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It’s been a long crypto winter, but according to a recent survey, consumers and investors are still positive about the long term value of leading cryptocurrencies. Researchers from the FINRA-registered broker Sharespost emphasize that people have recently become more optimistic about digital assets and plan to increase their holdings.
Research Analyst Sees ‘Growing Bullishness’ Surrounding Digital Currencies
Since December 2017, cryptocurrency holders have been riding a downward rollercoaster, with many wondering when the digital economy will become bullish again. On March 5, researchers from Sharepost disclosed data they recorded from a survey that involved 1,018 consumers and 96 accredited and institutional investors. Sharespost research analyst Alejandro Ortiz remarked that the study involved using Surveymonkey and Amazon Mechanical Turk as well. More than 30 percent of investors surveyed revealed that they owned at least $ 25,000 in BTC, and 20 percent polled owned a similar amount of ETH.
Individuals surveyed also revealed the most popular coins they own mimic the current cryptocurrency market cap, with BTC, ETH, and XRP dominating respectively. However, key findings in the report include ETH continuing to see “decreased expectations” which the research suggests may be due to the delayed Constantinople upgrade.
Most surveyed participants asserted there was a great likelihood of crypto prices rebounding. “The crypto winter is not over, but the latest survey data indicate there is a thaw in sentiment and growing bullishness about the future of cryptocurrencies and blockchain technology,” Ortiz explained after publishing the company’s findings.
Money Transfer and Payments Will Disrupt the Financial Sector
Another interesting discovery was that 39 percent of the investors and 46 percent of the consumers surveyed believe that one day their employers will use blockchain technology to some degree. Investors seem very sure about this coming to fruition, but consumers are less certain that blockchain technology will follow this trajectory.
Other key findings are that “money transfer and payments” are the top categories for blockchain’s ultimate disruption. During Sharepost’s survey last year, investors believed widespread crypto and blockchain adoption would take place in 2020, but now, surveyed investors believe this won’t happen until 2025. A good majority of folks polled said they want governments to give better clarity regarding industry regulations as well.
“Forty-three percent of investors expect regulations governing cryptocurrencies to improve looking ahead — Nearly 75 percent of those surveyed expect greater clarity from regulators regarding cryptocurrency,” states the report.
Overall, the survey concludes that investors are willing to bet big on BTC and consumers are diversifying. Interestingly, toward the end of the report, the company said “for the second consecutive survey, 80 percent or more of investors see Coinbase as the most successful exchange,” while Binance held second place for both groups of participants surveyed.
What do you think about this survey and respondents’ crypto expectations? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, and Sharepost.
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The U.K.’s Financial Conduct Authority (FCA) published two reports on consumer attitudes and awareness to crypto assets in the country. The research includes qualitative interviews and a national survey of 2,132 British consumers.
3% of Brits Report Buying Crypto Assets
The number of consumers who reported buying cryptocurrencies in the national survey stood at just 51. From this, the FCA estimates that only 3 percent of Brits have ever bought crypto assets. Of those who reported buying crypto, around half spent under £200 ($ 263) and a large majority of those said they had financed the purchase with their disposable income and not with borrowed money. 50 percent reported to have spent their money on BTC, 34 percent chose ETH, and 20 percent invested in BCH, LTC and XRP.
These findings could indicate under-reporting by cryptocurrency owners, some of whom may wish to keep their investments private, but the figure seems to have alleviated the fears of the regulators. Christopher Woolard, the FCA’s Executive Director of Strategy and Competition, commented: “The results suggest that although crypto assets may not be well understood by many consumers, the vast majority don’t buy or use them currently. Whilst the research suggests some harm to individual crypto asset users, it does not suggest a large impact on wider society.”
27% of UK Consumers Can Define Cryptocurrency
In its summary of the research, the FCA has intimated that some cryptocurrency investors are clueless and greedy. For example, it highlights the handful of interviewees who said they made their purchases without completing any research or due diligence beforehand, despite the fact that this is true of many casual forex and stock investors who do the same.
