Businesses in the United Kingdom have the greatest confidence in the future of cryptocurrency, believing they will achieve mainstream adoption in less than 10 years.
Around 70% of the 250 U.K. companies surveyed, which included banks, hedge funds, pension fund managers and brokerage firms, said they currently trust cryptocurrency products. 67% actively recommend investing in them to their clients.
“In the last few years, cryptocurrencies have moved from the outskirts of the financial ecosystem to find themselves front and center of mainstream investing, with many of the largest trading venues in the world now catering to both retail and institutional crypto needs,” said Julian Sawyer, CEO of Bitstamp. He added that the asset class had passed the era of survival and “the question is now about evolution.”
Consumers polled as well as firms
In addition to businesses, the first Bitstamp Crypto Pulse survey also recorded the opinions of over 1,000 consumers with nearly 40% affirming that they would use cryptocurrencies to purchase groceries and shop online.
A cross-section of respondents expressed concern over the uncertain regulatory climate that follows cryptocurrencies. Security breaches and price volatility made up the core worries for the demographics hinting at increased usage if the risks are addressed.
A series of hacks like the Mt Gox event in 2014 and subsequent price crashes threatened the future of the ecosystem. Slowly and steadily, retail and institutional adoption flocked to the space, sending the crypto market capitalization to nearly $3 trillion.
By Nov 2021, Bitcoin (BTC) had reached its all-time high of 68,789 while Ethereum (ETH) surpassed $4,800. Top firms like PayPal, Cash App, and Tesla amongst others have some skin in the crypto game and have expressed optimism over the prospects of the ecosystem while El Salvador has elevated Bitcoin to legal tender.
The road ahead may not be easy for cryptocurrencies as firms face increasing pressure from regulators to be compliant. Amid the turbulence, adoption levels are inching forward one step at a time to the delight of enthusiasts.
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