The recently published YouGov survey found under 50% of millennials were interested in using cryptocurrencies as a primary form of payment as opposed to using the U.S. dollar. Bitcoin adoption has been growing year on year and here is commentary from a number of spokespeople on the topic of mainstream awareness and acceptance of the crypto and blockchain industry.
The commentary comes from those who have already launched blockchain education initiatives or are directly involved in the academic space, including Lisk; Orvium; the Social Alpha Foundation; Brave New Coin and the Gibraltar Blockchain Exchange (GBX).
Nick Cowan, CEO of the Gibraltar Blockchain Exchange (GBX), which aims to position itself as a world-leading institutional-grade token sale platform and digital asset exchange that is a subsidiary of the Gibraltar Stock Exchange, a European Union (EU) regulated stock exchange says:
Overall, the results from the YouGov poll provide a positive indicator for the future of cryptocurrency. The fact that 48% of millennials would be interested in using a digital currency is a sign of things to come. This is important because, ultimately, the future of the global economy lies with the millennials, not the baby-boomers.
The fact that over three-quarters of Americans would be interested in using cryptocurrency as a primary means of exchange is a positive for the industry. It speaks to the future prospect of cryptocurrency going mainstream. What is required is private sector actors offering real-world services to unlock institutional investment opportunities so that the market can become truly viable.”
Manuel Martin, Co-founder and CEO of Orvium, an open source platform for managing scholarly publications’ lifecycles, says:
This survey clearly indicates cryptocurrencies are the future! Mass adoption of cryptocurrency is the next logical step for modern societies, they exemplify the next step for the payment layer of the internet. As a peer-to-peer way of transferring value, the functionality of cryptocurrency is attractive to a person who grew up in a digital age with a tablet to hand at all times, this goes some way to explaining why 48% of millennials would be interested in using it.
A striking advantage of cryptocurrencies is that they negate the need for the involvement of third-party actors or central authorities in the transaction process. This reduces barriers to entry, transaction times, security concerns and even privacy issues – all factors which will invariably lead to increasingly widespread adoption.
The survey found that 79% of Americans are familiar with the cryptocurrency concept, this is a striking finding. However, upon delving deeper this makes sense as the cryptocurrency space is a massive marketplace that evolves at a very fast pace and is disrupting every single industry we know. It is important to note that cryptocurrencies represent more than meets the eye, they are flourishing ecosystems which have matured massively since Bitcoin’s inception in early 2009.”
The stand out feature of this YouGov survey is the heightened awareness and openness to cryptocurrencies by millennials – acceptance by this core demographic is key to ensuring global adoption in the future. The survey shows us that the global leaders of tomorrow are aware and open to cryptocurrency but, saying that, there may still be some way to go in improving understanding of the real future utility of the underlying technology.
Generally, most people seem unaware of the massive potential in this space and don’t realise that Bitcoin and Ethereum are only the tip of the iceberg. It is safe to assume that these cryptocurrencies are noted in the survey more for their price spikes than their assumed future potential. Alongside investment in research and development, the blockchain industry needs to continue investing in education, as this will help move the discussion on from profitability, to the more important talking points around the potential of the technology.”
Rafael Delfin, Head of Research at Brave New Coin, a leading data and research company focused on the Blockchain and Cryptographic Assets industry, says:
YouGov’s survey findings are a reflection of a number of trends among 20-40 year old adults. Mainly of the high barriers to entry to both capital markets that produce returns and the public institutions controlling their legal tender. Together with the lack of trust in traditional financial institutions, the importance of an apolitical, borderless, and censorship resistance form of cash is becoming increasingly clear to a mostly global generation. This applies not only to urban dwellers but also to rural-based millennials who traditionally have lacked access to competitive banking services.
The main takeaway of this survey is that as baby boomers captured the gains of the stock market during the past 30+ years and now will start to cash out for retirement, young adults are turning to a new paradigm, that both resonates with their values and has a significant upside potential, for performance gains.”
Nydia Zhang, Co-founder and Chairman of Social Alpha Foundation, a not-for-profit grant making platform supporting blockchain technology for social good, says:
The survey findings from YouGov are reflective of current trends among millennials within the blockchain and crypto space. The report touches on the issue of mainstream awareness, with 79% of Americans saying they are familiar with at least one kind of cryptocurrency. Broader reputational issues in the industry are also raised in the survey, with a quarter of respondents stating that they think cryptocurrencies are used more for illegal purchases rather than legal ones. This statistic is not surprising, and while cryptocurrencies continue to defy the odds, blockchain adoption remains a challenge. For this to change in the future, we must demonstrate the functions of the technology to the public through major application or adoption.
Almost half (48%) of millennials say they would be interested in using cryptocurrency primarily. This is interesting and reinforces how the crypto community and culture has a bigger impact on the younger generation. Despite this, there is still a misperception surrounding cryptocurrencies and bitcoin, and this is evident by the 34% of people who think crypto will not become widely accepted in the near future.”
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