Nearly half of Americans have shown awareness of non-fungible tokens (NFTs), according to a survey by Washington-based think tank Pew Research Center.
Per the report:
“About half of U.S. adults (49%) say they have heard at least a little about non-fungible tokens, including 11% who have heard a lot. But just 2% of Americans say they have bought an NFT.”
Pew Research Center also pointed out that investment in and awareness of NFTs varied based on demographic factors, especially age and gender. The study noted:
“Men are 22 percentage points more likely than women to say they have heard of NFTs. And 69% of adults ages 18 to 29 say they have heard at least a little about NFTs, compared with 56% of those ages 30 to 49 and 36% of those 50 and older.”
The share of Americans who have heard about NFTs was also different based on income levels, ethnicity, and race. For instance, Asian Americans took the top spot regarding NFT awareness at 66%, followed by White, Hispanic, and Black adults at 49%, 48%, and 38%, respectively.
Despite a considerable number of U.S. adults depicting NFT awareness, nearly half of those who have invested in cryptocurrencies have aired their disappointment in crypto performance.
The report stated:
“Among the 16% of U.S. adults who say they have ever invested in, traded or used a cryptocurrency such as bitcoin or ether, 46% report their investments have done worse than they expected.”
Nevertheless, 15% of Americans stated that they were satisfied with their crypto investments because they had performed better than expected.
Pew Research Center undertook the survey between July 5 to 17 this year and sought to know why Americans were entering the crypto space. Top of the reasons entailed diversification and a way to make money.
Meanwhile, 15% of the Indian population aged 18 to 60 years has already set foot in the crypto space, according to a recent study by crypto exchange KuCoin.
“Globally, one in three (35%) internet users are likely to invest in Bitcoin or another cryptocurrency as a short-term investment (USA 24%; Canada 17%).”
The preference for crypto is higher among Americans than Canadians based on varying reasons, like sheltering their wealth from taxes and avoiding cross-border banking fees.
One factor that makes Canadians lag behind Americans in crypto investment and usage entails differing attitudes.
Fen Hampson, Chancellor’s Professor at Carleton University, pointed out:
“Given the big differences in attitudes between Canadians and Americans towards cryptocurrencies, there may be diminishing political capital in the Canadian population at large for those who want to promote the idea that consumers will use cryptocurrencies instead of the Loonie. However, in the United States, it is a different story.”
Lower crypto intake noted in Canada
According to Sean Simpson, an Ipsos member:
“It is notable that intended uptake of cryptocurrencies is lower in Canada than in most countries surveyed. Conservative leadership hopeful Pierre Poilievre has advocated for cryptocurrencies and their ability to help users opt out of inflation.”
A contrasting scenario is observed in the U.S. because of a more receptive audience, with Wyoming Senator Cynthia Lummis leading the pack as a vocal crypto supporter. She seeks to have this sector regulated and normalized.
Meanwhile, the appeal for crypto use is higher among younger generations. Per the report:
“In the United States, four in ten (40%) Americans aged 18-34 are at least somewhat likely to use a cryptocurrency to buy a good or service in the next year. In Canada, those aged 18-34 are most inclined to say they’re at least somewhat likely (29%) to use a cryptocurrency in the next year to buy a good or service.”
A recent poll by NBC News revealed that one in five (20%) Americans had used, traded, or invested in cryptocurrency.
The online Ipsos Survey interviewed 14,519 internet users in 20 countries between November 10 and 24, 2021. The respondents were aged between 16 and 74 years.
The countries involved included Sweden, Turkey, the United States, Spain, Singapore, the Republic of Korea, South Africa, Poland, Mexico, Kenya, Japan, Israel, Indonesia, India, Great Britain, Germany, France, Canada, Brazil, and Australia.
A recent survey from the Pew Research Center has drawn an insight into the popularity of emerging digital currencies amongst Americans.
Per the survey conducted between 13 to 19th of September, at least 16% of respondents say they have either invested in, done transactions with, or interacted with cryptocurrencies. The survey shows that digital currencies like Bitcoin (BTC), Ethereum (ETH), and other altcoins are more popular amongst men than women.
