Cryptocurrency is Still in Its Wild West Phase, Says Gem App CEO

While that the cryptocurrency marketplace saw a stunning run-up at 2017, together with the amount of cryptocurrency proponents undergoing a similar growth, many customers are still skeptics of the nascent industry. “The Cryptocurrency Space Is In Its Wild West Phase”Cryptocurrencies possibly hit the mainstream this past year, as almost every media outlet coated Bitcoin’s astronomical increase in near-obscurity to $20,000. However, based on some Fortune report, investment to crypto assets hasn’t seen the widespread adoption which crypto advocates would love to see. This opinion comes via a two,000-individual poll from cryptocurrency program Gem and Harris Insights, that demonstrated that only 8 percent of Americans maintain a personal stake in cryptocurrencies. Compared to investment adoption in heritage markets, whereas roughly 52percent of Americans own stock in publicly-traded businesses, the 8 percent figure looks fairly gloomy. Moreoverthe identical poll revealed 41percent of respondents reported that they would not look at investing in electronic resources, perhaps not the most promising indication for an early-stage area to say the least. The poll also revealed the following interesting index: people that make $100,000 yearly are not as inclined to put money into cryptocurrencies in contrast to people with lower wages. The claim has been backed up by statistics found from the poll, where 6 percent of people who make over $100,000 annually own cryptocurrencies, while 11percent of people who make $50per cent -$75k have investments in this asset category. Firstly, the existence of volatility, in which dealers are subject to continuous fluctuations in the purchase price of the holdings on a 24/7 basis. Secondly, the regulatory uncertainty that rages to this day, as regulating bodies have to present legislation that ensure consumer protection. Thirdly, a lack of availability to cryptocurrency investments, as dealers are put through hundreds of hoops simply to purchase and exchange one electronic advantage. What most don’t keep in mind is that a vast majority of customers don’t comprehend the allure of decentralized resources. So last but not least, not having available information that’s readily digestible by a typical Joe trying to devote capital to the business. This past investor qualm was acknowledged from the aforementioned poll, together with 20percent of respondents demonstrating that additional information could ignite an interest in cryptocurrencies. While this asset category might not have much going for this, the above CEO of Gem noted that all hope is not lost, drawing attention to the prospect of adoption together with the “digital” youth.

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