Although the worth of bitcoin has fallen by over 60% from the record highs at the time of August 2022, this “crypto winter” isn’t reducing curiosity about purchasing currency that is digital
About 56% of consumers say they’re at least somewhat interested in buying cryptocurrency within the year that is next relating to PYMNTS and BitPay’s August “Paying with Cryptocurrency” survey.
Nearly 42% of millennials say they truly are either very or extremely more likely to buy crypto within the year that is next. That number drops to about 26%.
What’s behind the continued fascination with crypto for Gen Z? While nearly 50% of respondents are motivated because of the chance of earning profits from their crypto investments, about 15% of respondents say the “fear of at a disadvantage” is driving their decision.
“History has shown us that the marketplace has defied all odds even during downward periods, so investors remain positive concerning the ability of bitcoin and cryptocurrencies to stay resilient,” says Iyandra Smith-Bryan, chief operating officer of Quantfury, a broker-dealer that is global provides exchange spot prices on global and crypto exchanges.
Additionally, belief in the blockchain that is underlying will continue to fuel investors’ optimism concerning the adoption of cryptocurrency later on, Smith-Bryan says.
Investors also have a tendency to begin to see the silver lining to crypto winters. “It eliminates the weaker players, leaving the greatest players in the field; giving those best players a chance to pay attention to advancements in technology, product development, and heightening support and service,” Smith-Bryan adds.
While lots of people desire to earn an income from their crypto holdings, many desire to be able to utilize it to too make purchases.“Demystifying Crypto” reportAround 40% of 18 to plan that is 35-year-olds use crypto to cover products or services this season, relating to Checkout.com’s
.
As the entire process of using crypto in order to make purchases gets to be more seamless, “we will have hockey growth that is stick-like much like the speed of growth of the internet,” says Max Rothman, head of crypto and digital assets at Checkout.com.
Currently, the fluctuations in the value of many forms of cryptocurrency, such as bitcoin and ether, make it challenging to use as a payment method.
However, stablecoins, which is cryptocurrency that’s value is pegged to the price of another asset such as gold, can present both consumers and retailers with the price stability they’re seeking, Rothman says.
Stablecoins “offer all the benefits of a asset that is digital transparency, decentralized data and immediate option of funds — but they are better in a position to withstand the volatility of markets,” Rothman says.
Although curiosity about crypto remains high, you can find real risks that needs to be taken into consideration.
Cryptocurrency is really a highly volatile asset that is digital is subject to erratic fluctuations in value. There are no guarantees of earning a profit, which is why experts recommend only investing as much money as you’re willing to potentially lose.steal your fundsAdditionally, cyber thieves can sometimes hack the virtual wallets that store your crypto and
, so it’s important to be diligent that is extra security.Get smarter about your money and career with our weekly newsletter
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