The FCA also tries to link cryptocurrency owners to “risky behaviors” such as listening to friends, acquaintances and social media influencers over the government’s warnings. Moreover, it notes that “many told the qualitative researchers that they were distrustful of mainstream media or official sources of information.”
Additionally, it highlights that 73 percent of those surveyed said they didn’t know what cryptocurrency is or were unable to exactly define the term. The term was most recognized by middle class and upper middle class men aged 20-44 years old.
What do you think about the findings of the FCA’s research? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, FCA.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
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Two companies mining cryptocurrencies have topped a list of the largest consumers of electricity in Georgia. In this crypto-friendly nation, however, that’s not necessarily a sin or a disadvantage. Energy-intensive enterprises in the Caucasian country purchase the power they need at wholesale prices.
Bitcoin Miners Buy Electricity on Wholesale Market
Georgia is among several jurisdictions in the post-Soviet space that have been attracting crypto miners with lax regulations and relatively low operating costs, including the price of electricity which is a major expense in the business of minting digital coins. Reports earlier this year have indicated that the country ranks second only to China in terms of mining profitability. According to Eurostat, in the first half of 2018 the average electricity price for Georgian households was just under €0.07 per kWh (~$ 0.08) and less than €0.05 per kWh (~$ 0.06) for non-household consumers.
Two Georgian mining companies – Geo Service and BFDS – have now been included in a list of five largest consumers of electricity that also includes the metallurgical enterprise Georgian Manganese, the utility company Georgian Water and Power (GWP) and Kutaisi Investments. What’s more, the crypto businesses are leading the group mentioned in a report about Georgia’s projected electric power balance for 2019, Business Gruzia reported.
According to government data, the two mining companies have used a total of 55.6 million kWh in the month of November. And for a period of seven months, Geo Service has consumed almost 108 million kWh, while BFDC Georgia, a company owned by the mining hardware manufacturer Bitfury, used another 339 million kWh.
All the five companies operate energy-intensive facilities. And in Georgia, such enterprises purchase the electricity they need on a separate, wholesale market and directly from producers and importers. That allows them to bypass the distribution utilities which charge additional fees. According to Georgia Today, these intermediaries will raise the tariffs for other groups of consumers in January, after approval from the Georgian National Energy and Water Supply Regulatory Commission.
Georgia to Consume Over 14 Billion kWh in 2019
According to the electric power balance report, the electricity consumption of the whole country during the next year is expected to reach 14.2 billion kWh. The large consumers which buy their electricity directly from the producers, and not from the utilities Telasi (2.9 billion kWh) and Energo Pro (6.59 billion kWh), will need a total of 2.7 billion kWh.
The forecast published by the Sarke news agency shows that In 2019 Georgia’s own electricity generation capacities will produce up to 12.7 billion kWh, while the imported electricity will amount to 2.8 billion kWh. The country is heavily reliant on its hydroelectric power stations which will generate around 10.3 billion kWh, with thermal power stations projected to produce 2.3 billion kWh and the Kartli wind park – 86 million kWh.
Mining as a business and a source of income has gain popularity in the whole Transcaucasian region. Bitcoin farms have spread so fast in Abkhazia, a breakaway territory in northwestern Georgia, that the local government was forced to introduce temporary power cuts for the miners during the winter months. Georgia and Abkhazia share a huge hydropower complex located on the de facto border, which under normal circumstances satisfies most of the needs of the partially recognized republic.
Neighboring Armenia has taken steps to legalize and regulate cryptocurrency mining. This year the country became home to a large mining facility with 3,000 devices minting bitcoin and ethereum. Its owners, the Armenian consortium Multi Group and the Swedish company Omnia Tech, plan to expand its capacity to 120,000 machines.
What are your expectations about the prospects for the cryptocurrency mining sector in Georgia and the region? Tell us in the comments section below.
Images courtesy of Shutterstock.
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