Cryptocurrency Finally Accepted - The Report That Predicts a Bright Future for Bitcoin

Cryptocurrency Finally Accepted – The Report That Predicts a Bright Future for Bitcoin

Cryptos no longer belong to the dark side of the Internet! – In September 2021, the reference newspaper for news and finance, The Economist referred to Bitcoin and cryptocurrency in general as “a Nobel Prize-winning diversification strategy.” Today, the American newspaper is talking about cryptos again with a report that portends a bright future for them.

The conclusion is clear: cryptocurrency is demystifying

The Economist has published the conclusions of its report called “Digimentality Report”. He is interested in the investor confidence in cryptocurrencies and the remaining barriers to their widespread adoption.

This survey was conducted among 3,000 consumers at the beginning of 2022. Half of the respondents live in developed and rich countries, such as the United States, the United Kingdom, France, Australia or even Singapore. The other half live in developing countries such as Turkey, Vietnam, South Africa, Brazil and the Philippines. In addition, approximately 75% of respondents have made graduate studies.

The Economist report clearly indicates a rise of Web 3. The non-fungible tokens generating the most interest. In effect, over 60% of respondents said they would like buy, hold or sell NFTs.

“Changing consumer expectations” – Source: Economist Impact

Otherwise, 36.6% replied that they were waiting to see the Bitcoin becoming legal tender in their country. This percentage is significant. Indeed, the public was still suspicious of Bitcoin not so long ago.

The Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF), Tobias Adrian gave his analysis of this evolution in favor of cryptocurrency:

“It is natural for physical cash to be complemented by digital cash, as the world is becoming increasingly digital and it is a natural evolution. »

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Crypto regulation remains the sinews of war

The Economist survey also asked respondents about the obstacles encountered by the countries in which they reside regarding the use of digital currencies. The panel had the opportunity to give 3 cumulative answers :

  • 27% responded that the main obstacle was the rules and regulations imposed by their government;
  • 23% answered that the causes were the gaps in understanding underlying crypto technologies;
  • The habit of physical currencies which is predominant.

Last April, a survey revealed the incomprehension of the American citizens against cryptocurrency. Although some of the terms in this space are familiar to them, few said they were comfortable with explaining the underlying concepts.

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