Report: Cryptos Set for Massive Adoption in the US as More Americans Embrace Digital Alternatives to the Dollar

A survey commissioned by Satoshilabs finds that from the 45.8% of American respondents that say they own cryptos, nearly all of them (95%) believe cryptos to be a genuine currency solution. In addition, about 31.7% of those surveyed see crypto as a legitimate alternative to the U.S. dollar, while 40% still slightly favor fiat cash.

The Impact of Money Creation

The Satoshilabs survey, which assessed the awareness of cryptocurrencies among the different demographic groups, sought views from more than a thousand Americans across the country. Writing in a blog that explains the survey’s findings, the author(s) suggest that “the huge injection of dollars into the economy has warmed the public to the idea of cryptocurrencies.” The injection of new dollars into the economy dilutes the value of money and makes the U.S. dollar a less appealing store of value.

Meanwhile, in addition to finding that more Americans are now amenable to digital currencies, the survey also found that even fewer people now perceive cryptocurrencies as tools primarily used by bad actors. According to the survey, “only 4.9% of those who haven’t invested yet feel that crypto is a scam.”

With fewer Americans having a negative perception of cryptos, there is now “very little left to obstruct bitcoin and cryptocurrencies in general” opines the authors of the blog. Nevertheless, there is still work that needs to be done as the post continues:

Educational resources are key to helping people make the jump, and there are many more places to learn nowadays than existed in the previous bull-run.

Key Obstacles to Crypto Adoption

In the meantime, the survey respondents also had their say on what they believe to be “main obstacles stopping bitcoin from being more widely accepted.” Nearly 38% said “bitcoin is not easy to understand,” while 26.4% say “people worldwide are simply ignorant of cryptocurrencies’ complexities.”

Another key takeaway from the survey is the very different answers given by respondents when asked about their awareness of the current state of the market. As the blog explains:

Opinion on the future price of one bitcoin was quite equally divided across the price points of $100, $1,000, $10,000, $15,000, $20,000, $100,000, with around 15% of investors’ votes going to each.

Only half of the remaining 10% agree with predictions that bitcoin will reach a price that is over $100,000 in a year.

At the same time, “only just 4% of the group invested in bitcoin estimated it would be worth a single dollar in one year’s time.”