The UK Believes In Bitcoin –Says YouGov’s Survey of UK Residents
Even though Bitcoin and other cryptocurrencies have had a bad run this year, there are people who still have faith in the crypto coin, and think of it as a good alternative to the UK’s present fiat currency.
This was shown in a YouGov survey about bitcoin, with results indicating that 20 percent of the population believe bitcoin will become a major means of payment in the near future. Even better, the survey showed that 93 percent have heard of it, while another 23 percent feel that they understand the cryptocurrency reasonably well.
This is not surprising considering that cryptos were all the rage last year, with many recording incredible growth –even if they were temporary- and becoming very popular.
While there are almost 2,000 cryptocurrencies right now, some of the more popular alternative coins like ethereum, Dash, Bitcoin Cash and Litecoin have been heralded as good investment vehicles.
While these currencies have attracted a lot of controversy, with some traditional finance experts calling them fads, they have continued to grow in strength, popularity and value, with bitcoin leading the charge.
Even though there’s a lot of positivity surrounding the coin, bitcoin isn’t yet widely accepted as a payment option in the UK and may not be according to 43 percent of the survey respondents.
This group feels that even with its popularity, it will never supplant or replace the current fiat. Of the group that was asked, another 34 percent said they don’t know if bitcoin will ever be as useful.
Bitcoin and other cryptos enjoyed an amazing year in 2017. As a result, it has become a part of our lives, with mentions in movies and even music videos. For instance, Eminem mentioned the crypto coin in his recently released album.
Of course, this sudden exposure drew the rage of traditional financial institutions and their spokespersons, with many castigating and denigrating the token.
Yet, in spite of this, blockchain, bitcoin and cryptocurrency have enjoyed a meteoric rise that comparable to the popularity of the internet in the 90’s.
These technologies literally transformed many people into overnight millionaires, and increased many people’s net worth to the tune of hundreds of thousands of dollars –many of whom only invested less than $5,000- thanks to gains sometimes as high as 6000X.
Bitcoin’s value at its highest price was $20k, making it responsible for a ROI of at least 20X, from a price of $1k earlier in 2017.
Of course, its price has dropped drastically to around $6,500 per BTC, but that’s still considered significant profits for anyone who bought in earlier –returns of 6.5X to almost 10X depending on when you bought the token.
The drop in price, obviously affected the price of other cryptos, with many losing as much as 90 percent of their value from their all-time high price.
The good news is bitcoin is becoming part of the daily conversation. Almost everyone is talking about it, cryptos as a whole and about blockchain, the technology powering bitcoin.
Bitcoin’s popularity probably won’t be going away anytime soon, considering that it and the technology powering it have a huge appeal to people who have become jaded with the current financial institutions and want more control over their monies.
They believe that bitcoin can help give back this control, thus guaranteeing that your money remains safe and secure.
People love the idea of their monies not being held by a centralized institution. Also the appeal of instant cross border payments has seen bitcoin’s popularity continue to grow in leaps and bounds.
So, while the YouGov survey indicates that not many people like the notion of bitcoin or what it stands for, there’s a growing number of UK residents who do. With time, it is may be possible that bitcoin will become even more integrated into our lives. Till then, we’ll have to keep our fingers crossed.