72% OF CONSUMERS PLAN TO BUY MORE CRYPTOCURRENCY, NEW SURVEY FINDS

Despite the flurry of bad news hitting cryptocurrencies, the latest SharePost’s survey reveals that consumers and investors remain optimistic. Indeed, they are considering more digital currency purchases within the next 12 months. Moreover, according to the survey, implementation of projects involving blockchain technology continues to grow.

SURVEY SAYS: A GROWING DEMAND FOR CRYPTOCURRENCIES

A series of negative news stories continue to affect the crypto industry negatively. For example, the latest hit comes from a recent Goldman Sachs decision to reportedly drop its crypto trading plans due to an unclear regulatory environment. As a result, Bitcoin price $6540.39 +0.11% fell by over 5 percent on September 5.

Even so, retail investors are keeping their faith in the crypto industry, as shown by the results of a September 5th SharePost survey entitled Cryptocurrency and Blockchain Survey: Consumers Bullish, Investors Cautiously Optimistic.

One of the main findings of the survey states:

Cryptocurrency prices have seesawed over the past several months. Nevertheless, 59 percent of investors and 72 percent of consumers plan to increase their holdings over the next 12 months. Majority of respondents expect crypto valuations to increase over the next 12 months though investors were less bullish than in our previous survey. 57 percent of investors and 66 percent of consumers expect growth in crypto valuations over the next year.

Nevertheless, 59 percent of investors and 72 percent of consumers plan to increase their holdings over the next 12 months. The survey comprised the responses of 2,490 consumers and 528 institutional investors and accredited individuals.

Bitcoin remains the king of cryptocurrencies. According to the survey, Bitcoin is owned by the greatest number of survey respondents, followed by Ethereum, Ripple, and Litecoin. As shown in the chart below, over 70 percent of investors believe Ethereum will be the most successful currency.

As shown in the chart below, over 70 percent of investors believe Ethereum will be the most successful currency.

On the other hand, 78 percent of consumers think Bitcoin will be the most successful currency.

On the other hand, 78 percent of consumers think Bitcoin will be the most successful currency.

SURVEY: MONEY TRANSFER AND PAYMENTS ARE TOP CANDIDATES FOR BLOCKCHAIN DISRUPTION

The study also concludes that consumers and investors also retain a bullish outlook for blockchain technology. Specifically, “32 percent of investors and 49 percent of consumers say employers are planning to roll out Blockchain in the near future.”

Most of the respondents believe blockchain disruption will most likely occur in financial services, mostly in transactions involving payments and money transfer:

Four out of the five sectors respondents picked that would be impacted by Blockchain hail from financial services. Both investors and consumers are bullish about Blockchain disrupting money transfer, payments, and asset management sectors. Over 58 percent of investors and 55 percent of consumers think Blockchain will first strike money transfer.

For respondents, price volatility and security remain the main concerns.

For respondents, price volatility and security remain the main concerns. Additionally, the survey highlights that a lack of education about blockchain technology, compounded by a lack of use cases are obstacles to a higher rate of adoption.

On the bright side, consumers and investors are now more cognizant of cryptocurrencies — The study states that “Over 95 percent of consumers and 100 percent of investors are aware of crypto assets.”

Moreover, the SharePost survey concludes that a majority of the respondents believe 2025 would be a realistic projection for when cryptocurrencies would become mainstream currencies.


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Author: JULIO GIL-PULGAR 
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Bitcoin Still a Buy Despite Recent Losses Says Blockchain Venture Capitalist. Here’s Why.

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  • Blockchain venture capitalist Spencer Bogart says bitcoin’s increased number of use cases is proof that the coin is becoming more institutionalized.
  • He says to sell coins like Cardano, TRON, IOTA and NEO.
  • But hold ethereum, ripple, bitcoin cash and EOS, Bogart says.

Bitcoin is still a buy despite its continued losses, blockchain venture capitalist Spencer Bogart told CNBC.

The digital currency’s increased number of use cases is proof that the popular form of money is being institutionalized.

“Every major bank is trying to do something in the space,” Bogart, a partner at Blockchain Capital, “Fast Money” on Friday.

“Either they’re going to be offering bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk,” he added. “A deeper institutionalization of bitcoin is overall positive,” he said.

Still, the coin has seen better days. After surging last December to around $19,500, bitcoin has declined more than 50 percent since the start of the year. On Thursday, amid increased regulatory scrutiny in the cryptocurrency space, the coin fell yet again — this time below $8,000, where bitcoin had hovered for several weeks. Late Friday, bitcoin changed hands around $7,400.

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Regardless, Bogart said it’s still a buy. In fact, he said it’s the only coin traders should be buying as the coin becomes more mainstream.

Many of the other forms of cryptocurrency, Bogart said, are “over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them.”

Bogart recommended selling coins like Cardano, TRON, IOTA and NEO.

“A lot of those tokens are overvalued,” Bogart said. “They could be go up significantly, but they also have significant headwind.”

Alternatives like ethereum, ripple, bitcoin cash and EOS, however, he described as “neutral” — and he told investors to hold for now.

Bogart said he’s especially cautious with ethereum, which he said has a lot of overhang because so many initial coin offerings (ICOs) have been built on top of ethereum. He pointed out that if the ICOs don’t work out, that could be bad news for the platform its built on.

Bitcoin, however, should “at least” end above $10,000 by the end of the year, Bogart said, but he acknowledged that the even the large-cap coin could face some headwind.

“But when I look out over the next year, two years, I mean the story is very much materializing,” he said of bitcoin increasing value.

“Could bitcoin trade lower? Certainly,” Bogart said. “But do I think it will be higher a year from now? Absolutely.”


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Author: Kellie Ell
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