The level of popularity of digital currencies varies amongst Americans, with 86% saying they have heard little about the nascent asset class. As much as 24% acknowledged they have listened to a lot about crypto, 13% say they have heard nothing about crypto.
Knowledge Gap Tightening
Understanding digital currencies amongst Americans is growing, and the Pew Research Center survey supports this fact. In similar research conducted back in 2015, the centre reported as many as 48% of adults to say they had heard of Bitcoin (the primary subject of the survey), and just 1% said they had ever collected, traded, or used it.
This result is obviously different from the 16% who have now engaged with the coin in one form or the other. Younger adults are also proven to have greater exposure to cryptocurrencies compared to their older counterparts. While men are twice (22%) as likely to engage with crypto as women (10%), the Pew Research survey shows that crypto is more popular amongst Asian Americans, with 43% saying they have heard a lot about digital currencies.
Hispanic adults at about 29% and Black or African American 25%, noting they have heard much about cryptocurrencies. Across household income groups, high earners have higher interest crypto followed by middle income and lower earners, respectively.
Growing Media Hype Aiding Crypto’s Popularity
The performance of the cryptocurrency industry in the year-to-date period has particularly attracted a lot of media hype. Mainstream media houses, including Bloomberg, Forbes, and CNBC, do not only cover events in the space; most now have a dedicated section for cryptocurrencies. All these contribute to the overall popularity of digital currencies.
Americans are about to experience an unprecedented decline in their standard of living. Reckless monetary policy and the growth of government created a phony economy that depends on cheap imports and an over-valued dollar to survive. This entire house of cards will soon collapse.
@justinsuntron responded in the Chinese community: TRON is a Singapore-based foundation, not in the United States, and it was not sold to any Americans at the time of ICO, so there is no risk. @AdamScochran suspected that TRON was investigated by the SEC. https://t.co/smdDp0drjQ
If a $600 government check is so helpful to Americans, imagine how harmful it was for those same Americans to pay far larger tax bills in the first place. If Congress and the Pres. really cared they’d cut government spending and deliver Americans real tax relief for Christmas.
Bitcoin (BTC) surged to a new all-time high over the weekend, but what’s in store as a new week begins?
With $24,000 still in play, Cointelegraph takes a look at five factors influencing BTC price action over the coming days.
Coronavirus stimulus deal includes $600 direct payments
A sigh of relief from the United States as Congress was poised voted to accept a $900 billion coronavirus stimulus bill.
The dollar rose amid news that the bill, which includes a second round of stimulus checks for eligible Americans, was agreed after months of failed talks. Previously, direct payments had been absent from the bill, but since returned as a modest $600 versus $1,200 in March.
The move nevertheless beat the $787 billion stimulus tag for the 2009 financial crisis in one fell swoop.
Eyes will now be on whether the bill can pass in a vote on Monday — the flagging U.S. dollar would suffer as a result of a rejection, likely to Bitcoin’s advantage.
“Brrrrrrrr another $1 Trillion to be printed by the Fed,” James Todaro, a popular commentator on Bitcoin and coronavirus-related topics on social media, summarized in response to the news.
“Bitcoin was created for this exact reason during the Financial Crisis of 2008. Is it really surprising that #Bitcoin is making new all time highs?”
Cointelegraph Markets analyst Michaël van de Poppe meanwhile sounded the alarm about the longer-term impact of adding more debt to the U.S.’ tally through financing the stimulus bill.
“Agreement on the $900 billion coronavirus relief bill. Another step towards weakening the U.S. Dollar,” he wrote on Monday.
“This printing won’t end well at all, as historically, it never does. It’s just extending and trying to continue our failing financial system. Adopt. Buy Bitcoin.”
In a curious contrast to March, mainstream media are already suggesting to recipients how they can put their stimulus check to work by buying BTC.
BTC/USD remained near $24,000 on Monday, having hit all-time highs of $24,217 on Saturday and retained $20,000 support without any major tests.
