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is the value of Bitcoin drops over 60% From all-time highs as of August 2022, this crypto winter has not diminished interest in buying digital currencies.
About 56% of consumers said they would be at least somewhat interested in buying cryptocurrencies over the next year, according to PYMNTS and BitPay in August. Pay with Virtual Currency Questionnaire.
Nearly 42% of millennials say they are very or very likely to buy cryptocurrencies next year. For Gen Z, that number drops to about 26%.
What is behind the continued fascination with crypto? About 50% of respondents are motivated by the potential to profit from investing in cryptocurrencies, while about 15% of respondents say fear of missing an opportunity drives their decision-making.
Iyandra Smith-Bryan, Chief Operating Officer of Quantfury, a global broker-dealer, said: We provide exchange spot prices on global and cryptocurrency exchanges.
In addition, trust in the underlying blockchain technology continues to fuel investor optimism about future cryptocurrency adoption, says Smith-Bryan.
Investors also tend to see a silver lining in crypto winter. We eliminate weaker players and keep our best players on the field. We give these best players the opportunity to focus on technological advancement, product development and improving our support and services, added Smith-Brian. increase.
While many people want to profit from holding cryptocurrency, many also want to be able to use it to make purchases.
About 40% of 18- to 35-year-olds plan to use cryptocurrencies to pay for goods and services this year, according to Checkout.com. “Crypto Mysteries” Report.
As the process of buying with crypto becomes more seamless, “we’re going to see it grow like a hockey stick, similar to how fast the internet is growing,” said Head of Crypto and Digital Assets at Checkout.com. , says Max Rothman.
Currently, the fluctuations in the value of many forms of cryptocurrencies, such as Bitcoin and Ethereum, make them difficult to use as a payment method.
But stablecoins, cryptocurrencies whose value is pegged to the price of another asset such as gold, can provide the price stability that both consumers and retailers are looking for, Rothman said. .
Stablecoins offer all the advantages of digital assets, such as transparency, decentralized data, and instant availability of funds, but can withstand market volatility, Rothman said.
While interest in cryptocurrencies remains high, there are real risks to consider.
Cryptocurrencies are highly volatile digital assets whose value fluctuates erratically. There is no guarantee of profit. That’s why experts recommend investing only the amount you can afford to lose.
Additionally, cyber thieves sometimes hack virtual wallets that store cryptocurrencies. steal your fundsTherefore, it is important to pay particular attention to security.
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