2021-02-21 Insider - Americans are becoming increasingly bullish on crypto

[acquafredda]

Bitcoin's record-breaking rally to a $1 trillion market capitalization on Friday has increased the buzz around cryptocurrencies. Debates on whether these are worthy investments have flourished among investors, analysts, and the public.

Despite critics arguing against the legitimacy of these assets, a new study reveals that cryptocurrencies are viewed as safe investments by 50% of Americans. Additionally, 41% of those surveyed said investing in the stock market and cryptocurrencies are equally risky investments.

Conducted by Piplsay, a global consumer research platform, the study surveyed over 30,000 people in February on their views on digital currencies.

https://markets.businessinsider.com/news/stocks/bitcoin-investment-outlook-cryptocurrencies-safe-bullish-coin-survey-btc-trillion-2021-2-1030104724

So the three takeaways from the article are as follows:

• 30,000 Americans reveals 50% view cryptocurrencies as safe investments
• 57% of investors think companies should accept crypto as payment
• crypto enthusiasts have mixed opinions on whether bitcoin will ultimately serve as a medium of exchange or simply a store of value.

I find point number 2 very nice  We need people to start get used to experience crypto in their real life not only on the screens.

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[carlfebz2]

Im not saying they're late but they should at least do this earlier but these kind of news is always a good news.This doesnt only limit out in US but also in other countries as well.

its no surprise that recognition would really become in positive when the market is tending to hype out which is normal for other people to make such step when they do saw
something had worked out or becomes famous or popular.

This kind of behavior is pretty normal and the time comes that the market becomes bearish then doubts and criticisms would really be on next.

[bbc.reporter]

@acquafredda. This is the skeptical me speaking, however, on what I have observed from reading news articles during 2017, it is news similar to what you have posted that signals that the bubble is ready to burst. Remember Brian Kelley? He taught his viewers how to buy XRP live on CNBC when the price was on the all time high hehehehehe.

Let us be realists and not surrender to the madness of the herd. We have experienced the bear market. They only came in during a bull market. They will become loyal community members of their coin by becoming bagholders. We certainly all have experienced this. They also will hehe.

[bustabitsboy]

In our time, the topic of cryptocurrency is relevant.  Many people are switching to using digital money because of the convenience, which makes real currency reckon with it.

[Lucius]

If they do have a sample of 30 000 respondents, then this is something that can be considered very serious research - if we take into account the fact that there are usually 1000-2000 respondents in such surveys. As far as I can remember, US citizens have been very positive about Bitcoin in the past, and I am not at all surprised by this figure of as many as 50% of those who now consider such an investment safe.

It is possible that such a percentage was greatly influenced by the fact that it is the large US companies that have launched a bull run in the last few months, as well as the fact that fewer and fewer US citizens believe in their national currency.

@acquafredda. This is the skeptical me speaking, however, on what I have observed from reading news articles during 2017, it is news similar to what you have posted that signals that the bubble is ready to burst.

Don't you think it's a little early for that? It seems to me that the whole thing is just beginning, especially since we are in the year after halving. If you’re already comparing 2017 to 2021, then you know for sure that the bubble burst at the end, not the beginning of the year.

[stompix]

As far as I can remember, US citizens have been very positive about Bitcoin in the past, and I am not at all surprised by this figure of as many as 50% of those who now consider such an investment safe.

I doubt that number, especially since it says "safe" and not a good investment, the second one would be understandable from the profit we're seeing now but the safe part is a bit tricky.
I've been searching around and that number would put cryptos in the top trust investments, above real estate and bonds, not even talking about stocks which are out of this.
A 50% trust in safety nationwide when probably half haven't even touched it even indirectly through CFD is a bit too much in my opinion.

And then we have Bloomberg: (original is behind a paywall)
https://www.bloombergquint.com/crypto/bitcoin-btc-and-cryptocurrencies-prices-surge-but-understanding-is-limited

Most people who have heard of cryptocurrencies don’t totally get them: 61% of people who had heard of the coins said they had little or no understanding of how they work.

I would have been happy and probably trusted more a 20-25%, but well, in the end, an overinflated number doesn't hurt in this case.

[Lucius]

stompix, I think a lot also depends on whom you ask about Bitcoin - ordinary people on the street, random people from the phone book or people from Wall Street or some big IT companies. As for the link where you checked the data, these are a survey from 2019 on a sample of 1,239 US adults. I can’t say when this research has taken place, but as I’ve already written I believe many Americans have changed their minds about BTC since some of their companies changed it - yet Tesla and PayPal are influential factors.

I totally agree that thinking positively about something doesn’t necessarily mean knowing and understanding the same thing. An interesting survey is linked at the end of your link - 81% of Americans are familiar with at least one type of cryptocurrency.

[acquafredda]

Interesting comments coming from you all. Let's take the survey for what it is, i.e. take it with a pinch of salt.
Many tend to over-talk when under survey mostly to look better with themselves and I would assume to take some 20-25% lower figures from the survey could give us an appropriate picture of the matter.

