Bitcoin posted a new all-time high of $55,503.938 Friday, as investor demand for the world’s largest cryptocurrency continues to rise.
A new survey from research firm Piplsay indicates that the ‘Bitcoin Fan Club’ will continue to grow.
Of the 30,330 Americans surveyed who have heard about cryptocurrencies, 57% say they understand the digital currency either somewhat or very well, while 30% do not understand them at all and 13% have never heard about them. And 48% of people who have heard of cryptocurrency are not interested in investing in it, while 25% say they have invested and 27% say they plan to invest this yr.
Fully 50% of the survey’s respondents think cryptocurrency is safe while 22% believe it is not and 28% are not sure.
Among those who believe it is not safe, 31% fear hacking or fraud, 27% say they do not know enough about how the system works, 22% cite lack of laws or regulations governing cryptocurrency and 20% fear the volatility.
When asked if companies like Apple, Amazon and Walmart should follow Microsoft, PayPal, Visa and Tesla in accepting or planning to accept cryptocurrency as valid payment for goods and services, 57% of survey respondents answered yes and just 18% said no, the rest were undecided.
As a store of value, cryptocurrency, like gold, is worth what people think it is worth. That implies volatility and eventually government regulation.
As a financial instrument Bullish cryptocurrency investors are right and will remain so until there is a correction or a fall into a Bear market. Small investors must be prudent.
Have a healthy weekend, Keep the Faith!