A recent survey conducted by UK based crypto exchange CEX.io has yielded results in regard to the adoption and perception towards digital currencies. The report, conducted in collaboration with research firm, ‘qriously’, gave a brief idea about the understanding of people when it comes to cryptocurrency and its ownership.
The sample space of the survey consisted of 1,013 respondents with an almost even proportion of gender. However, there existed certain disparity in age groups with only 11% respondents from the 18-24 age group, and the 65+ age group consisting of 23% of the respondents. A wealth disparity was established between the respondents such that the group had portfolios worth less than GBP 500 (USD 633) to those worth over GBP 100,000 (USD 126,700).
According to the survey, only 13% of the respondents owned any form of cryptocurrency. This meant that answers to questions such as ‘how often do you check your crypto balance’ were highly obscure. When crypto holders were asked as to why they choose to do so, an interesting 15% stated that they wanted to “support the ecosystem”.
Some 21% of the respondents were indulged in the crypto industry to fetch benefits with its increase in value in the future. About 18% of the respondents said that they enjoy trading in digital currencies while 21% gave their inquisitive nature towards cryptocurrency as their reason. When asked about the most appropriate usage of crypto, 14% of the respondents believed it to be investments, while very few of them considered charity, crowdfunding for a property, and retail to be the most appropriate use of cryptocurrency. Almost half (48%) of the respondents choosing ‘none of the above’.
When asked about what they expect from the crypto industry in the future, 32% stated that the integration of day to day activities (such as payments, transactions) while 27% want to see its introduction in ‘real world applications’. An interesting statistic was what would make the people more indulged into investing in crypto, to which 28% of the respondents felt that they would purchase crypto if they understood it better, 7% would if it were easier to buy and more accessible, 12% said they would if they knew how to store it safely, and 11% would if they could use it to purchase real-world goods.
Although only 13% of the sample space was invested in the industry, UK leads most of the other countries in terms of Bitcoin searches and mainstream crypto adoption. The survey gave a general idea of the perception of people towards cryptocurrencies, but more importantly, gave insights to facilitate wider adaptation and accessibility to users.
Previously, a survey conducted by HBUS showed a rise in crypto awareness with an increase in investments by 10% since 2018.
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