Bitcoin is soaring, but there’s more to the cryptocurrency story. Attitudes toward digital assets as a whole are evolving.
A recent survey by Piplsay confirms as much, and includes data that could bode well for the increased adoption of cryptocurrencies.
“Elon Musk’s Tesla created quite the buzz recently when it bought $1.5 billion of Bitcoin with plans to start accepting it as payment in the future,” according to the research firm. “The billionaire himself bought Dogecoin, a meme-inspired cryptocurrency, for his son, sending its value soaring in an instant. From being seen only as an investment to becoming a valid mode for online purchases, cryptocurrency seems to be finally gaining acceptance among mainstream investors, as seen by all the renewed interest and discussions. Amid all the buzz, what do Americans think about the concept of digital currency? Piplsay polled 30,330 people nationwide to get some insights.”
Half of those polled saying they believe it’s safe to invest in the asset class, while 57% of Americans say brands should start accepting crypto as a form of payment.
The State of Crypto
Adding to the encouraging news for crypto, 27% of those polled say they plan to invest in cryptocurrencies this year. The Piplsay survey does not indicate what specific digital assets investors are considering. By market capitalization, Bitcoin and Ethereum are by far the two largest digital currencies.
Issues such as scalability must also be resolved before cryptos gain wider acceptance. Regulatory hurdles also remain, including central banks in some countries outright banning transactions denominated in cryptocurrencies.
More education is also needed, as 43% of survey respondents said they either don’t understand crypto at all or haven’t even heard of it.
Nearly a third of those polled expressed concern that crypto wallets can be hacked, and 22% said they’re concerned about lack of uniform regulation in the digital currency world.
Still, there are other encouraging factors for digital assets. For example, the survey indicates that 41% of respondents believe investing in crypto carries the same level of risk as investing in equities. There poll includes important demographic revelations too.
“42% of Millennials think cryptocurrency is safe as compared to 34% of Gen Xers and 24% of Gen Zers,” according to the survey. “About 32% of Millennials and Gen Zers each and 29% of Gen Xers plan to invest in cryptocurrency this year.”
For more news, information, and strategy, visit the Crypto Channel.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.