Cryptocurrencies have recorded increased adoption over the past year. The global cryptocurrency market cap has surged to notable highs because of many factors such as inflation and institutional adoption. A recent report by The Economist revealed that 37% of the participants in a survey wanted their governments to legalize Bitcoin and other cryptocurrencies as legal tender to conduct internal transactions.
Bitcoin adoption is growing
The Economist released a survey involving 3000 people in several developed countries such as Australia, France, Singapore, South Korea, the USA, and the UK. Developing countries, including Brazil, Philippines, Singapore, South Africa, Turkey, and Vietnam, were also included in the survey to assess the current state of the crypto market.
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Around 37% of the respondents in the survey said they would support their governments if they declared Bitcoin or other cryptocurrencies as an official payment method. 43% of the respondents remained neutral, while 18% disagreed with the move.
Similar results were also reported about how people embraced central bank digital currencies (CBDCs). 37% of the respondents agreed that the government needed to launch a CBDC, while 19% viewed CBDCs as a mistake.
The Economist survey also assessed the viability of non-fungible tokens (NFTs). More than 60% of the participants said they were interested in NFTs, while 7% said they were not interested in these digital assets.
The survey also looked into decentralized finance (DeFi), with 34% of the respondents saying they wanted to use these applications to make personal and professional financial transactions. Moreover, another 17% said they did not have plans to interact with the DeFi sector.
25% of Americans want Bitcoin legalized
The first major move to adopt Bitcoin as a payment method started last year after El Salvador adopted Bitcoin as legal tender. Since then, there have been speculations of other countries also wanting to adopt BTC as legal tender.
A report by YouGov said that around 30% of residents in the US wanted to see Bitcoin being legalized in the country. Adopting Bitcoin as legal tender was opposed by those living in the Midwest and not those residing in the West. Most of those who criticized the move were females and the elderly above 55 years. Males and people aged 25 and 34 years were the strongest supporters of using Bitcoin as a legal payment method.
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