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Number of Australian Crypto ‘Hodlers’ Tripled Since January

Results from a recent study show that the number of Australian citizens with some form of crypto asset holdings has tripled since the beginning of 2018.

The survey was conducted by cryptocurrency trading brokerage HiveEx, which found the number of Australians ‘hodling’ crypto assets to have increased from 5% in January to 13.5% when it was reviewed in August. The survey further revealed that 50% of these individuals had these crypto holdings for investment purposes, whereas 34% said it was due to FOMO, and 26% replied that they were saving for retirement. Over a third of the respondents said that they planned to use cryptocurrency to pay their tax bill, and 80% claimed that they would be happy to use it in their day to day spendings if it were easy to do as in the case of local fiat.

The responses from Australian citizens who did not own any cryptocurrency were not as positive. While 65% of them said this was because they did not understand it or how to use it, one in five said they thought it was either a scam or a bubble.

Growing crypto infrastructure in Australia

One of the country’s youngest self-made millionaires and entrepreneur Fred Schebesta does not think the year’s relatively poor market performance has deterred investors. As a co-founder of HiveEx, he said that interest in cryptocurrency is actually far higher now than during the bull run in the latter part of 2017.

“At its core, you’ve got to remember, just because the price of bitcoin has gone down and people feel angry, that doesn’t reduce the interest,” Schebesta said speaking to a local news outlet. He continued on to compare Bitcoin to gold, speculating that it will continue to be a valued resource, standing the test of time.

Similar to the internet in 1996, Schebesta believes interest levels are ”100% growing.” To help provide for the growing sector, he plans to build what he calls a ”crypto bank of Australia” and offer custodianship, cold storage, escrow and exchange services.

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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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New Survey Shows Mixed Sentiments in Bitcoin, Crypto Mood in the US

A recent survey from YouGov reveals widespread knowledge of cryptocurrencies in the United States, the report also shows mixed sentiments toward the technology.

Contrasting results

YouGov, an international market research and data analytics firm, gathered data from 1,202 participants at the end of August; the poll results showed an interesting disparity in knowledge of cryptocurrency and the actual adoption of it.

The poll found that 79% of Americans were familiar with at least one cryptocurrency with Bitcoin being the most prevalent among 71% of people who said they knew of it. Ethereum came in second at 13% with Litecoin and others trailing behind.

With a vast majority of respondents knowing about cryptocurrencies, a greater disparity is revealed. Of those who said they knew of Bitcoin, 87% said they had not interacted with it; this includes buying, selling and mining.

Some 49% of the Bitcoin-aware group said, “I’m glad I didn’t buy Bitcoin earlier, and I don’t plan to buy it”, while another 15% wish they had bought earlier and now feel it’s too late. In contrast, a South African poll showed that 38% of its respondents wished they had invested sooner.

Despite this, 36% of people in the YouGov poll thought that it cryptocurrencies will eventually be more widely accepted as a means to purchase goods and services legally within ten years,  while 34% disagree and don’t think this will be the case. In this group, millennials made up the majority of those who believed in crypto acceptance with 44% polling favorably.

About 25% of poll respondents think cryptocurrencies are used mostly for illegal purchases, which is a traditional but waning view. However, this skepticism does hold ground in America due to the connections found between Bitcoin and the 2016 election hacking scandal.

With regards to cryptocurrency acceptance, a positive sentiment towards cryptocurrencies is growing in the states, just over a third of those who believe in wider crypto acceptance say they have interest in primarily using crypto over the US dollar.

The article reporting the survey results writes, “However, a majority (57%) say they would not be interested in converting away from the US dollar. Millennials are almost equally split between being interested (48%) and not interested (50%).”

The bigger picture

In July, a Wells Fargo Gallup Investor and Retirement Optimism Index poll gathered data from 1,921 investors over 18 years of age with at least USD 10,000 in traditional investments. It revealed that 2% of respondents owned Bitcoin, and younger investors were keener to adopt Bitcoin should cryptocurrencies become more mainstream, a growing sentiment among millennials.

Other polls found that 50% of participants from a 2,000 person survey “would like to try out Bitcoin“, with millennials of low income being the most likely to invest. In South Korea, surveys show that cryptocurrencies are rising in popularity, and in the United Kingdom, it was reported that 3 million people have invested in Bitcoin.

 

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Deloitte: 84% of Businesses Say Blockchain Mainstream a ”Matter of Time”

Multinational professional services network Deloitte has published results of its 2018 Global Blockchain Survey, with significant findings including that 84% of businesses believe blockchain mainstream adoption is just a matter of time, with the biggest issue to this identified as regulatory concerns.

