50% of American traders hold bitcoin to fight inflation according to a Paxful survey regarding the traditional financial systems and crypto markets. In our bitcoin news today we take a closer look at the crypto use cases and the way traders are going to fight the inflation.
50% of Americans see that the traditional finance crisis will lead to an increased usage of Bitcoin. The widespread adoption is expected to rise as well through mobile mining, institutional investing, and bitcoin payments. The Paxful survey showed that the respondents are considering crypto to take the lead.
Paxful released the results of the survey and the results suggest that Bitcoin adoption will be boosted by investors that are looking for alternatives to traditional finance. The survey was designed to better understand what can the traders expect in the future for digital assets. beyond measuring how many people own crypto, the study tries to understand what people think will boost crypto adoption.
The survey outlines the belief in a more positive future for digital currencies and flicks the ability of Bitcoin to address the flaws that became apparent in the traditional financial system. The effects of global pandemic have only enhanced the flaws and made more room for the crypto industry. about 60% of the respondents believe that digital assets will have fully infiltrated the finance systems in the next ten years. The respondents also indicated that everyday payments and fighting corruption are the top use cases for Bitcoin. Most of them also felt that paying with bitcoin and fighting inflation will boost the adoption of Bitcoin.
The regions that are most fit to start a payment revolution are the USA, South East Asia, Africa, the UK, and Europe. The CEO of Paxful Youssef Ray stated:
“We have always believed that cryptocurrency and blockchain had the power to break down the barriers that prevented financial inequalities in emerging markets. We are now seeing those same practices and beliefs come to life among world superpowers and are excited to be a part of what will hopefully be the beginning of a new and improved financial system.”
The participants in the study suggest that mobile mining could overcome barriers commonly found in the crypto sphere nowadays. The users want to explore new alternatives on how to handle money. Their behavior was accelerated mainly due to the financial climate today as a consequence of the COVID-19 pandemic.
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