50 Percent US Citizens Believe Cryptocurrency Is The Money Of The Future

US citizens believe crypto assets could be future money. (Photo; Doc. Unsplash)

JAKARTA Cryptocurrencies have experienced a surge in popularity in recent years, especially in 2021. Although the crypto market has experienced a decline in recent months, the public's trust in crypto assets has not faded.

In a recent study supported by investment firm giant Grayscale, it has shown that more than half of Americans agree that "cryptocurrency is the future of finance." The sentiment appears to reach the entire realm of politics, as 59 percent Democrats and 53 percent Republicans agree with the statement.

The research was conducted by The Harris Poll, an agency surveying more than 2000 Americans over the age of 18 between 6 and 11 October. The data were sabotaged based on demographic characteristics such as age, gender, and race, to reflect the representations of each group in the general population.

About half of Americans (49 percent) say they are familiar with cryptocurrencies. As has been found in previous polls, this awareness is highly concentrated among the younger generation (70 percent aged 18 to 34 years; 62 percent aged 35 to 44 years).

According to a CryptoPotato report, minority status is also a powerful predictor, with a stronger awareness among black and Historical Americans (60 percent /62 percent), compared to white Americans (42 percent). Similarly, about a third of black, Hispanic, and young people say that rising inflation and a slowing economy have made them more interested in crypto. The proportion is roughly the same as having digital assets.

Cryptocurrencies have become one of the hardest-hit asset classes of 2022, losing more than two-thirds of their total market capitalization since last November's high. However, Bitcoin proved relatively stable compared to other asset classes in Q3 in particular, even matching the British Pound in terms of volatility.

Among those who have invested, many have come in for reading something interesting about asset classes, or on the recommendation of friends or family. Only 25 percent were included on financial advisory recommendations.

Political Parties Join Crypto

In terms of regulation, Democrats and Republicans mostly have overlapping views. 88 percent Democrats and 77 percent of Republicans agree that the US crypto industry needs clearer regulations.

Meanwhile, more than 80 percent of the two political factions want a "preliminary" regulatory approach that allows consumers to invest in the digital assets they want while receiving the necessary information about each product.

However, there are slight differences in Congress. Democratic representatives are very suspicious of the crypto industry, often voicing concerns about consumer protection, sanction avoidance, and environmental damage.

On the other hand, Republicans have been some of the loudest votes urging fellow lawmakers to let the industry thrive with lighter rules. Three active senators known to have Bitcoin - including Ted Cruz - and "Crypto Mom" SEC, Hester Peirce, are all on the political right.

One of the Republican Senate lovers of Bitcoin, Cynthia Lummis, deliberately partnered withjung Gillibrand of the Democratic Party to form a bill that provides clear regulatory standards for crypto, to prove that both sides can find similarities when discussing the sector.

The results prove that confidence in cryptocurrencies that have the potential to become a future for finance has not decreased, has actually increased even though the prices of BTC and altcoins have decreased significantly in recent months.