A total of 1,053 companies took part in the survey across seven countries: Canada, the US, Mexico, France, the UK, Germany and China. Respondents came from ten different industries, with the majority part of financial services, technology/media/telecommunications, and consumer products and manufacturing. Nearly all of the respondents held C-level or equivalent positions, with the largest functional area represented being from information technology.

Key Deloitte findings

  • 84% of businesses responded that they believe it was only a matter of time before blockchain ”achieves mainstream adoption”.
  • The most significant advantage of blockchain over existing systems in the respondents’ industries was voted as the potential for greater speed compared to that currently in use, at 32%; just 2% said they did not see any advantage of blockchain over their established systems.
  • 84% agreed that blockchain-based solutions brought higher levels of security than conventional information technologies.
  • When questioned on the greatest barriers for implementing blockchain technology, 39% cited regulatory issues, 28 % a lack of in-house skills or understanding, and 6% said there were no barriers.
  • The most dominant stakeholders enquiring about blockchain strategies were suppliers with 54% of the businesses experienced this, followed by market analysts at 48%; only 7% had received no such queries.
  • Supply chain blockchain solutions were the most popular response for current use cases the companies were working on at 53%, Internet of Things came second with 51%, and digital identity at 50%; of the businesses surveyed, 4% were not working on any.

The US is falling behind

When it comes to blockchain, the Deloitte survey indicates that the US is not number one. In fact, of the US companies that participated, blockchain had been deployed in production at a much lower rate than those from other countries; 14% of US respondents have begun internal blockchain productions compared to 50% in China and Mexico. It also fell behind other countries when it came to hiring new employees with blockchain experience with just 24% of countries doing so. China was the highest performing in this category with a staggering 86% investing in industry-skilled workers.

Canada is getting it right

In contrast to its neighboring country, Deloitte found a ”vibrant and growing community of blockchain enthusiasts and entrepreneurs” in Canada, putting it at the forefront of both blockchain and cryptocurrency innovations. There is apparently no signs of innovation slowing down in the country, not since Ethereum, in fact, the analysis states.

Part of this success can be attributed to a consistently evolving role of regulations that tend to keep up with changes that blockchain brings, something the US has been struggling with. Despite regulatory concerns being the top issue for the majority in regards to adoption, two-thirds of Canadian respondents do not believe this will be a barrier in their country.

Financial services face pivotal issues, lead progression

The financial services sector may have been the first to explore and globally recognize the potentials of blockchain but its investment is being outperformed by the automotive, life sciences, oil and gas, and tech, media, and telecom sectors. Several significant issues were cited by the participating financial service companies including scalability and security.

As organizations look to explore the extensive number of blockchain solutions within reach, scalability must be addressed. As referenced above, 84% of surveyed companies said they believed blockchain powered systems were more secure, although security is still a major topic discussed by financial services as the ”new threat matrix” is still emerging.

Interestingly, over half of respondents from the oil, gas and automotive industries said that they viewed blockchain uses primarily as ”a database for money or an application for the financial services industry”,’ in conflict with the significantly high number of executives from those industries that claimed to have ”excellent- to expert-level” blockchain understanding. Those from the life sciences and financial services sector voted in far greater numbers that the use cases for blockchain expand far past just financial service provision.

Executives from the financial sector have indeed been leading the way in reexamining areas where the technology can be used to improve the processes and functions of operations that have been static long-term, unsurprisingly ahead of their colleagues in other sectors in terms of development.

”Closer to its breakout moment every day”

The Deloitte survey concludes that academic hypothesis from five years ago is gradually coming into fruition; developers are moving past stages of learning and exploring its potential, to identifying and creating business directed applications. ”[Blockchain] is getting closer to its breakout moment every day”, analysis from the survey reads, pointing to the participating executives’ responses that they plan to make major moves in the field over the following several years.

It continues to suggest a practical future for the technology: ”Instead of concentrating on how to use blockchain to support a specific product or idea, the time has come to focus on evolving blockchain itself… we’re seeing the most dramatic progress being made by those organizations that have willfully jumped into the deep end of the pool.”

 

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44% of Russians Have Heard of Crypto, 13% Know It Well

A survey of Russian citizens shows that 44% have heard of cryptocurrencies, with 13% responding that they have a good understanding of them.

Some 56% of the surveyed group said that they have no clear understanding of what is meant by cryptocurrency, although 31% did say that they could guess what the concept is despite not having a clear understanding of the term.