Fed allows banks to buy back their own stock
Adding to the power of the banking sector was a decision by the U.S. Federal Reserve to allow the six biggest banks to start buying back their own stock again in 2021.
Worth $11 billion, the permission means that stock buybacks — something scorned by proponents of Bitcoin and sound money — can resume for the first time since the March crash.
The Fed was unfazed about negative fallout further down the line, however, with Bloomberg quoting Vice Chairman for Supervision Randal Quarles describing banks as a “source of strength” in 2020.
Fed stress tests, he said, “confirm that large banks could continue to lend to households and businesses even during a sharply adverse future turn in the economy.”
As Cointelegraph reported, Bitcoin seemed to benefit from rising central bank balance sheets, with price gains coming in step with the Fed and other institutions heaping money onto their existing debt mountains.
While BTC/USD stabilized over the weekend, a jump in the U.S. dollar currency index (DXY) meanwhile failed to produce noticeable selling pressure on the largest cryptocurrency. DXY bounced off lows of 89.7 on Dec. 18 to hit 90.5 overnight on Sunday — still circling nearly three-year lows.
Analyst eyes $19,500 BTC price dip
Short-term price action meanwhile focused on a large range with $26,000 as its top, but a bottom that could stretch below $19,500.
That was according to Van de Poppe on Sunday, who in his technical analysis highlighted various lows from earlier in the month and before which need to be liquidated.
Specifically, these involve CME Group Bitcoin futures gaps, two of which are over $1,000 in size and remain unfilled, leaving the potential for a wick as low as $16,900.
“Lower timeframe, we’ve got some critical things we have to watch,” he said. “We did see a higher high, a new all-time high yesterday. However, less volume on the whole for potential bearish divergence.”
He said that support levels at $22,800 would need to hold this week to fuel any further upside, but that a period of “consolidation” similar to other recent bouts of low-volatility trading action could soon reappear.
“That would fuel a potential strong move on ETH/BTC,” he added about the prospects for the largest altcoin Ether (ETH) to gain in Bitcoin terms.
Bitcoin doesn’t care about Elon Musk tweets
A high-profile Twitter exchange which even made it into mainstream media over the weekend has meanwhile failed to impact Bitcoin price action in real terms.
Elon Musk, CEO of Tesla, briefly discussed sending “large transactions” in Bitcoin with MicroStrategy CEO and serial BTC stockpiler Michael Saylor.
After calling Bitcoin his “safe word” — contradicting another popular tweet from earlier this year — Musk then told followers that Bitcoin “is almost as bs as fiat money” before tweeting about Dogecoin (DOGE).
Despite the tongue-in-cheek nature of his content, Musk managed to excite a wider audience keen for bullish statements on Bitcoin. Even naysayer gold bug Peter Schiff joined the fervor.
“It seems like @elonmusk was only joking about exposing Tesla shareholders to Bitcoin,” he considered.
“So I don’t need to convince the board not to turn Tesla into a double bubble. But I’m still willing to debate @michael_saylor on #Bitcoin verse #gold. Perhaps @joerogan is willing to moderate.”
Tesla stock rallied almost 6% at the end of trading on Friday, with markets yet to open at press time on Monday.
OTC buys mean Bitcoin bull run could “never stop”
Despite the looming sense of an incoming price correction, Bitcoin investors stayed prudent over the last week, data shows.
Analyzed by on-chain monitoring service CryptoQuant, outflows to exchanges kept going over the past week, with more and more BTC moving away from trading arenas and into private storage.
The overall balance on exchange was at its lowest since mid 2018 on Monday, a sign that unlike the previous all-time high of 2017, $24,000 BTC is not a product of a speculative trading frenzy.
While calling it a “speculative guess,” Ki Young Ju, CEO of CryptoQuant, suspected last week that spikes in BTC outflows at exchange Coinbase Pro were down to large institutional buys using over-the-counter (OTC) trades. Should that status quo continue, the Bitcoin bull run would face no genuine hurdles.
“Conclusion: This BTC bull-run never stops as long as these OTC indicators keep saying institutional-buying,” he wrote in a subsequent Twitter thread.