A mid-year Blockchain Tech and Crypto Survey by SharesPost Research reveals that despite a 60% drop in cryptocurrency value across the board, both consumers and investors believe cryptos and blockchain technologies have a positive future.
Some of the key points that can be taken from the survey were that a majority of consumers and investors plan to increase their digital currency investment holdings over the next year and that Bitcoin, Ethereum, XRP, and Litecoin are still very popular.
There is also an increase in the number of companies planning on implementing blockchain technology, as well as a general consensus that cryptocurrency will not go mainstream until 2025.
Even with virtual currencies suffering substantial losses in value, the survey still attracted an increased number of respondents compared to the report submitted earlier in the year. This suggests that rather than people losing interest in what blockchain tech has to offer for the future, the opposite is in fact true.
Consumers and Investors Plan to Increase Holdings
One of the first stats to be released in the report was that 72% of consumers have said they will increase their cryptocurrency holdings, with 59% of institutional investors planning to do the same. Meanwhile, 66% of consumers and 57% of institutional investors expect digital currencies to increase in value over the next year.
BTC, ETH, XRP, LTC Still Very Much in Favor
A large majority of participants selected Bitcoin as the currency that makes up the lion’s share of their portfolio. Another surprising statistic was that in spite of huge losses for Bitcoin this year, the volatile crypto conjured up an increase in investor confidence, rising from 48% to 78% in the most recent survey.
Runners-up to BTC were ETH, XRP, and LTC. Both consumers and investors believe that these four cryptos have the best chance of success going forward. It was also revealed that investors see XRP as a better investment when compared to both LTC and BCH. It is unsurprising that Bitcoin is still in favor as now after its fall, there are plenty of opportunities to get into the investments side of the market via free BTC deals.
More Blockchain Tech and Crypto Survey Results
There were plenty of other interesting stats to come out of the SharesPost research report. Previously, 51% of institutional investors felt digital currencies would go mainstream in 2020, but that figure dropped to 27%. The most widely held opinion now is that this will not happen until 2025. Consumer opinion on the same subject also showed a drop from 42% down to 37%.
Adding to this sentiment, 49% of consumers and 32% of institutional investors said employers plan to implement blockchain tech at some stage.
The survey is the second to have taken place this year following up on an earlier 2018 Crypto Cryptocurrency and Blockchain survey by the same research company. The second report to be released had 2,490 responses from consumers (up 138 from the earlier report) and 528 responses from investors (up 422 from the previous report).
With the help of free bitcoin, anyone can get into the cryptocurrency business these days. This survey is proof that the industry is growing in both the digital currency markets as well as in world business.