• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin
Nexo

Bitcoin Most Likely to Gain Mass Adoption, According to New Survey

Allen Scott by Allen Scott
4 years ago
in Bitcoin, Altcoins, Bitcoin Investment, Ethereum, News, News teaser
0
Advertisement

The vast majority of executives and cryptocurrency investors want more regulatory clarity and see Bitcoin as being the most likely cryptocurrency to gain mass adoption, according to a new survey. 


Bitcoin Most Likely to Gain Broad Acceptance

More than 60 professionals, a majority of whom were investors or business executives, completed the 2018 Cryptocurrency Survey conducted by law firm Foley & Lardner LLP.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The survey participants overwhelmingly see Bitcoin [coin_price] and Ethereum [coin_price coin=”ethereum”] as the leaders of the cryptocurrency space. Despite different use-cases, Bitcoin is viewed as the most likely to gain the broadest adoption for payments as money by 43 percent of respondents, with Ethereum a distant second at 17 percent — followed by Ripple, Dash and privacy-focused coins ZCash and Monero, respectively. 

 

However, Ethereum was considered as the best investment opportunity by 38 percent of respondents, just above the most renowned cryptocurrency, Bitcoin, which received 35 percent of the votes.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Interestingly, 72 percent of the respondents support having the ability to invest in cryptocurrency exchange-traded funds (ETFs) with only 3 percent favoring Bitcoin-only funds. This echoes previous statements from JP Morgan, which said that ETFs are the “holy grail” for cryptocurrency investors.

Currently, regulators have stopped short of giving the green light while giving mixed signals and citing concerns about valuation, liquidity, custody, arbitrage, and possible manipulation.

Other Key Findings

One of the most telling findings saw a majority (58 percent) of respondents disagree that nations or central banks should create their own cryptocurrencies, with only 25 percent in favor. Recent criticisms of Venezuela’s cryptocurrency dubbed the “Petro” due to a lack of transparency, as well as most central banks still rejecting the idea of issuing cryptocurrencies seem to confirm this sentiment.

Many of the grievances with the cryptocurrency industry today are related to storage and securing of crypto assets with 67 percent saying that private key management poses a strong or very strong risk. Other security concerns in descending order of “strong” and “very strong risk” included:

  • Hackers and security breaches (71 percent)
  • Fraudulent ICOs (62 percent) 
  • Manipulative trading (61 percent)

Respondents were largely divided on which consensus algorithm, i.e. proof-of-work (e.g.Bitcoin) or proof-of-stake (e.g. Ethereum), has the greatest long-term sustainability. Both validation methods received 28 percent, though a large percentage (26 percent) said that they don’t have an opinion on the matter.

Finally, concerns over regulatory clarity, or the lack thereof, was one of the biggest takeaways from the survey.

Of the respondents, 72 percent believe that the cryptocurrency industry does not have a well-grounded understanding of existing financial markets or financial services regulations on state and federal levels.

What’s more, 84 percent indicated that ICOs should be regulated by the federal government, states or both. Nevertheless, 58 percent said they would still take the risk and invest in or start a cryptocurrency business.

But while the vast majority want legal clarity, 86 percent think the cryptocurrency space should self-regulate by developing their own voluntary standards. Meanwhile, 89 percent say the industry should explore adopting standards through formalized self-regulation, with most believing that any model of self-regulation should be subject to regulatory oversight.

What do you think of the survey’s findings? Share your thoughts below! 


Images courtesy of Shutterstock, foley.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Allen Scott

Allen Scott

Allen is the editor-in-chief at Bitcoinist.com. He has a background in journalism and economics and had his Bitcoin "Aha!" moment in 2013. He has interviewed some of the most prominent experts, entrepreneurs and thought-leaders within the cryptocurrency space. Send your leads, tips or interview requests to: [email protected]

Related Posts

short bitcoin

Inverse Bitcoin ETF Sees 300% Increase In Short Interest

5 hours ago
Bitcoin

Bitcoin Bear Market Sends On-Chain Metrics Into Sideways Trend

9 hours ago
bitcoin addresses

Decline In Bitcoin Active Addresses Suggests Market Is Purging Paperhands

11 hours ago
Crypto

Crypto Lender Voyager Digital Goes Bankrupt After Three Arrows Collapse

14 hours ago
South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

20 hours ago
Jordan Belfort

Jordan Belfort, The ‘Wolf Of Wall Street,’ Advises: Buy Bitcoin Today And Make Money

21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.