Crypto’s massive marketing efforts have drawn few new investors

The results, released Tuesday, build off an initial survey in September. Back then, Pew researchers asked 10,371 Americans if they have “ever invested in, traded, or used a cryptocurrency.” Some 16 percent of Americans said they had.

Last month, the nonprofit asked another sample group — slightly smaller, at 6,034 Americans — the same question. And again, 16 percent said they had invested or traded in the alternate currency.

The results suggest that, despite numerous splashy campaigns by crypto interests, the great majority of Americans remain immune to their sales pitches.

“It’s pretty striking that for all the spectacular commotion around crypto in the last year, the number of people who invest or trade in crypto didn’t budge,” said Lee Rainie, Pew Research Center’s director of internet and technology research, who spearheaded the study. “Attempts to bring in new buyers to the market didn’t seem to move the needle at all.”

The end of 2021 and beginning of 2022 saw a flurry of recruitment efforts as crypto firms attempted to draw retail investors into the fold. The market’s long-term health in large part relies on new players willing to sign up for exchanges and buy digital coins.

Several weeks after Damon’s commercial debuted in October, Crypto.com announced a naming-rights deal for Los Angeles’s Staples Center. By February the push was in full effect. Three trading platforms — Crypto.com, FTX and Coinbase — each bought Super Bowl airtime that was reportedly going for $6.5 million per 30 seconds.

The ads were aimed at a broad swath of Americans — FTX, for instance, encouraged the game’s approximately 100 million viewers not to “be like Larry,” referring to the techno-skeptic star of the spot Larry David, and to instead invest in crypto.

The survey’s results validate crypto-skeptics’ criticisms that currencies lack inherent value and rely unduly on bringing in new investors to enrich the old ones.

“That the cryptocurrency space, despite a ton of advertising, has run out of new suckers is not all that surprising to me,” said Nicholas Weaver, a computer-security expert from the University of California at Berkeley who has often raised both a financial and ethical case again crypto investment. “Although there is a sucker born every minute, that is still a limited pool of suckers.”

The Pew study notes that “this lack of overall change comes despite strong attention to crypto in the news.”

Not all analysts, however, were embracing Pew’s findings. “I question the research,” said Edward Moya, senior market…