In a 2018 Cryptocurrency Survey by Foley & Lardner LLP, it is clear that executives and investors in the crypto world want regulation to help them feel more secure in this ever-changing environment. This need is completely opposite of Satoshi Nakamoto’s original vision for Bitcoin and the crypto community, who wanted the tokens to maintain their stance outside of the banking system and without sovereign control.
The survey provides many important statistics that enthusiasts should pay attention to in the coming year. For example, while 43% of participants believe that Bitcoin has the greatest likelihood for POS purchases, only 35% believe that it is the best investment opportunity. In fact, it is beat out by Ethereum at 38%.
Despite the risks of investing the cryptocurrency platforms available, 58% of those surveyed were not deterred. However, regarding the use of formalized self-regulation in the industry, an overwhelming high 89% were in favor of the notion. Of that percentage, barely half of those in favor of regulation believed that it “should be subject to regulatory oversight.” The other 11% are completely against any type of self-regulations.
These results are a few months old and were published before the US SEC decided that Bitcoin and Ethereum were not considered security tokens. It is not clear on whether the survey impacted the decision.
View the above-referenced survey in its entirety at foley.com/files/uploads/Foley-Cryptocurrency-Survey.pdf.