Digital assets management platform and crypto derivatives exchange Bakkt stated that 48% of over 2,000 US consumers who responded to its survey invested in cryptocurrencies in the first half 0f 2021.
“Almost half (48%) of U.S. customers reported investing money in cryptocurrency during the first half of the year.”
In keeping with Bakkt, the survey focused on their motivations, habits, and sentiments towards cryptocurrency adoption. The outcomes additionally supplied additional details about how the customers want to combine cryptocurrencies of their day-by-day actions and the selections that affect their crypto habits.
Additionally, the survey discovered that 32% of respondents with no crypto investments are thinking about buying cryptocurrencies within the next six months. The most important problem to the latter group, because the survey factors out, is education around technology since 24% have admitted to not realizing the place to start.
“The findings also reveal the greatest hurdles dealing with customers when buying crypto, together with different habits and views that impression conduct.”
Adoption Is Higher Among the Younger Generation
Respondents aged between 18 and 29 and 30 and 44 represent 37% of those that are “somewhat” and “very ” in shopping for crypto, inside the group of individuals not yet invested in crypto, the research says.
Nevertheless, only 25% and 19% of individuals between 45-60 and above 60 respectively, have expressed curiosity and thus indicating less confidence and knowledge around crypto investments.
Consequently, cryptocurrency has become a key issue that’s presently influencing consumer trends and habits and within the course of making a dynamic economy. 58% of buyers see crypto as a long-term investment whereas 48% are planning to promote and make short-term revenue.
A further 24% stated they recognize the buying energy of crypto and are planning to make use of it for online purchases whereas 12% will use crypto for in-person purchases.
“Simply as peer to see has revolutionized money, we see recognition that sending crypto to peers is possible and 11% of individuals have been excited about doing so.”
For the entire group of respondents, the survey discovered that 28% of their most crypto-appealing attribute was the excessive long-term return on funding. Different attributes embrace negligible or no fees, ease of access, FOMO, and little centralized control in the market.
Crypto Adoptions Will Benefit From More Education and Demystification
“Financial literacy and client understanding are essential to uniting the cryptocurrency and digital assets ecosystem to ensure that consumers take advantage of the new methods to acquire and transact.”
Bakkt CEO Gavin Michael added that for Gen Z and Millennials who represent the largest group of adopters, their major considerations are market volatility and little understanding.
“Digital assets are driving a new more and more dynamic financial system and Bakkt is creating great value for customers by providing an extremely accessible and low-cost entry into bitcoin investment.”
For the US market, Bakkt concludes that cryptocurrencies are increasingly turning into more mainstream and the prevailing hurdles now current a chance for educators within the trade.