Businesses in the United Kingdom have the most faith in cryptocurrency’s future, predicting it will attain widespread acceptance in less than ten years.
Around 70% of the 250 enterprises questioned in the United Kingdom, including banks, hedge funds, pension fund managers, and brokerage firms, said that they presently trust bitcoin goods. 67 percent actively encourage their customers to invest in them.
“Over the past few years, cryptocurrencies have risen from the periphery of the financial ecosystem to become central to mainstream investment, with many of the world’s major trading platforms now catering to both retail and institutional crypto demands,” said Julian Sawyer, CEO of Bitstamp. He noted that the asset class has outlived its survival phase and that “the issue today is about development.”
Consumers and businesses were surveyed
Along with companies, the inaugural Bitstamp Crypto Pulse study gathered the thoughts of over 1,000 consumers, with roughly 40% stating that they would use cryptocurrency to pay for groceries and online shopping.
A cross-section of respondents voiced anxiety about the unpredictability of the regulatory environment around cryptocurrency. Security breaches and pricing fluctuation were the demographics’ primary concerns, implying higher use if the risks are addressed.
A succession of breaches, including the 2014 Mt Gox disaster and subsequent price falls, posed a danger to the ecosystem’s survival. Retail and institutional adoption attracted the industry gradually, pushing the crypto market valuation to reach $3 trillion.
By November 2021, Bitcoin (BTC) had topped 68,789, the all-time high, while Ethereum (ETH) had surpassed $4,800. PayPal, Cash App, and Tesla, among others, have invested in the crypto space and voiced confidence about the ecosystem’s potential, while El Salvador has designated Bitcoin as legal cash.
The path ahead for cryptocurrencies may not be simple, as corporations face increased pressure from authorities to comply. Despite the turmoil, adoption rates are steadily increasing, much to the pleasure of aficionados.