The Bitcoin phenomenon is not even ten years old and it is firmly established in the everyday lexicon. Measured in pennies when initially launched, Bitcoin recently topped $7000 before it pulled back. Turnerlittle has shared some bullets on a research write up they recently completed and it is interesting to see that most US citizens are aware of BTC but few are using them.
According to their numbers which they generate by analyzing findings from YouGov:
- Over 25% of Americans think cryptocurrencies are mainly used for illegal transactions
- 29% of Americans believe cryptocurrencies such as Bitcoin and Etherium are mostly used for making illegal transactions on the ‘dark web’
- Only 35% of Americans think there will be a wider acceptance of cryptocurrencies in the next ten years
- 51% of Americans firmly believe cryptocurrencies in the next ten years won’t replace traditional currency
- 66% of Americans have heard of Bitcoin but just 13% of them have used it.
- Only 24% of Americans were aware of Ethereum
- 18% believe cryptocurrencies will put traditional currency into extinction.
Nathan Kirkwood, a Financial Analyst with TurnerLittle, commented;
“The emergence of cryptocurrencies has been nothing short of extraordinary. With the current value of established cryptocurrencies surging and with many more emerging, they are certainly here to stay. What’s truly going to be interesting is how cryptocurrencies evolve as they become more and more prominent. Looking ahead , if they have greater transparency and do not become subject to aggressive regulations, they have the characteristics and desirability to be adopted by a wider array of stakeholders including well known merchants and mass consumers.”
Someone recently commented on the crypto craze that in the early days its impact will be overstated. As it matures, its impact will be underestimated. Obviously we are still very much in the early days of Bitcoin and all other digital currencies. This odyssey is just getting started.
