Bitcoin and other forms of cryptocurrency are becoming extremely well known. Nobody can deny this, and the names of these assets are going down in the financial history books like no other assets have in recent years considering how far they have come just in the last year alone. However, while it seems everyone in America knows what these currencies are, not that many people are willing to purchase them yet.
Bitcoin Is Still Undervalued, According to Survey
According to a new survey conducted by YouGov, approximately 89 percent of Americans have heard of bitcoin and its alleged counterparts, though approximately 57 percent said that they did not invest in these cryptocurrencies, nor did they have any intention of doing so at any point in the future.
Of the 1,715 survey participants, only 13 percent said that they owned digital currency at the time of their participation, while approximately 27 percent said that they would consider investing. Another 16 percent fell into the “unsure” category.
One of the reasons for these mixed results appears to be that there are so many ideas and attitudes being generated around bitcoin as of late. Some of the analysts working today view bitcoin as an alternative currency or as a hedge tool that can protect one’s wealth during times of economic strife. This is an attitude that has taken great precedence over the past year considering how many governments have overprinted their national currencies for stimulus purposes.
Some Feel It Is Very Important
While this has ultimately put a little more money into people’s pockets, it has also contributed to inflation and several monetary issues that have ultimately made these fiat currencies less powerful than ever. Anthony Pompliano, a crypto investor, is now one of many people that thinks bitcoin and other forms of crypto can potentially overtake fiat and thus can solidify one’s wealth. He says:
An entire generation is growing up with the awareness that the devaluation of their currency is leading to an inability to get ahead. People feel like they can’t afford the basics. If we fix the money, we have a chance to fix the world. We can lift billions of people out of poverty. We can return to free markets where everyone has an opportunity to build a life of wealth, happiness, and freedom. This is what most people want – to simply build a better life for themselves and their families.
In addition, several institutions and large companies now view bitcoin and cryptocurrencies as necessary to one’s portfolio or balance sheet. Big firms such as MicroStrategy, Square, and Tesla have purchased anywhere between several million to several billion dollars-worth of the asset, though it appears many retail investors do not share an attitude of “bitcoin importance” and see it more as purely speculative according to the survey.