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- A recent IBD/TIPP poll has revealed that as much 85% voters are not keen over the release of Facebook’s very own digital currency, Libra
- Again a majority of the voters stated that they are very unlikely to purchase any cryptocurrency at all including Bitcoin, the world’s largest cryptocurrency,
- Moreover, only 13% and 14% of men and women respectively showed interest towards Facebook’s cryptocurrency.
A recent IBD/TIPP poll has revealed that as much as 85% of voters are not keen on the release of Facebook’s very own digital currency, Libra. This is contradicting because many investors believe that Facebook’s cryptocurrency is anticipated to bring a brand new wave of mainstream cryptocurrency adoption. Again a majority of the voters stated that they are very unlikely to purchase any cryptocurrency at all including Bitcoin, the world’s largest cryptocurrency.
Why are Cryptocurrencies Hindering in Mainstream Adoption?
The poll implies that cryptocurrency adoption still continues to suffer. This is because many people still believe that gold and stocks are superior investments. Cryptocurrency are generally considered unsafe because of the frauds that have taken place recently. Moreover, cryptocurrencies are highly volatile assets which means investments are subjected to high risks. For instance, BTC fell from the $12000 levels to the $10000 levels in just a matter of a few days. The crypto is trading on the $10300 levels for the past couple of days now. However, BTC isn’t the only asset that retreated during the last few days. Other major cryptocurrencies like ETH, XRP and BCH also suffered a major pullback in the prices.
Current Situation of the Cryptocurrency and Stock Market
Grayscale Bitcoin Trust Funds (GBTC) fell down by 14% in the same time period. Other blockchain-related stocks like Riot Blockchain (RIOT) and Overstock.com (OSTK)
nosedived by 12%. This Monday the Facebook gains retreated by 0.3%. Clearly, in this short period both crypto assets as well as stocks were affected equally. However, we cannot ignore the fact that the response on Libra cryptocurrency was simply disappointing. Among the age group of 18-24 and 25-44, 95% and 82% of them respectively were not interested in any cryptocurrency.
Seems Like Market is Still not Ready for Cryptocurrency Adoption
Moreover, only 13% and 14% of men and women respectively showed interest towards Facebook’s cryptocurrency. The results are clearly not up to the mark and this is worrisome. Although BTC continues to be the largest cryptocurrency in the world, it seems like the market is still not ready for cryptocurrency adoption. The majority of the voters were still not convinced by the gains of cryptocurrency and stated that it is highly improbable that they will invest in cryptocurrency in the next 10 years.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
