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How has the pandemic changed the way people view BTC, ETH, XRP and other cryptocurrencies?

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How has the pandemic changed the way people view BTC, ETH, XRP and other cryptocurrencies?
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The latest survey by Mastercard has numbers to indicate what the crypto-sector has been suspecting over the past year. Yes, Bitcoin has gained interest from institutions, gaining popularity as the asset to invest in as a hedge against inflation. What the sector has also been witnessing, however, is the slow but steady growth of its use case as a medium of exchange.

The survey polled over 15,000 people across at least 18 countries. Over 1,000+ respondents were registered per country across Australia, India, Thailand, U.S, Canada, Brazil, Mexico, UAE, Egypt, Saudi Arabia, Nigeria, Kenya, and South Africa. 

The conclusion? It’s not surprising to note that 93% of the respondents stated that they were considering emerging payments such as biometrics, digital currencies, and QR codes.

Craig Vosburg, Chief Product Officer at Mastercard addressed the reason behind this trend. He said,

“The pandemic made us think differently, partly out of necessity…  To deliver the choice and flexibility that consumers need – and increasingly expect –retailers worldwide need to offer a range of payment solutions that are easy to access and always on. As we look ahead, we need to continue to enable all choices, both in-store and online, to shape the fabric of commerce and make the digital economy work for everyone.”

The surveyor conclusively pointed at the fact that today’s consumers are increasingly showing interest in being able to spend crypto-assets for everyday purchases. It’s no wonder then that popular shopping giants have begun accepting popular cryptocurrencies as a form of payment.

The survey also found,

  • 40% of the respondents said that they plan to use cryptocurrency in the next year
  • Millennials are especially engaged in the cryptocurrency conversation, with more than half (67%) agreeing they are more open to using cryptocurrency than they were a year ago
  • In addition, 77% of Millennials are interested in learning more about cryptocurrency, while 75% agree they would use cryptocurrency if they understood it better

Popular crypto-platform Gemini recently published another survey on how attributes like gender, age, income, and location factor in their relationship and understanding of the crypto-industry. This survey collected data from over 3,000 U.S. adults aged 18 to 65 with $40,000 or more in household income.

The survey provided insight into an average U.S adult’s general knowledge about cryptocurrencies. Bitcoin was almost synonymous with crypto, but few had heard of other coins. A vast majority (95%) had heard of Bitcoin, while little more than one-third had heard of Ethereum. Altcoins such as Litecoin, XRP, BNB were even less popular.

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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