2018 Cryptocurrency and Blockchain Survey
Highlights from SharesPost’s Proprietary 2018 Cryptocurrency and Blockchain Survey
We are pleased to announce the results of our first annual consumer and investor survey on cryptocurrency and Blockchain. We received 2,410 responses, including 108 responses from individual accredited investors. Survey participants represented a wide range of private and public market investment styles. Overall, respondents said they were quite optimistic about Blockchain technology and it’s applications over the next few years.
Key highlights from the survey include:
- Consumers are highly familiar with cryptocurrencies: We believe the recent exponential growth (over 1,000 percent) in cryptocurrency value, including Bitcoin, Ethereum and Ripple, has significantly increased awareness among not only investors but also consumers across the world. From our survey of over 2,000 consumers, 95 percent said they were aware of cryptocurrencies.
- Most cryptocurrency owners purchased first asset over the past 24 months: Over 70 percent of consumers and individual investors entered the market since 2016. Bitcoin remains a popular cryptocurrency among consumers (purchased by 78 percent of cryptocurrency owners), whereas investors preferred Ethereum (purchased by 83 percent). Other popular cryptocurrencies include Litecoin (32 precent), Ripple XRP (20 percent), Bitcoin cash (17 percent), and Monero (11 percent)
- Positive outlook for Bitcoin, Ethereum and XRP/Ripple: Bitcoin, Ethereum and XRP/Ripple are among the top five currencies positioned for long term success among consumers and investors. The overwhelming majority of consumers believe Bitcoin will be successful over the longer term; investors felt the same about Ethereum.
- Coinbase, Blockfolio and Bitcoin Checker among the most familiar crypto apps: Over 60 percent of both consumers and investors chose Coinbase as their most familiar application while 20 percent plus selected Blockfolio. They also said Coinbase was the crypto exchange most poised for future success.
- Demand for cryptocurrency expected to rise: More than two thirds of current cryptocurrency owners (consumers and investors) plan to increase their holdings while 21 percent of consumers say they will purchase their first cryptocurrencies sometime over the next 12 months. As more companies adopt Blockchain technology, businesses and investors increasingly recognize the value of Blockchain startups and related cryptocurrencies.
- Majority of crypto owners think digital currencies will go mainstream by 2025: Over 60 percent of consumers and investors say the public will widely adopt cryptocurrencies by the end of 2025. However, 28 percent of the survey respondents didn’t have such a strong opinion about the future of cryptocurrencies or believe that they will never go mainstream.
- Crypto owners say convenience and security are top areas for improvement: Over one third of consumers and individual investors say more people will adopt cryptocurrencies if they can more easily use them in banks and ATMs. Growing cyber attacks on crypto exchanges coupled with volatility in value are also a top concern.
- Consumers and Investors alike need more Blockchain education: Almost half of the consumers and investors say unfamiliarity with Blockchain prevents people from investing in the technology. Survey respondents also cited that the technology remains fairly nascent and unproven. We believe these challenges are solvable growing pains for a nascent technology.
- Investors expect Blockchain technology to disrupt Fintech in the near future: Investors believe Blockchain will challenge companies in money transfer, payments and asset management over the next few years. Companies such as Ripple, Circle and 21.com and consortiums like R3 are current Blockchain-focused organizations heavily focused on financial services.
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