypto than their Democratic counterparts. It could be due to Governor Greg Abbott’s goal to make Texas a leader in bitcoin and blockchain technology. Or it could be that crypto mining in Texas has put bitcoin in the spotlight and pro-business Republicans have noticed. It’s likely a combination of factors.

Eighty-five percent of Independent voters said they were likely to buy cryptocurrencies in 2022 and 14 percent answered they were unlikely to buy them.

Democrats answered the question with 84 percent in the “likely” category and 15 percent in the “unlikely” category.

What the survey reveals is that, historically, cryptocurrency ownership has not been strong among Texans, but that could be changing as nearly 90 percent of Texans, representing all political persuasions, are likely to purchase them in 2022.

 

 

 

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