Backing the idea that a triggering event in the traditional financial system will drive people to Bitcoin
April 23, 2020, New York — Global peer-to-peer bitcoin marketplace, Paxful, released today the results of a survey of Americans with a working knowledge of cryptocurrency. This survey was designed to better understand what the future holds for digital currencies. It goes beyond the simplicity of owning or not owning crypto and dives into the next 10 years of the industry, and what will drive adoption. It highlights a continued belief in a positive future for digital currencies and also touches on its ability to address the corruption that has become more apparent than ever in the traditional USA financial system.
2020 for many was set to mark the next wave of cryptocurrency growth, acceptance, and mainstream adoption with sentiments around digital currencies having matured. 2020 has also become a year fraught with the effects of a global pandemic, putting both cryptocurrency and traditional finance to the test. As we start to examine the efficiency of financial systems, Paxful’s survey brings to light the fact that almost 50% of respondents believe a triggering event in the traditional financial system will drive people to Bitcoin. This falls in line with the upheaval currently being felt by traditional markets while Bitcoin rallies to become a safe haven.
The two divisions believed to be the most common and relevant use cases for Bitcoin, according to respondents include real-life payments (69.2%) and to combat inflation and corruption (50.4%). Two concepts that if fully incorporated into the current financial system would likely ease the monetary pressures felt by citizens across the USA today. These beliefs reflect a positive future for Bitcoin, which according to respondents (63%) will be fully infiltrated into the mainstream within the next 10 years.
While there are still hurdles to adoption, with 53.8% of respondents believing a lack of knowledge is hindering it, they do have opinions on which sectors will ultimately drive that adoption. According to respondents, mobile mining (57.4%), an altcoin resurgence (47%) institutional investing (48.6%), and the enterprise use of blockchain (40.40%) will drive the next wave of cryptocurrency adoption. 64% of people also believe the driving force for mainstream adoption will be in response to the complexities of the current wire transfer systems and the need for more cohesive payment tools.
The next technological revolution is coming with the need for a secondary solution to the traditional system. According to survey responses, the countries or regions most fit to lead revolution are the USA (64%), UK (39.8%), Europe (30.8%), South East Asia (32.2%) and Africa (22.2%). The revolution is set to change the world, and those surveyed agree with 56.6% of them believing blockchain could potentially affect any agreement, task, process, or payment, touching the worlds of digital identity, data management, audit trails, contracts, automated governance, and more.
“We have always believed that cryptocurrency and blockchain had the power to break down the barriers that prevented financial inequalities in emerging markets,” said Artur Schaback, COO and co-founder of Paxful. “We are now seeing those same practices and beliefs come to life among world superpowers and are excited to be a part of what will hopefully be the beginning of a new and improved financial system.”