Cryptocurrency has been all the rage lately, and many believe that it could replace the traditional currency system soon enough. But what do Americans think about cryptocurrency? This article explores the thoughts of Americans on cryptocurrency and how they feel it will impact the way we handle money in the future. Read on to know more in detail to have an overall better understanding! Click here to start trade
This survey shows that cryptocurrencies are more popular than ever before
A recent survey shows that cryptocurrencies are more popular than ever before. According to the poll, four out of five millennials have heard about cryptocurrency, and one in ten Americans own some form of a cryptocurrency. Currently, Bitcoin is known to be one of the most popular form of cryptocurrencies in this app.
Ethereum is close behind with 33%. Litecoin came in third at 14% followed by Bitcoin Cash at 8%. Day by day, the interest in cryptocurrency is increasing at a rapid pace. It will be interesting to see how these numbers change as more people become involved with cryptocurrencies and start investing money into them.
A majority of those surveyed believe cryptos can be used on a daily basis
To many Americans, cryptocurrency has just begun to enter the mainstream. There’s an increasing number of businesses and retailers now accepting cryptocurrency as a form of payment, but for most it still seems like a risky investment with limited real-world uses.
Still, almost two thirds of those surveyed believe that there are benefits to using cryptocurrencies on a daily basis. One third (36%) say they would be comfortable purchasing some form of cryptocurrency if given the opportunity. The numbers show that people may be slowly warming up to the idea of using digital currency on a daily basis.
Almost half of the respondents said they will invest in Bitcoin over the next five years
Overall, the public is more bullish on cryptocurrency than not. Forty-six percent of those surveyed said they would invest in Bitcoin over the next five years. A much smaller percentage (fourteen percent) said they will not be investing in cryptocurrency at all. When it comes to what people think of cryptocurrency as a long-term investment, half of respondents said they believe it has potential to outperform stocks, bonds, and other investments such as gold.
A plurality (forty percent) of respondents said they would allocate between one and ten percent of their investments to cryptocurrency. Twenty-five percent said they’d devote less than one percent, and seventeen percent said they’d invest more than that.
Thirty-two percent of respondents said cryptocurrency is a bubble, which is not surprising given that many investors believed that about tech stocks back in 2000 or even tulips in 1637. As for what people think of Bitcoin specifically, forty-eight percent believe Bitcoin is a bubble. Fifty-three percent believe it will be worth less than $5000 by 2020.
Most people know someone who is already investing their money into digital currencies
One of the main drivers of adoption for this new technology is that many people know someone who is already investing their money into digital currencies. This trend has been helped by the media, which has been reporting on bitcoin and cryptocurrency all year. In fact, a recent survey by LendEDU found that 44% of Americans have heard about Bitcoin, and 24% believe they know a great deal about the subject.
Of those who have heard about bitcoin, nearly 60% say they think it’s a bubble like tulip bulbs or can’t understand how it works. But many more Americans-36%-say they would be open to using an alternative currency such as Bitcoin if it helped them save money on transaction fees compared to credit cards or bank transfers.
Conclusion
It is clear that cryptocurrency has had a profound impact on the way we do business and conduct transactions around the world. With this new form of currency, we have seen an influx of global trade and economic prosperity as well as a new wave of technological innovation. Although there are still many uncertainties ahead for cryptocurrencies and blockchain technology, it’s only a matter of time before they become an integral part of our everyday lives.