According to 25% of the respondents, inflation and the economic situation led them to become interested in crypto assets. The relationship between politics and cryptocurrencies is also crucial, as 37% of those US citizens surveyed acknowledge reading candidate positions on crypto.
According to a survey conducted by the Bank of America (BoA), young people are increasingly interested in cryptocurrencies. Amid the backdrop of the US midterm elections, inflation, and the looming economic crisis, US citizens see them as part of the future.
Why More Americans Learn about Cryptocurrencies and Invest in Them
In the above online research, 2,029 adults answered questions between October 6th and 11th. Although that survey reveals that 49% of US citizens know cryptocurrencies, the rate rises to 70% between 18 and 34 years old.
There are also disparities about minorities, as Americans not only know crypto assets but also own them. Bitcoin (BTC), Ether (ETH), and USD Coin (USDC) are among the cryptocurrencies 25% of the respondents already have. Meanwhile, another 25% say inflation and the economic situation led them to become interested in them.
Clearly Stated Regulations to Make the Future of Bitcoin Possible
The relationship between politics and cryptocurrencies was another aspect considered in the survey conducted by the BoA. Before making their choice, 37% of the respondents apparently acknowledge reading the candidate positions on crypto assets.
That becomes an electoral problem, as 89% of those surveyed plan to vote for the regulation or lack of regulation. The study also considers other US-specific issues like gun control, abortion rights, and the economy.
Concerning economics, 81% of the respondents want clearly stated cryptocurrency regulations, with an insignificant difference between Republicans (77%) and Democrats (88%). Since crypto issues go beyond partisan positions, all candidates may have to address them in the midterm elections.
The most prominent figure in the study is that 53% of those surveyed believe that cryptocurrencies are the future of finance. Besides, 44% of those US citizens expect to have crypto assets in their wallets.
Most US Citizens Are Familiar with the Cryptocurrency Industry
According to 57% of the researchers in charge of the study, investing in cryptocurrencies will go through clearly stated regulations. The results indicate that US citizens have become increasingly interested in crypto assets.
The only missing aspect is a tailor-made regulation to convince those still indecisive. That proves that the framing practices related to cryptocurrencies are the next subject all players must discuss.
Meanwhile, Bitcoin is trading at around USD 20,753 and has accumulated a 2.6% loss over the last 24 hours. While its daily trading volume is above USD 356.18 billion, its market capitalization is about USD 398.47 billion, according to CoinGecko.
Investors should research Bitcoin before buying it to know its all-time high, behavior, and possible future price. That will help them make better trading decisions and reduce the risk of losing money. However, it is only a matter of time before seeing where the market will take the pioneering cryptocurrency.
By Alexander Salazar
