Currency

Cryptocurrency Legitimacy Expands with New Research Study


January 26, 2021

Cryptocurrency has been somewhat of a controversial topic in business and finance over the past decade, but new research is showing that it may be at a breaking point for global and economic adoption.

A new research study, completed in a partnership with Wirex and the Stellar Development Foundation, found that there is high demand from consumers for businesses to permit crypto as actual currency. According to the report, 74% of participants view crypto payments as a viable alternative to traditional money transfer services. The timing of these results seems to make sense, as Bitcoin recently reached its highest valuation ever over the past year.

"It's clear that crypto is a considerably under-researched area, and it's vital that we better understand it to be able to produce products that rival the traditional economy and address users' concerns.”said Wirex CEO and Co-Founder, Pavel Matveev “At Wirex, we have always believed that the benefits of crypto can offer a viable alternative for payments in the future, and the findings of this report definitely underpin this."

The twenty-page report also found some surprising information that dispels some common misconceptions about crypto supporters. 57% of respondents of the research study were aged 45 and over, demonstrating that cryptocurrency isn’t solely supported by younger generations. It also revealed that 86% of respondents felt safe using crypto, which goes against the typical assumption that consumers feel that crypto is less secure than established currencies.

“Our research will help us get a glimpse into the pain points people experience with international transactions and highlight opportunities where blockchain and crypto can be part of the solution." commented Denelle Dixon,Stellar Development Foundation's CEO and Executive Director.

Wirex and Stellar plan to release more results of the report over the coming months, including a series of news articles and blog posts. They also plan to continue with more extensive research into other audiences and further develop on topics covered in the first report.




Edited by Maurice Nagle

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