Interestingly, of this 31%, the most common participant in this group was those of low incomes, measured by less than 10,000 Russian rubles (RUB) or USD 150 per family member. The group boasting the highest income of RUB 25,000 per member and above most consistently fell in the 26% that had no idea at all what cryptocurrencies were.

The two cryptocurrencies most predominantly invested in were surveyed as Bitcoin and Ethereum, with Bitcoin the crypto of choice five times more frequently.

About 76% of respondents who had purchased cryptocurrency said that their primary motive was to make a profit, with half of them saying that they had achieved their set financial goal.

Following profit, 26% said that they were motivated by a wish to follow current trends, 16% said they used it to purchase goods, and 15% invested because of increased media attention and advertising.

Romir conducted the survey as a branch of the Gallup International Association in Russia, with 1,500 Russian respondents taking part. The results were initially published on Tuesday.

Commenting on the survey, Romir’s president Andrey Milyokhin said that the results conclusively show that cryptocurrencies have not yet formed a meaningful financial instrument, dismissing them as a get-rich-quick scheme that the Russian population has experienced before and learned the better of.

A similar survey conducted in January by the All-Russian Center for the Study of Public Opinion found that over 56% of Russians had heard of Bitcoin in particular, while 74% of Moscow’s population did have knowledge of it.

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Survey Attests Crypto Exchanges Want Regulations After All

A recent survey from payment company Mistertango indicates that 88% of cryptocurrency exchanges want regulatory standards for the industry, with 55% in favor of know-your-customer (KYC) policies and anti-money laundering checks on users.

Protection from market volatility

So far, 2018 has seen poor gains compared with the latter half of 2017, while the fear of a market crash and major cryptocurrency devaluation is pushing exchanges servicing the industry in favor of regulations. Some 30% of the survey’s respondents cited a significant crash as the biggest threat facing the market.

While 88% of the exchanges did want regulatory overcite over their own activities, 40% said that actually reducing bank-enforced barriers over cryptocurrency funded accounts would help improve the overall acceptance of the industry; it would certainly make it easier for more people to enter the market.

However, 17% of the exchanges see strict regulations as the biggest threat to the industry, pointing to the need for the approach taken implementing the regulations to be well-informed and not overbearing. It is given the generally reported sentiment that the industry discourages regulations.

Understanding the results

Business Manager at Mistertango, Gabrielius Bilkštys, said in a statement that the survey shows the industry is ”crying out for regulation“, describing uncertainty as the biggest fear, requiring a solution to provide stability. The lack of any regulatory consensus globally only adds to this dilemma, making it nearly impossible for cryptocurrencies to progress such as fiat, Bilkštys said.

CEO of exchange CEX.IO, Oleksandr Lutskevych, also weighed in on the results, saying that the industry has taken the opportunity to finally have its say on regulations. Lutskevych noted the widely reported claims that they do not want such regulations has been proven to be far from the truth and that they, in fact, recognize regulations have the capability to lead to the market maturing and moving away from an accusatory image of involvement with illicit activities.

In total, 24 exchanges took part in the survey, based in Europe, Asia, South America and Oceana, which operate with an aggregate trading volume surpassing USD 100 million.

The results were published by Mistertango on Finextra.

 

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27% Of Millennials Would Choose Bitcoin Over Traditional Stocks

A recent survey conducted by Blockchain Capital points towards a trend in millennials’ growing preference towards cryptocurrency investments over traditional investment forms.

Specifically, the results show that 27% of millennials would prefer USD 1,000 in Bitcoin over USD 1,000 in stocks. It was not just stocks that millennials were moving away from, however; 22% would prefer the same sum of Bitcoin over real estate, and 30% would take Bitcoin over government bonds.

Perhaps an even more striking result from the survey was that 27% of millennials viewed Bitcoin as more trustworthy than big banks. What exactly the survey meant by “trustworthy” is not elaborated on, but it is suggested that they find the Bitcoin blockchain a more secure option.

As well as this, millennials have come of age in the wake of the 2008 financial crisis, largely blamed on the irresponsible trading practices of large banks and financial institutions. It is conceivable that the generation in question have become disenfranchised with these entities and are more inclined to find alternative practices.

Despite the dismissive approach to Bitcoin from mainstream politics and financial organizations, 52% of millennials do note share in their skepticism, with 52% citing the project as a positive financial innovation.

Finally, 42% of the age group believe most people will be using Bitcoin in the next ten years, so it is not surprising the 16% describe themselves as ”very likely” to buy Bitcoin in the next five years. Millenials have indicated that they view cryptocurrencies as a genuine investment opportunity as well as a trustworthy one.

