Bitcoin and crypto investments gaining more interest from Americans
A new study revealed that 50 percent of Americans now view cryptocurrencies as safe investments.
Mon, 22 Feb 2021, 08:25 am UTC
The ongoing crypto market rally saw Bitcoin (BTC), Ether (ETH), and other cryptocurrencies setting new records this month. With the attractively sky-high prices of most digital currencies, Americans are getting increasingly bullish on the new asset class.
A new study revealed that 50 percent of Americans now view cryptocurrencies as safe investments, according to Business Insider. The research, which was conducted by the global consumer research platform Piplsay, also noted that 41 percent of the respondents view both stock and cryptocurrency as equally risky investments.
“Bitcoin has been on a wild ride lately, sending everyone from traditional businesses to individual investors scurrying for a slice of the crypto pie,” Piplsay wrote in the study, which polled 30,330 people nationwide. “This report delves into the public interest and understanding of the still-new concept of digital currency.”
Indeed, cryptocurrencies such as Bitcoin and Ether have become increasingly more attractive to investors after rising to new all-time highs. BTC set a new record when it traded as high as $58,350 on Sunday, according to Bloomberg. ETH, the second-largest crypto by market cap, also posted a new record of $2,033.08 based on Coindesk data.
“The crypto bull run has seized the attention of millions of people who previously had never considered digital currencies like Bitcoin to be an alternative asset,” Wirex CEO Pavel Matveev said. “Bitcoin and other currencies are intended to have several uses, not least ease of exchange, purchase, and liquidity.”
Piplsay’s study also revealed that 57 percent of Americans think major brands should start accepting cryptocurrency as payment. Another survey conducted by DeadAid also revealed that 50 percent of Bitcoin investors said that they would be willing to pay for products using BTC.
A handful of firms have already taken steps towards accepting crypto payments. For instance, PayPal previously announced that it plans to allow crypto payments in online shopping starting this year. Elon Musk’s Tesla has also announced that it will “begin accepting bitcoin as a form of payment for our products in the near future.”
The study also revealed some trends between generations. “38% Millennials understand cryptocurrency as compared to 33% of Gen Xers and 29% of Gen Zers,” Piplsay wrote. “42% of Millennials think cryptocurrency is safe as compared to 34% of Gen Xers and 24% of Gen Zers. About 32% of Millennials and Gen Zers each and 29% of Gen Xers plan to invest in cryptocurrency this year.”
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