A survey published by investment platform SharesPost has revealed that a majority of both consumers and accredited investors are planning to invest further in cryptocurrencies in the next twelve months.
The cryptocurrency hype appears to have been waning since the enduring bear market came into effect after the red-hot 2017 market highs. The primary discussions rapidly moved from digital assets to blockchain technology, however, this latest survey from SharesPost suggests that there is still faith in cryptocurrencies.
Positive Sentiments
The mid-year survey received 2,490 responses from consumers and 521 from “individual accredited and institutional investors”. In a display of increased interest, the report notes that the first survey conducted in early 2018 had 2,352 consumer participants and 106 from investors.
The study showed that a majority of investors (59%) and consumers (72%) planned to increase their digital asset holdings over the next year. 57 percent of investors and 66 percent of consumers are expecting crypto-values to grow over the next year.
Unsurprisingly, Bitcoin came out on top as the most owned cryptocurrency with Ethereum, Ripple, and Litecoin following behind, though they were favorable due to their long-term potential.
In contrast, a recent survey reports that gauged high awareness and low adoption rates of Bitcoin in the United States; the SharesPost survey found that Bitcoin is increasing in popularity, up to 78% from 48%.
In Business
On the business side of things, blockchain technology is finding footing in companies, as the report writes: “Growing number of companies are implementing Blockchain technology. 32 percent of investors and 49 percent of consumers say employers are planning to roll out Blockchain in the near future.”
In late August, Deloitte published the “2018 Global Blockchain Survey”, where it polled 1,053 companies from seven countries: Germany, China, Mexico, Canada, the United States, and the United Kingdom.
These results found that 84% of these businesses believe that mainstream adoption of blockchain is a “matter of time”. For businesses, the most popular current use case of the technology are supply chain solutions (53%).
Mass-Adoption
The SharesPost report contrasts the Deloitte survey. Investors have lowered their expectations for crypto-mass adoption in 2020 down to 27% from the earlier 51%. Consumers report a drop but it’s a smaller decline which now sits at 37% from 42%. The decline in confidence could be attributed to the 50% of participants who are primarily concerned with market volatility, and 37% said security was their big issue.
Surveys in all shapes and sizes have been making the news with their numbers this year as governments, industries, and independent entities attempt to gauge the crypto or blockchain mood. Collectively, they offer a comprehensive insight into the sentiments coming from certain demographics, as standalone reports. However, they contrast massively due to their sample size and geographical location.
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