True Motivation To Hold Cryptocurrency: Banks
The banks can often be cryptocurrency's greatest ally.
There are many reasons why people get involved in cryptocurrency. However, the most solid reason is the sheer incompetence of the banking system.
This is the view of Indians in a survey conducted. Roughly 75% of those surveyed have cryptocurrency.
The age group is 18-55.
After polling Indians of between 18 and 55 years, of which 75% had crypto holdings, the platform sought to find the position of crypto as a driver of the Indian economy, and which industry will drive crypto adoption the most.
It is not any surprise that distrust of the existing system is the main driver of cryptocurrency adoption, at least with this surveyed.
Statistics across the world show cryptocurrency penetration higher in areas where there is less stability in the established system.
75.8 percent of those surveyed revealed that they used cryptocurrencies to easily and fairly transfer money.
Another 64.8 percent believed that holding cryptocurrencies was a path towards financial freedom. However, what was interesting is that 51 percent of those who took part in the survey strongly believed that cryptocurrencies are agents of financial inclusion.
coingape.com/ndians-own-bitcoin-crypto-banks-incompetent/
I actually do not believe it is such a surprise that the survey revealed that only 51% felt it is an agent of financial inclusion.
Since Bitcoin is still the best known, this is the experience of most people. Bitcoin is not known for its financial inclusion since it requires buying in.
We are seeing the existing financial system meltdown at the present moment. Will this push more people to embrace cryptocurrency? Time will tell but it seems the worse the present system is, the more likely it will be embraced.