We\u2019re willing to bet you\u2019ve heard the buzz around cryptocurrency, a digital form of currency that\u2019s secured by cryptography and designed to be highly secure. This prevents issues including fraud and double-spending. Even major platforms such as PayPal and Mastercard are starting to accept digital currency payments! It can also be traded for profit.<\/p>\n\n\n\n
Because cryptocurrency is virtual-only, it\u2019s exclusively exchanged across computer networks, making it free of government or bank control. This is a major draw for many investors, but other consumers have their hesitations and prefer more traditional investment options.<\/p>\n\n\n\n
In a constant effort to bring you insights on the trends that matter most, we sought to deliver a real-time picture of consumer sentiment around cryptocurrency in 2022. In our study, we surveyed 9,000 people across 17 markets on their feelings around cryptocurrency, including investment habits, perceptions of individual consumers, and future purchase intent. Here\u2019s what consumers are saying.<\/p>\n\n\n\n
Cryptocurrency is a familiar term for many. But it\u2019s a complex concept that\u2019s not easily understood, even by those with active investments in the currency. While 61% of global consumers say they\u2019ve heard of cryptocurrency, only 23% say they\u2019re familiar with it.<\/p>\n\n\n\n
Notably, 41% of current investors say they\u2019ve decided to do so because of short-term growth potential. An additional 40% have invested for long-term stable growth, and 33% to diversify their portfolio. One-third of consumers say they\u2019re invested in cryptocurrency, but just six out of every ten investors feel that they\u2019re actually familiar with their investment.<\/p>\n\n\n\n
Cryptocurrency is taking emerging markets such as APAC and LATAM by storm, where there\u2019s a stronger positive outlook around digital currency and its potential. In fact, 75% of investors in emerging markets expect to increase their cryptocurrency investment allocations, compared to 57% in developed markets.<\/p>\n\n\n\n
Emerging markets are more likely to view cryptocurrency as a long-term upward trend, while developed markets see it more as hype, as these stats illustrate:<\/p>\n\n\n\n
\u25cf 32% of consumers in emerging markets say they have trust in cryptocurrency, compared to just 14% in developed markets<\/p>\n\n\n\n
\u25cf 41% of consumers in emerging markets say they\u2019ve invested in cryptocurrency, compared to 22% in developed markets<\/p>\n\n\n\n
Developed markets certainly display interest in cryptocurrency. However, according to our consumer insights, emerging markets offer the greatest potential for growth\u2014both now and in the future.<\/p>\n\n\n\n
The public largely sees cryptocurrency as risky and volatile as compared to stable, low-return, fixed-deposit investments. To this point, 45% of consumers agree that cryptocurrencies are not guaranteed to succeed.<\/p>\n\n\n\n
Associated risk (43%) and a lack of understanding (40%) are the main reasons why potential investors are holding back their investments. Whereas 61% of consumers trust fixed, traditional deposits, just 23% say they trust cryptocurrency deposits in today\u2019s market.<\/p>\n\n\n\n
The dichotomy between emerging and developed markets remains true here, too. Twenty-five percent of consumers in emerging markets consider cryptocurrency investments to be risky\u2014a stark contrast to 42% in developed markets.<\/p>\n\n\n\n
When asked what can be done to improve the consumer experience and establish more trust around cryptocurrency, respondents say they want to see the following:<\/p>\n\n\n\n
\u25cf Competitive transaction fees<\/p>\n\n\n\n
\u25cf Accurate exchange rates<\/p>\n\n\n\n
\u25cf Fast transaction speeds<\/p>\n\n\n\n
\u25cf More crypto coin options to choose from<\/p>\n\n\n\n
\u25cf Tutorials and simple interface<\/p>\n\n\n\n
\u25cf Secure systems<\/p>\n\n\n\n
Insights show that younger decision-makers are most drawn to cryptocurrency, especially in emerging markets. Older consumers are significantly more conservative when it comes to their trust and investments in cryptocurrency, as illustrated in the following stats:<\/p>\n\n\n\n
\u25cf 42% of consumers from ages 18-24 (Gen Z) in emerging markets say they invest in cryptocurrency, with 38% from developed markets close behind<\/p>\n\n\n\n
\u25cf 44% of consumers from ages 25-34 (Millennial) in emerging markets say they invest in cryptocurrency, as opposed to 37% in developed markets<\/p>\n\n\n\n
\u25cf Just 21% of those ages 57-64 (Baby Boomers) plan to invest in cryptocurrency within the next year, and 18% plan to do so in years to come<\/p>\n\n\n\n
There\u2019s lots of hype surrounding digital, decentralized, and encrypted cryptocurrency\u2014and it\u2019s not expected to slow down any time soon. Having a head start in understanding real-time consumer sentiment offers a better glimpse into the future of digital currency. In turn, this helps inform how financial institutions can play a relevant role in this ever-changing digital landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"
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