This blog is an excerpt from a research report titled “Cryptocurrency and Blockchain Survey: Consumers Bullish, Investors Cautiously Optimistic.” To download the report, please log in to your SharesPost account or register here.
Since we conducted our inaugural survey in January 2018, Bitcoin and Ethereum prices have declined about 48 percent. But crypto owners haven’t lost faith. The majority of investors and consumers continue to find cryptocurrencies appealing, according to SharesPost’s Mid-Year Cryptocurrency and Blockchain survey. 59 percent of investors and consumers plan on buying more digital currencies over the next year, a figure marginally lower compared to our first survey, particularly among investors.
SharesPost invited consumers and accredited investors to participate in an online survey. Our poll was designed to understand the change in their views about cryptocurrencies and Blockchain since January 2018. We conducted this second iteration of our survey during July 2018, and received responses from 2,490 consumers and 528 accredited investors.
To learn more about cryptocurrencies and Blockchain technology, download our report – Decrypting Blockchain – The Internet of Value.
Among cryptocurrencies, Bitcoin has seen a surge in optimism over the past six months. 80 percent of investors and 64 percent of consumers believe Bitcoin offers the most potential for future success. However, enthusiasm for Ethereum decreased during the same period as companies increasingly use their own individual blockchains to launch tokens instead of Ethereum.
The proportion of investors who own ETH and XRP is significantly higher than that of consumers. As illustrated in the chart below, 74 percent and 43 percent of surveyed investors own ETH and XRP respectively. By comparison, the proportion of consumers who own cryptocurrencies apart from Bitcoin significantly dropped. This observation is consistent with the results from our first survey
Growing number of companies are implementing Blockchain technology. 32 percent of investors and 49 percent of consumers say employers are planning to roll out Blockchain in the near future. In addition, the percentage of consumers whose say employers are considering a Blockchain roll out grew 12 percent over the past six months to 49 percent from 37 percent, demonstrating a growing need for the technology.
Cryptocurrencies and Blockchain technology may take longer to go mainstream. Both investors and consumers tempered their expectations for widespread adoption of cryptocurrencies. The percentage of investors who think crypto will go mainstream in 2020 dropped to 27 percent from 51 percent; 37 percent from 42 percent among consumers. More people now feel 2025 represents a more realistic timeline for digital currencies.
Volatility and security are key concerns for crypto ownership while lack of education and commercial use pose key challenges to Blockchain adoption. Over 50 percent of survey takers picked volatility and over 37 percent picked safety and security as their top concerns. Both crypto and non-crypto owners have expressed similar sentiments. 55 percent of investors and 57 percent of consumers picked lack of understanding as the top challenge while half of both investors and consumers believe lack of effective use cases as their primary concern.
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