Artificial intelligence (AI) is one of the most rapidly growing technologies in recent months. Notably, AI has become more prevalent across all sectors, including the cryptocurrency sector.

People in the cryptocurrency market are utilizing AI to assist them in making well-informed decisions. Users are using AI to assist them with predictive analysis, risk management, portfolio management, and other tasks.

As a result, Real Research, an online survey app, launched a survey on the use of artificial intelligence (AI) in the crypto market. In this survey, Real Research aims to find out what the general public thinks about this rapidly growing technology being used in the crypto market and what it means for the market’s future.

Most Respondents Have Used AI Crypto Coins

We began the survey by asking respondents whether they’ve used AI crypto coins. 57.43% have used them, 35.71% have only heard of them, and 6.86% are unaware of them. The survey on the use of Artificial Intelligence (AI) in the crypto market highlights the following, among other things.

Highlights

  • 70.12% think AI will likely replace human traders in the crypto market.
  • 34.13% of respondents still prefer human traders over AI traders.
  • 22.39% cited AI’s increased risk protection from market volatility as one of its main advantages.

Benefits of AI in the Crypto Market

Following that, we asked respondents their thoughts on how AI could affect the crypto market’s trading volume. 21.48% thought it would somewhat increase trading volume, 17.79% thought it would not affect trading volume, 16.61% thought it would massively increase trading volume, and 22.74% were unsure.

Figure 1 Benefits of AI in the crypto market
Figure 1: Benefits of AI in the crypto market

Then, we asked respondents their thoughts on the most significant benefits of using AI in the crypto market. According to 22.39%, AI increased risk protection from market volatility, 10.81% said AI could quickly analyze and respond to volatile market changes, and 8.4% said AI resulted in faster and more efficient trading.

Disadvantages of AI in the Crypto Market

Similarly, we asked respondents about the most significant disadvantages of using AI in the crypto market. According to 17.4%, AI’s early stages will likely result in flaws, 11.36% said it could possibly exacerbate market volatility, 9.2% raised ethical concerns surrounding AI, 8.09% thought that AI models weren’t adequate for the complex crypto market, and 7.26% said it was AI algorithms’ lack of transparency.

Trusting AI Over Humans

We then asked respondents whether they trusted AI traders over human traders. 20.29% said they trust AI traders much less than human traders, 15.67% said they trust AI traders more than human traders, 14.16% said they trust AI traders much more than human traders, and 13.84% said they trust AI traders less than human traders. In other words, a total of 34.13% preferred human traders, while a total of 29.83% preferred AI traders. 

Figure 2 Trusting AI over human traders
Figure 2: Trusting AI over human traders?

AI To Replace Human Traders?

With AI presumably playing a bigger role in the crypto market for years to come, we asked respondents how they would use AI. 11.84% will take advantage of increased investment opportunities in the crypto market, 9.65% will utilize AI algorithms’ automated trading, 9.59% will use AI algorithms’ advanced technical analysis, and 8.08% are looking forward to AI’s advanced fraud detection for the crypto market. 

We asked respondents their stance on using AI in the crypto market, whether they supported it or not. Notably, 36.13% supported the use of AI, 19.35% did not support the use of AI, 33.01% were neutral, and 11.51% were unsure.

Figure 3 Will AI replace human traders
Figure 3: Will AI replace human traders?

Finally, we asked respondents whether AI traders would replace human traders in the crypto market. 34% said it was highly likely, 36.12% said it was somewhat likely, 18.08% said it was somewhat unlikely, 4.32% said it was highly unlikely, and 7.48% were undecided. In other words, 70.12% think it’s likely AI would replace human traders, while only 22.4% think it’s unlikely AI would replace human traders.

Methodology

 
Survey TitleSurvey on the Use of Artificial Intelligence (AI) in the Crypto Market
DurationMarch 18 – March 25, 2022
Number of Participants10,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.