An NBC News poll suggests that one in every five Americans has delved in bitcoin or other forms of crypto, either through trading, investing, or related activities. This is a sign that the crypto world is becoming mainstream and legitimate faster than anyone could have anticipated.
Bitcoin Is More Popular Than Ever
In many ways, the arena surrounding blockchain and digital assets is an expanding universe that is still very much in a developmental phase. Bitcoin, for example, is the granddaddy of all digital currencies, having been the first to arrive. The asset – the largest and most popular by market cap – was first mined in January of 2009, roughly three months after its whitepaper – published by pseudonymous author Satoshi Nakamoto – first came about.
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Since then, what was initially trading for a few cents through low-bar digital platforms has now exploded into one of the biggest trading tools in the world. At press time, the currency is trading for just under $48,000, though this is small compared with where the asset has been in the past. Last November, the digital currency rose to a whopping $68,000 per unit, roughly $20,000 higher than where it is at press time. There are also many arguments that 2022 will be the year in which bitcoin reaches six-figure territory. In other words, it’s going to spike to $100,000 or more.
For the most part, bitcoin has remained a speculative asset. Several traders throughout the globe see it as a means of getting rich overnight if the correct hand is dealt. Bitcoin has easily been marred by its constant volatility, something that never seems to take a break. The currency goes up and it goes down without notice, and this has ultimately gotten in the way of its payment journey.
While the currency is popular in a speculative sense, it’s never quite been looked at as a payment tool due to its vulnerability to price swings. Initially, bitcoin – like many digital currencies – was built to push things like checks, credit cards, and fiat to the side. It was built to give people a new way of paying for goods and services, but with so much activity occurring with its price over the years, many companies have been reluctant to accept it in lieu of cash or cards.
There Is More Payment Activity Today
The good news is that this is slowly changing. More companies are now willing to take chances with the asset, while other individuals are now viewing bitcoin as more of a hedge tool; something that can keep their wealth steady during times of economic strife, like what we’re experiencing now.
The survey suggests that half of America’s male population between the ages of 18 and 49 have traded crypto. In addition, roughly 40 percent of all African Americans have engaged in crypto trading.
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