A Paxful survey shows that a growing percentage of Americans are considering blockchain and crypto as an alternative to the current financial system.
24 April, 2020 | AtoZ Markets – Americans with a working knowledge of cryptocurrencies have shown a growing interest in blockchain and crypto technology. Bitcoin may not be the most popular topic of conversation for the Trump administration. The US government has condemned crypto and its capabilities for the longest time. But when it comes to US citizens, the perceptions are quite contradictory.
Americans Believe in Blockchain and Crypto
A recent survey of Paxful reveals that blockchains and crypto are attracting growing interest among Americans. These two technologies are thought to be capable of fighting inflation and replacing traditional and faulty financial systems.
Study says cryptocurrencies as an asset are maturing. Almost 50% of respondents believe a trigger event in the traditional financial system will help people turn to Bitcoin ( BTC) as an alternative. According to the study, the most common use cases for bitcoins are real-life payments (69.2%) and the fight against inflation and corruption (50.4%). Chief operating officer and co-founder of Paxful, Artur Scahabck said:
“It was interesting to see that many believe that widespread adoption will take place in the next 6 to 10 years. On the contrary, in the same period (6 to 10 years), respondents also think that the crypto bubble will burst. I’m hopeful for the first scenario, so I think as an industry, we should be working on creating more products. It will use in real use cases, and that can help speed up the ‘widespread adoption’.
Around 53.8% of people think it’s a lack of awareness and knowledge that the crypto industry has to overcome to boost adoption rates. About 34.4% of people also believe that the lack of resources has diminished the interests of many investors.
During global COVID-19 pandemic, Paxful believes that both crypto and the traditional financial system are being tested. It partly explains why the price of BTC rises as it becomes a safe haven. There is no doubt that the blockchain and crypto industry faces many challenges. Many people see it as a gateway to crime and wrongdoing.
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