Facebook announced the Libra last month, but it seems that the vast majority of people don’t care about it. Only 5% said they expressed interest in using it according to a new poll by Civic Science.
Facebook’s Libra is not resonating among many U.S. adults which could cause problems for the project’s longevity down the road. In a survey of 1,799 adults, only 5% expressed an interest in using the Libra.
The survey, led by Civic Science, showed that 86% of individuals are not interested at all. 10% were not sure. The tiny interested group tended to skew younger, mainly being 18-to-24-year-olds.
Interest in Cryptocurrencies Still Marginal
The poll was followed up by a general survey of 2,100 adults on general interest in cryptocurrencies. Much like the depressed interest in the Libra, the entire market did not fare much better. 66% of respondents said that they have not invested in cryptocurrencies and are not interested. Around 79% of Americans have heard of cryptocurrencies, so it is not a brand awareness problem.
Overall, only 6% of respondents said they have invested in cryptocurrencies.
The survey also expanded on the reasons for investing compared to other factors. For example, 38% of cryptocurrency investors out of those who responded ‘yes’ invested in it for the long-term. Around 30% invested in cryptocurrencies because it is independent of governments. Interestingly, 19% did so as a hedge against adverse economic conditions.
People Just Don’t Trust Facebook
As you may have expected, most people simply don’t trust Facebook with their personal data. Around 77% out of 1,569 respondents say they do not Facebook at all. Only 2% said they trust Facebook “a lot.”
What’s most interesting, however, is how trust in the Libra squares against Bitcoin. Out of 1,770 responses collected by Civic Science, 35% of respondents said they trust the Libra much less than Bitcoin. 39% were not sure and 19% responded with “about the same.”
There are a few main takeaways from Civic Science’s detailed survey.
- Only 5% of U.S. adults are interested in using the Libra.
- A large portion (35%) trust Bitcoin more than the Libra or are not sure (39%).
- About 6% of respondents say they invested in cryptocurrencies. 66% said they did not and don’t plan on it.
- Support for the Libra plans to skew younger, especially among those between the ages of 18 and 24.
It seems that Libra has much work to do to convince the vast majority of the public about its cryptocurrency. However, the situation for the rest of the cryptocurrency market does not look as promising based on these survey results. Still, the public seems largely hostile to the cryptocurrency space, likely a consequence of the 2018 bear market still being fresh in the public imagination.
However, markets have a tendency to quickly change moods as momentum picks up. Perhaps this same survey should be done a year from now, after Bitcoin’s halving, to see how public interest compares.
Do you find these survey results believable? Why are so many skeptical of Facebook’s Libra? Let us know your thoughts below.