With cryptocurrencies under the regulatory spotlight, FGH’s Research and Insights team asked our insight community of 300 news-attentive Americans what they know and think about the industry and what they’re looking to see from Washington.
Although most members of our community have a basic awareness of cryptocurrencies, awareness doesn’t necessarily convert into understanding. Many don’t see the rationale for cryptocurrencies and worry about what they see as crypto’s “volatility.”
But there are plenty of opportunities for the backers of cryptocurrencies. With recognition that crypto is only expanding and not disappearing, some see risks stabilizing over time as more banks and companies accept new forms of currency.
With mainstream acceptance comes increased comfort. Some have noticed PayPal and Venmo start to accept crypto – acting as a confidence marker.
What we see from our insight community is that participants are more likely to back crypto if they see what crypto enables as well as what crypto is.
We saw flashes of recognition in how crypto can:
- Enable faster payments,
- Avoid fees or onerous exchange rates when sending money overseas,
- Reduce costs by removing third parties,
- Through decentralized finance, give more chances to disadvantaged consumers and
- Shake up banking and take power away from the “good old boys” – if the government ensures that it’s not just the “tech rich” who can invest in crypto.