[LeGaulois]

Notice the fact that half of them don't understand cryptocurrency, half of them are not interested to invest in it.

The article says half of them see Bitcoin as a "safe investment" but I checked the survey's result from Pipslay's website (posted below) and it says otherwise. Either they think cryptocurrency has more risks than stocks and a half think both have the same risks. It says nowhere they see it as a safe investment.

A safe investment is an investment in which the capital is somehow 'protected' from devaluation/volatility resulting in losing some of the capital injected at the start.
Not even talking about the question asking what about cryptocurrency worries the most with the replies: fear of hack/fraud, lack of regulations/knowledge, and volatility.

I would have liked to know the results by age group, so I would have excluded the millennials.

[bbc.reporter]

If they do have a sample of 30 000 respondents, then this is something that can be considered very serious research - if we take into account the fact that there are usually 1000-2000 respondents in such surveys. As far as I can remember, US citizens have been very positive about Bitcoin in the past, and I am not at all surprised by this figure of as many as 50% of those who now consider such an investment safe.

It is possible that such a percentage was greatly influenced by the fact that it is the large US companies that have launched a bull run in the last few months, as well as the fact that fewer and fewer US citizens believe in their national currency.

@acquafredda. This is the skeptical me speaking, however, on what I have observed from reading news articles during 2017, it is news similar to what you have posted that signals that the bubble is ready to burst.

Don't you think it's a little early for that? It seems to me that the whole thing is just beginning, especially since we are in the year after halving. If you’re already comparing 2017 to 2021, then you know for sure that the bubble burst at the end, not the beginning of the year.

It might be a little early, agreed. However, can we really predict when this bubble will burst? The overbullishness and the madness of the herd that acts like nothing in the cryptospace will dump should be concerning.

We should be realists and be ready for the next bear market.

[DapanasFruit]

We are in the bullish state, so it would be easy for a critical number of people to be feeling so positive and safe with cryptocurrency especially on Bitcoin, however when the bears are taking over the same sentiment will surely be changed. And that is just a normal human perception and reaction. Still, there is no question that more and more people are getting aware with Bitcoin and crypto in general. Let's see if this can be leading to more merchants and business organizations adopting Bitcoin as a payment method since still up to now it is still making good inroads as a store of value and people are holding unto them as a speculative tool that can hopefully grow more in value.

[Lucius]

It might be a little early, agreed. However, can we really predict when this bubble will burst? The overbullishness and the madness of the herd that acts like nothing in the cryptospace will dump should be concerning.

We should be realists and be ready for the next bear market.

I can't say like anyone else when this bull run will end, but I think it will last at least most of this year. We just recently came out of a bear market that has been going on for years, and now we need to expect a new one again? We need to be realistic, but we don’t need to panic every time a small correction happens - or invoke the bear market a few months after halving - it doesn’t make any sense.

I don't know where you see the madness of the herd if this bull run is started by big players? The little ones mostly watch from the sidelines and wait for a correction because they have already sold everything they had...

[stompix]

The article says half of them see Bitcoin as a "safe investment" but I checked the survey's result from Pipslay's website (posted below) and it says otherwise. Either they think cryptocurrency has more risks than stocks and a half think both have the same risks. It says nowhere they see it as a safe investment.

So it wasn't a question if they consider the investment as good or safe but rather if they consider cryptocurrency safe as how it works.
I wonder why I haven't checked the poll, always there is a twist between the article title and the actual results.

I totally agree that thinking positively about something doesn’t necessarily mean knowing and understanding the same thing. An interesting survey is linked at the end of your link - 81% of Americans are familiar with at least one type of cryptocurrency.

I'm starting to believe a lot of companies do polls just because they want to get some breaking news results, actually, I'm close to being pretty sure about it.
81% are "familiar" 50% consider it "safe", one can't stop thinking if those questions are not designed to manipulate the results.

And one thing, this is so somebody reading the topic won't label me as a bear or bitcoin hater, I don't think those numbers are true not because it's not possible but because I have a feeling we haven't yet reached those numbers, there is a lot to grow and I'm seeing this around me, once I close the forum and a few other discussions channels that are bitcoin related in my day to day life bitcoin doesn't exist. People talk about it at work only when it makes the headlines, same for my friends the number of businesses accepting crypto is barely crawling up around me, this ain't the picture of a world where people would trust cryptos in such great numbers.

[acquafredda]

The article says half of them see Bitcoin as a "safe investment" but I checked the survey's result from Pipslay's website (posted below) and it says otherwise. Either they think cryptocurrency has more risks than stocks and a half think both have the same risks. It says nowhere they see it as a safe investment.

So it wasn't a question if they consider the investment as good or safe but rather if they consider cryptocurrency safe as how it works.
I wonder why I haven't checked the poll, always there is a twist between the article title and the actual results.

