What do you know about cryptocurrency? GOBankingRates recently surveyed 1,037 Americans to find out if they actively invest in crypto, and findings revealed that 60% do not because they don’t understand it.
Not understanding crypto is fairly understandable. The digital currency ecosystem is still fairly new and is often described as volatile in nature, especially compared to more traditional forms of investments. But are people gradually becoming more comfortable investing in crypto or do they hesitate to familiarize themselves with the technology?
Crypto Is a Mainstream Asset Class
According to a market sizing report from Crypto.com, the total crypto users worldwide will reach 1 billion by the end of 2022. It’s a significant growth trajectory from the start of 2021 where crypto only had 106 million global users and implies that more people are becoming comfortable investing in cryptocurrency.
Ryan Hansen, head of sales at Mercury Digital Assets, said heightened visibility is helping crypto become more mainstream. There are notable institution names, like Fidelity and Goldman Sachs, entering the space. Celebrities like Tom Brady and Steph Curry are shown during primetime media spots endorsing crypto brands. You can even see entities like Coinbase listed on stock exchanges.
The more visibility, coupled with the amount of time cryptocurrency has been around, is lending the digital currency greater measures of credibility.
“It’s not going away when some folks cried ‘bubble,’” said Hansen. “The heightened visibility of these happenings is not only a great marketing vehicle but also helps to build trust.”