No one will deny that global interest in cryptocurrency is at a peak right now. Whether or not we will see a drop-off in the near future remains to be seen. A recent study by Finder.com paints a rather intriguing picture for the cryptocurrency industry as a whole.
Finder.com Research Regarding Consumer behavior
There are a few key differences in consumer behavior when it comes to cryptocurrency compared to more traditional financial solutions. The two forms of money are very different from one another, even though they ultimately lead to very similar destinations. Cryptocurrency users often have a dislike for banks and other financial institutions, whereas bank users often dislike cryptocurrency due to the lack of regulation and protection.
As such, taking a closer look at the behavior of cryptocurrency holders always presents curious findings. The recent study conducted by Finder.com shows that most American adults do not care all that much about Bitcoin, altcoins, or ICO tokens. In fact, less than 8% of 2,011 adults surveyed have invested – or plan to invest – in cryptocurrency. That’s a very low number, although it remains to be seen if that percentage will increase in the future.
If these numbers are any indication, they would certainly explain why overall investment in cryptocurrency seems to be stuck in a lull. According to the findings, the main reason people are not investing in this new form of money is that they are disinterested. It’s a very worrisome thought, as it shows cryptocurrencies have struggled to make any meaningful impact, both as a currency and as an investment vehicle.
Moreover, there are quite a few people who feel there is no need for cryptocurrency whatsoever. Even though there is certainly some truth to that statement, it remains to be seen if and how this situation will evolve in the months and years to come. The high risks associated with cryptocurrency are a big drawback for most of the people surveyed, as is the difficulty of understanding how all of it works exactly. There is somewhat of a learning curve associated with cryptocurrency, and people usually have to do their own research.
Unsurprisingly, there are also a fair few people who remain convinced that cryptocurrencies are a scam first and foremost. Although this percentage – 17.97% – is a lot lower than one would expect, this is still very worrisome. It is possible this train of thought stems from a lack of understanding how cryptocurrency works, but for now, it is something we will have to keep in mind at all times. Educating the masses on this new form of money still needs to be a top priority.
For those who do show an interest in cryptocurrencies, it seems Bitcoin is still the most popular by far. Ethereum is in second place, which shouldn’t come as any real surprise. Bitcoin Cash is more popular than Ripple, Litecoin, or Cardano, which is another interesting trend worth keeping an eye on. How all of this will play out remains to be seen, as convincing people that cryptocurrency matters will not be easy by any stretch of the imagination.