The crypto sector has grown significantly over the past year. The influx of new crypto users has been attributed to the price growth witnessed in 2021. A recent report has revealed that most crypto users are optimistic about the further growth and adoption of cryptocurrencies.
Paysafe, a payment processing company, released a report dubbed “Inside the crypto community: Plotting the journey to mass adoption” on January 11. The report gave in-depth insights into various sentiments among members of the crypto community.
Crypto will be the future of finance
The study conducted by Paysafe exclusive involved people that held cryptocurrencies. The research commenced on October 2021 and was supported by Sapio Research. The objective was to cover various topics in the crypto sector.
60% of the respondents in the survey believed that cryptocurrencies would dominate the e-commerce sector in the next year. Another 54% of respondents said that cryptocurrencies are the future of finance and would dominate the global payments sector.
However, despite the positive sentiments about the future growth of cryptocurrencies, 70% of the respondents noted they have at one point hesitated to invest in the crypto sector. 30% of the respondents in this category said they liquidated their holdings during market dips.
Those who had hesitated to join the sector attributed their reasoning to doubts about the sector, bad press, social media sentiments, and more.
Gen Z and Millennials believe in crypto
The study by Paysafe also looked at the sentiments depending on age. The survey revealed that 55% of the respondents were open to receiving their salaries in cryptocurrencies. This sentiment was common among millennials and Gen Z.
60% of the people who were open to receiving their salary in crypto were between 18 and 24 years old. Additionally, 57% of those aged between 35 and 44 years had this preference.
The respondents who agreed on receiving their salary in cryptocurrencies noted that their main reason was the optimism that the prices would appreciate in future, making these assets a worthy investment.
The other reasons given were that many people believed that cryptocurrency payments could become highly popular in the future. 16% of the respondents noted that their trust in the traditional banking sector had reduced.
The study also looked at preferences based on gender. 71% of the male respondents said they were day traders, while only 29% of the female respondents were into day trading. 61% of the female respondents noted that they trade once annually.
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