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Crypto’s Massive Marketing Efforts Have Attracted Few New Investors

Over the past year, crypto companies like FTX, Coinbase, and Crypto.com have shelled out tens of millions of dollars to attract new customers. “Fortune smiles on the brave,” Matt Damon said in a Crypto.com TV spot as he tried to get Americans to open up their digital wallets. Now a baseline measure of their success has been returned, and experts say it’s telling: no success at all. From a report: The number of people investing in crypto hasn’t increased since last September before the surge began, according to a new study by the Pew Research Center. The results, published on Tuesday, are based on an initial survey in September. At the time, Pew researchers asked 10,371 Americans if they had “ever invested, traded, or used cryptocurrency.” About 16 percent said they had. Last month, the nonprofit asked another sample group — slightly smaller, at 6,034 Americans — the same question. The number had not increased, with the same 16% saying they had at some point invested or traded in the alternative currency.

The findings suggest that, despite numerous splashy campaigns by crypto interests, the vast majority of Americans remain immune to their sales pitches. “It’s quite striking that despite all the spectacular commotion around crypto over the past year, the number of people investing or trading in crypto hasn’t budged,” said Lee Rainie, Director of Internet and Technology Research at the Pew Research Center, which led the study. “Attempts to bring new buyers into the market haven’t seemed to move the needle at all.”