Category Archives: mass adoption

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Survey Reveals a Majority of Investors Are to Increase Their Crypto Holdings

A survey published by investment platform SharesPost has revealed that a majority of both consumers and accredited investors are planning to invest further in cryptocurrencies in the next twelve months.

The cryptocurrency hype appears to have been waning since the enduring bear market came into effect after the red-hot 2017 market highs. The primary discussions rapidly moved from digital assets to blockchain technology, however, this latest survey from SharesPost suggests that there is still faith in cryptocurrencies.

Positive Sentiments

The mid-year survey received 2,490 responses from consumers and 521 from “individual accredited and institutional investors”. In a display of increased interest, the report notes that the first survey conducted in early 2018 had 2,352 consumer participants and 106 from investors.

The study showed that a majority of investors (59%) and consumers (72%) planned to increase their digital asset holdings over the next year. 57 percent of investors and 66 percent of consumers are expecting crypto-values to grow over the next year.

Unsurprisingly, Bitcoin came out on top as the most owned cryptocurrency with Ethereum, Ripple, and Litecoin following behind, though they were favorable due to their long-term potential.

In contrast, a recent survey reports that gauged high awareness and low adoption rates of Bitcoin in the United States; the SharesPost survey found that Bitcoin is increasing in popularity, up to 78% from 48%.

In Business

On the business side of things, blockchain technology is finding footing in companies, as the report writes: “Growing number of companies are implementing Blockchain technology. 32 percent of investors and 49 percent of consumers say employers are planning to roll out Blockchain in the near future.”

In late August, Deloitte published the “2018 Global Blockchain Survey”, where it polled 1,053 companies from seven countries: Germany, China, Mexico, Canada, the United States, and the United Kingdom.

These results found that 84% of these businesses believe that mainstream adoption of blockchain is a “matter of time”. For businesses, the most popular current use case of the technology are supply chain solutions (53%).

Mass-Adoption

The SharesPost report contrasts the Deloitte survey. Investors have lowered their expectations for crypto-mass adoption in 2020 down to 27% from the earlier 51%. Consumers report a drop but it’s a smaller decline which now sits at 37% from 42%. The decline in confidence could be attributed to the 50% of participants who are primarily concerned with market volatility, and 37% said security was their big issue.

Surveys in all shapes and sizes have been making the news with their numbers this year as governments, industries, and independent entities attempt to gauge the crypto or blockchain mood. Collectively, they offer a comprehensive insight into the sentiments coming from certain demographics, as standalone reports. However, they contrast massively due to their sample size and geographical location.

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Vitalik Buterin: Focus on Crypto Adoption, Not ETFs

Ethereum co-founder Vitalik Buterin Tweeted out his critique of those focusing too much on ETF approval, pointing out the accessibility of purchasing cryptocurrency should be focused on to promote ”actual adoption”.’

I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.

— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018

His Tweet cites specifically ”making it easier for people to buy USD 5 to USD 100 in cryptocurrency via cards at corner stores” as the more important task for the cryptocurrency community while saying ETFs would be better merely for pumping the price rather than increased adoption.

The statement received mixed reactions from the crypto-Twittersphere.

One user disagreed with the necessity of using cryptocurrencies for everyday transactions, saying that fiat currencies work perfectly well for that. Another argued that being paid in cryptocurrency would be a more effective way of spurring adoption than being able to purchase small quantities easily with fiat.

Largely, the sentiment online appeared at odds with Buterin’s statement, either championing the benefits of ETF approval or critiquing the use of cryptocurrency payments for everyday purchases and arguing this should not be its primary use.

Circle co-founder and CEO Jeremy Allaire said recently that a significant catalyst for the industry and cryptocurrency adoption has been the development of hundreds of thousands of blockchain-backed dApps, frequently created by companies that operate with their own tokenized ecosystem.

Blockchain testing has certainly helped push forward the industry in a positive light, with institutions such as NASA and Citi pursuing their own initiatives.

Will we see ETF approval?

The US Securities and Exchange Commission’s (SEC) recent clarification that neither Bitcoin nor Ethereum were securities has been welcomed by the majority of cryptocurrency users, who believe this is a positive indication that an ETF may be approved.

However, the SEC cited several issues that meant it could not approve the Winklevoss twins’ ETF proposal for the time being. These problems primarily include the threat of price manipulation of the market, hence an inability to protect investors, as well as the issue that most Bitcoin trading is done overseas with no regulatory oversight.

If the market becomes regulated to the SEC’s standards, it has said it would consider approving a Bitcoin ETF, although it seems very unlikely that standardized regulations could be adopted globally by governments. As well as this, most Bitcoin exchanges would not give the SEC all of their private information as requested, particularly the most prominent exchanges which are not based in the US.

 

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