A
new study from financial market analysts
AskTraders.com has revealed current attitudes toward cryptocurrency. According to the study:
- 8% of consumers have started investing in crypto during the pandemic
- 15% of consumers said they expect to be buying goods with cryptocurrency within the next 5 years - though 44% said they did not
- Consumers in London, West Midlands and Greater Manchester were the most likely to expect to use crypto in the near future
This comes amid growing speculation around the potential rise of crypto as the UK braces to start reopening shops and consumer confidence in cash drops. In the same study, 75% of consumers said they worry using cash leaves them vulnerable to germs and infection.
Nigel Frith, senior finance analyst and cryptocurrency expert at AskTraders, explained:
“With good reason people do not like using cash anymore. We all agree it carries many germs and now with Covid-19, it is a big risk.
“Over the last 12 months, there has been a huge rise in Bitcoin ATMs and there are more and more retail outlets accepting BTC (albeit that the growth of this slowed a lot during the BTC crash). We are facing a very uncertain future for Fiat currencies, with so many governments propping up their economies with a form of quantitative easing, and inflation is likely to surge and the value of many Fiat currencies is likely to go down.
“I believe that BTC is not only increasing as a potential safe haven (as crazy as that sounds) but as a potential replacement globally if Fiats go into meltdown. This has always been the promise of the benefits of a decentralised Fiat currency.
“The USD has an especially big risk with a) oil prices and b) the warning shots Trump is making over the $1tr debt repayment to China. If the USA defaults on this then the USA credit rating will be hurt and the value of the dollar will plummet.”
The full study can be found at
https://www.asktraders.com/analysis/cashless-society-what-does-the-new-normal-mean-for-retailers-consumers-and-the-wider-economy/