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The long-term payback of cryptocurrencies ...

Only 30% of the crypto market believes in the long-term payback of cryptocurrencies
CONTENT

  • Most participants in the foreign crypto market regard digital assets as a quick way to get rich

  • The vast majority spend on cryptocurrencies from $ 1000 to $ 10 thousand.

  • Altcoins are also used abroad as a means of payment

International consortium of news organizations developing transparency standards.

Only 30% of cryptocurrency market participants keep digital assets as long-term investments

In the long term payback of cryptocurrencies ...

The vast majority of the cryptocurrency market does not adhere to a strategy of long-term investment in cryptocurrencies. This is the conclusion reached by the blockcard issuer in a joint survey with the Bitcoin Market Journal.

According to Blockcard, more than 35 thousand participants in the blockchain investment market took part in the survey. According to the results, only 30% keep cryptocurrencies for a long time. About 70% of respondents said they use cryptocurrencies for shopping.

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In first place in terms of cryptocurrency purchases were purchases of other cryptocurrencies (over 77%). The second and third places were taken by acquisitions related to entertainment (over 12%) and food (over 10%), respectively..

In terms of purchases, the majority (32%) spend in the range from $ 1000 to $ 10 thousand. Much less (26.7%) spend in the amount of $ 100 to $ 1000.

The long-term payback of cryptocurrencies ...

Source: blockcard.com

Thus, almost none of the respondents surveyed live exclusively on the use of cryptocurrencies, the report emphasizes. More than 75% of respondents said that the reason for the limited use of cryptocurrencies in everyday life is not so much related to volatility or regulatory nuances as to the availability of crypto services..

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Despite the optimal investment returns from cryptocurrencies, many use digital assets as payment for goods or short-term investments, the report concludes. Most are already using virtual assets to pay for basic necessities such as rent, transportation and food.

However, the results of the survey are more applicable to the European or American market than to the world one. In Russia, for example, at the legislative level, it is completely forbidden to use cryptocurrencies as a means of payment.

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While the survey did not specifically identify any cryptocurrencies, the big picture shows that the majority use altcoins as a get-rich-quick and do not view digital assets as a store of value. Things are different with bitcoin.

BeInCrypto previously reported that Chainalysis estimates that about 60% of all existing bitcoins are held as long-term investments. With a total supply of 21 million coins, about 11.4 million BTC is held as a long-term investment and is treated as digital gold.

The long-term payback of cryptocurrencies ...

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