I totally agree that thinking positively about something doesn’t necessarily mean knowing and understanding the same thing. An interesting survey is linked at the end of your link - 81% of Americans are familiar with at least one type of cryptocurrency.

I'm starting to believe a lot of companies do polls just because they want to get some breaking news results, actually, I'm close to being pretty sure about it.
81% are "familiar" 50% consider it "safe", one can't stop thinking if those questions are not designed to manipulate the results.

And one thing, this is so somebody reading the topic won't label me as a bear or bitcoin hater, I don't think those numbers are true not because it's not possible but because I have a feeling we haven't yet reached those numbers, there is a lot to grow and I'm seeing this around me, once I close the forum and a few other discussions channels that are bitcoin related in my day to day life bitcoin doesn't exist. People talk about it at work only when it makes the headlines, same for my friends the number of businesses accepting crypto is barely crawling up around me, this ain't the picture of a world where people would trust cryptos in such great numbers.

As expected the journalist who got the task to read through the data did not behave and went only halfway instead of giving the readers the right idea behind the survey.
Many of us do not have the time to read the article and also cross check the real survey data, so thanks for that LeGaulois.

[Harlot]

Well the second point for sure tells us about how the investors of crypto is showing that they are also open to spending their cryptocurrencies as a form of paymentm. I know a lot of companies have seen that there is a major interest in this area but the way I see it what is holding them back on implementing crypto payments is because the volatility of it and as well as the tax complications they will have in receiving it if they decided to hold it for a little while. This are just the possibilities on why I think companies are still not moving ahead when it comes to crypto payments but it  is a good thing that some of them already have begun investing in it which opens up a big chance for the former point.

[bbc.reporter]

It might be a little early, agreed. However, can we really predict when this bubble will burst? The overbullishness and the madness of the herd that acts like nothing in the cryptospace will dump should be concerning.

We should be realists and be ready for the next bear market.

I can't say like anyone else when this bull run will end, but I think it will last at least most of this year. We just recently came out of a bear market that has been going on for years, and now we need to expect a new one again? We need to be realistic, but we don’t need to panic every time a small correction happens - or invoke the bear market a few months after halving - it doesn’t make any sense.

I don't know where you see the madness of the herd if this bull run is started by big players? The little ones mostly watch from the sidelines and wait for a correction because they have already sold everything they had...

I am not invoking a bear market or telling everyone to panic. I only said we should be realists and prepare ourselves for the bear market.

The madness of the herd is the stage of the bubble where people do not consider that a bear is waiting to pounce anytime hehe. You might be correct, however. We might not yet be in that stage.

[Theb]

Isn't the timing off for these types of survey being taken at a bullish period? It's like asking new investors in the stock market on a bullish season and you will definitely see more people inclining to the fact that the market is indeed bullish. We don't need any kind of study to prove this since from where I am from my news feed from the social media is flooded by several crypto related news and topics ever since Bitcoin made some noise again during the price rally it is doing right now, and this is coming from an account that doesn't have any friends who are into crypto and who barely joined crypto related groups in the social media so definitely when it comes to the bullish season people will be more interested and have a positive feedback for the market.

[bbc.reporter]

@Theb. Agreed! This is clickbait and more promotion of speculative investments for the people who do not know what most of these projects are. Bitcoin and 2 other cryptocoins might be the only coins that are not scams, however, these coins also does not escape the classification of speculative investments. Their price move similar to penny stocks.

Also, a long time supporter of bitcoin has also begun to speculate that bitcoin is failing presently. This is because of its volatility and its volatility is caused by illiquidity because of hoarding. This is caused by its monetary policy.

We should be realists and continue to be skeptical and ask questions.



Nassim Nicholas Taleb, The Black Swan author and frequent tweeter, wrote today that he’s in the process of dumping his Bitcoin.

“A currency is never supposed to be more volatile than what you buy & sell with it,” he said. “You can't price goods in BTC.”

Source https://decrypt.co/57628/black-swan-nassim-taleb-dumps-bitcoin

[Theb]

@Theb. Agreed! This is clickbait and more promotion of speculative investments for the people who do not know what most of these projects are. Bitcoin and 2 other cryptocoins might be the only coins that are not scams, however, these coins also does not escape the classification of speculative investments. Their price move similar to penny stocks.

Bitcoin even though I used the word "investment" when  I'm talking about it doesn't fall into any kind of traditional investments as you are merely speculating the future price of Bitcoin, this is the main reason why a lot of traditional investors like Warren Buffet have distanced themselves from such assets like Bitcoin. Unlike other kinds of assets cryptocurrencies like Bitcoin doesn't have any Fundamentals, No way to determine the fair market value, and the only way to determine the price is through technical analysis and as well as Hype, FOMO, and FUD happening in the market that is why trading is more associated to Bitcoin rather than investing. That's why the question being asked in the survey is wrong to begin with as well.