Millennials across the globe

This survey took place in fall of 2017 and had over 2,000 American adults taking part. Similar studies conducted internationally have found trends much like that in the US.

A survey of young, working men in Japan found that 14% had cryptocurrency holdings, with 92% of those noting that they entered the market for investment purposes. In regards to their future plans with their holdings, 47.1% reported that they would like to actively invest in the market, with only 34% saying they did not intend to continue investing.

In South Korea, polls indicate that citizens in their 20s and 30s are familiar with cryptocurrencies and are willing to invest in them. Nearly a quarter of the millennials surveyed answered that they were willing to purchase some form of cryptocurrency.

Bitcoin’s popularity is on the rise and millennials appear to be a generation looking for alternatives to the financial institutions they no longer believe in. If younger generations continue to adopt cryptocurrency as a primary form of investment, this will likely increase the aggregate value of virtual currencies such as Bitcoin.

 

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Japan: 14% Of Young Male Workers Have Crytpo Holdings

A recent survey conducted of working males aged 25-30 in Japan reveals that 14% of this group own some form of cryptocurrency, as first published by local online magazine Shin R25, on 3 April.

Despite media frenzy over Bitcoin’s recent plunge in value, this has not deterred the young working men of Japan from investing. The study surveyed 4,734 participants across Japan, between January and March of this year, with over a quarter of respondents reporting that cryptocurrency holdings constituted their first investment.

Of the participants surveyed that owned crypto, 92% noted that they entered the cryptocurrency market for investment purposes. This is indicative of recent investment trends in the younger generation, that see the group withdrawing from traditional forms of investment such as stocks and bonds.

The questionnaire surveyed these trends in investment for first-time buyers, finding 24.3% purchased their assets between October and December 2017, with 15% choosing to enter the market in either January of this year or later, as the value of Bitcoin decreased.

When questioned on the total sum of their investments, 34.5% recorded that they owned less than 50,000 Japanese Yen (JPY), approximately USD 469, while 10.2% said their holdings totalled JPY 1 million or more, approximately USD 9,360 and above.

In regards to the future plans with their holdings, 47.1% reported that they would like to actively invest in the market, with 34% saying they did not intend to continue investing.

Finance and cryptocurrency analyst Joseph Young noted on Twitter that even in such a leading cryptocurrency market as Japan, such a high figure of investment is surprising.

A study found that 14% of employees in Japan aged 20~25 years already invested in or hold cryptocurrencies like bitcoin and Ethereum.

This is a surprisingly high adoption rate, I expected less than 10%, even in a leading cryptocurrency market like Japan.https://t.co/MwJtjmf1KQ

— Joseph Young (@iamjosephyoung) April 4, 2018

If the younger generations continue to adopt cryptocurrency as a primary form of investment, this is likely to increase the aggregate value of virtual currencies such as Bitcoin. Head of the research department for Fundstrat Tom Lee, recently reiterated his prediction that bitcoin would end the year valued at USD25,000.

The survey follows the news in January of hackers infiltrating Japenese cryptocurrency exchange platform Coincheck. Approximately USD 534 million was stolen in the form of NEM tokens. The Japanese Financial Services Agency acted by sending business improvement notices to seven similar platforms and temporarily suspending operations of another two.

 

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TechCrunch – Why Bitcoin? 'Quick and Convenient' Is Top Survey Response

TechCrunch – Why Bitcoin? ‘Quick and Convenient’ Is Top Survey Response:

TechCrunch’s Natasha Lomas (@riptari) shares the result of possibly the most comprehensive survey of the Bitcoin landscape to-date.  Excerpts:

“The firm surveyed more than 22,000 U.S. consumers in May 2013 to test Bitcoin awareness and levels of trust.”

“Just over a quarter (25.3%) [of U.S. consumers] have heard of the crypto currency — which means the U.S. is lagging the other two countries also surveyed for the poll, Argentina and the U.K. In those nations,”

“62% of U.S. consumers who are Bitcoin-aware said they trust the currency, vs 73% of Bitcoin-aware Argentinians and 69% of Bitcoin-aware Brits.”

“The largest group of Argentinian respondents (44%) said the best thing about Bitcoin is ‘not having to deal with financial institutions’. So banks bad, Bitcoin good.”

“In the U.S. and the U.K. the most popular response when asked about the best thing about Bitcoin is that “it’s quick and convenient” — cited by 36% and 43% respectively.”

 – http://techcrunch.com/2013/06/28/bitcoin-awareness-and-trust
 – http://bitcointalk.org/index.php?topic=245781.0 (Further discussion of the article)

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