Cryptocurrency and Public sentiment: How consumers are adopting virtual money in 2021?

Cryptocurrency has been on the role as the prosperous coinage has been gaining more and more attention from the public. It has been the talk of the town for a while now regardless of how skeptical it might seem seeing how 14.7 million Americans intend to invest in cryptocurrency in the coming year, as predicted b SecurityORG.

Due to the immense amount of media coverage received by cryptocurrency this year, the trading volume and prices have skyrocketed. While this might be limited to a dinner-table discussion only, most people tend to call themselves ‘educated’ enough when asked about these digital assets.

Though people might not be as informed regarding Cryptocurrency, the recent surge in internet trends concerning Cryptocurrency is increasing awareness and attracting more potential buyers. I mean, who wouldn’t want to buy digital money with such a promising future?

According to a survey conducted on 1200 U.S adults, it was surprising to find out that nearly 4 in 10 of people in the US consider themselves (somewhat) to be familiar with this currency while around 1 in 10 are in the dark. The rest of the population knows tidbits about it but isn't confident enough with their knowledge.

While 31% of the people own cryptocurrency already, 12% are planning to buy it hence the figure of 14.7 million in the following 12 months. Among all cryptocurrencies on the store, the most common ones are Bitcoin, Dogecoin, and Ethereum. Out of the whole figure, 78% believe the security of the asset while the others are still in speculation.

Also, the holders of cryptocurrency are well-accustomed to the ups and downs of this affair. The price fluctuation is sometimes deemed as the biggest benefit while also labeled as the greatest concern. Although there are optimists that focus on the benefits of the possible price increases amounting to 33%, a greater chunk of people - 39% tend to be on the skeptical side and choose the fluctuations to be a concerning affair.

We wouldn’t be wrong to claim that the buyers of Cryptocurrency are quite standardized seeing how more males own this digital asset than females. Also, ages ranging from 18-60 are more likely to own or think about owning this currency while those over 60 have shown little regard.

When talking about brands, the most commonly recognized brand is indeed Bitcoin. It might not be surprising that about 78% of people own Bitcoin while the investment secured by Dogecoin was 46% with Ethereum following behind with a rate of 38%.

While it has been said time and time again that cryptocurrency isn't the most reliable, seeing how economists and commentators have also named it as a speculative bubble, it was astounding to find out that only 25% of people have ever faced problems with accessing their money. The most common reason being that they forgot their passwords. So the next time you make a virtual purchase, you might want to write the password down somewhere.

We think that cryptocurrency is here to last but 52% of Americans only believe that Cryptocurrency will be around for a while. On the other hand, 49% believed it's just a matter of time until the whole affair dies down. Since there is no government backup or bank insight, the concerns of these skeptics are quite rational. However, the benefit of not having to go through the ordeal of transaction fees and baking rituals is what's keeping these doubters at bay.

Venturing into the world of virtual currency is the new trend and a large lot has already taken initiative. The question is whether Cryptocurrency will make our green dollars worthless or is it just a passing breeze? We'll have to wait to find out.

H/T: SecurityORG

Read next: World Bank's data shows top 10 remittance-receiving countries
Previous Post Next Post