Cryptocurrencies have been at loggerheads with other prospective investment options for the longest time now. According to the Bankrate cryptocurrency survey results from the US, cryptocurrencies are being vanquished by their long-time rivals – rest estate!
When Americans were posed with a question about their most favorable investment option for securing the future, real estate came the reply from thirty-one percent (31%) of the respondents.
Cryptocurrencies in a state of despair
The responses are both shocking as well as upsetting. Shocking because of the undeterred popularity of real estate despite the gloomy housing market, and upsetting as only four percent (4%) of respondents chose digital currencies, including Bitcoin.
The survey results divulged some additional unsettling details about investment preferences. Bitcoins and virtual currencies, in fact, ranked seventh on the survey list preceded by stocks chosen by twenty percent (20%) of the public and precious metals opted by eleven percent (11%). In addition, five percent (5%) of the survey responders even mentioned no preference for investments, which still exceeds the number of Bitcoin selectors.
The perceptible decline in the overall Americans’ interests towards Bitcoin and altcoins comes as a real shocker considering that the young investors are believed to be more inclined to cryptocurrencies in general. Gen Y showed nine percent (9%) more interest in Bitcoins than Gen X.
Bankrate, a consumer finance company in the US, does offer some consolation to the crypto community by stating in its report that the much-anticipated Libra launch next year may breath life into the crypto space.
The underlying meaning of the survey
It is apparent that Bitcoins and blockchain are in their embryonic stage when it comes to Americans. The crypto markets still lack a level of trust and certainty which could be attributed to the government’s reluctance towards emerging technologies.
The overall findings of the report may dampen the spirits of crypto enthusiasts, however, it is critical to mention that Bitcoins have come a long way in proving themselves to be a valuable asset for generations to come. Ten years, since its inception, the coin is going strong with promising investments from some of the influential organizations around the world.