Friday, May 24, 2024

How Is Crypto Changing Public Perception?

It’s safe to say that crypto is still in a relatively interesting position as different markets have reacted differently to how its uses can be found – a unique survey had been conducted by CloudBet with a more complete report available to discover how different demographics view the future of cryptocurrency as a whole. The first set of questions had been aimed at awareness, and how different countries including respondents from Germany view the biggest options.

Other European regions had a much lower percentage of respondents answer positively here, however, Spain had the second highest number of respondents answer positively at 11.58%, followed by Italy at 7.12%, and the UK at just 4.05%. Adjusted for respondents by age, however, the numbers paint a different picture – in the Spanish market, for example, the positive response rate changes to 33.97% for those aged between 18-24 and drops to a 100% negative response rate for those aged 65 and above with the same being true across all markets as the younger audience are the most aware.

The second question around awareness was aimed at the current environmental impact of Bitcoin and other cryptocurrency options – whilst this was able to reach mainstream news outlets with the growing NFT market which operates on the Ethereum blockchain as concerns around the energy use had grown, what is less known currently is within the energy concerns in countries that have since accepted larger scale Bitcoin farms leading to rising energy prices and blackouts in some regions too.

Similar results were seen, but with some outliers – when asked if individuals are aware of concerns between the link of energy demand and Bitcoin mining, 16.4% of respondents from the UK answered positively here, so although just 4% follow news around cryptocurrency, there is a greater awareness of the problem that it could be presenting on a global scale.

Adjusted for age once more this picture changes significantly as once again the younger age group are far more aware of the impact – for the UK once more, 41.29% of respondents aged 18-24 answered positively in being aware of this link, and with a younger more energy conscious audience being the most outspoken about climate change currently, this continues to show expected trends.

The full report shows much more information for different markets across different categories too, as a whole there does seem to be a promising future for cryptocurrency but there may be many adjustments needed in the future for a wider audience to see crypto as more than just an investment opportunity, and more towards something that’s a serious option and a potential replacement for FIAT currencies.

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