Can Crypto Replace FIAT Currencies?

Public attitudes towards the largest cryptocurrency options are changing regularly and whilst it still isn’t a widely understood market, the publicity through the largest trading options do change – a unique survey conducted by Cloudbet has looked at many different aspects to changing crypto markets, and how these perceived views may change the future of the cryptocurrency industry if changes are to come into play.

The final set of questions conducted in the survey were aimed at establishing whether or not respondents believe that Bitcoin and other cryptocurrencies could reach the ultimate goal of being legal tender much like current FIAT systems, and if anything, what the reasons may be for why this isn’t possible. Throughout 2020 there had been news released from European commissions suggesting that banks may look to accept crypto options once changes have been made to reduce the potential for fraud and criminal activity, which could be taken as a step towards having these options as legal tender, but still a large step away.

The responses are largely in line with what has been shown with both awareness and restriction, however, as support across the different regions shows substantial difference. When asked whether or not respondents believed that Bitcoin and other cryptocurrency options could become a mainstream currency like our current systems, 31.41% of Spanish respondents answered positively. Both the German and Italian markets were lower but very close at 20.24% and 20.96% respectively, and the UK responses fall far shorter with just 12.11% of respondents believing that crypto options could find mainstream usage.

Responses by age also fall very much inline with what has been seen throughout the rest of the survey too – the youngest respondents in the 18-24 category have shown the most support typically, with the older respondents showing the least – with Spain being an outlier here once more. Whilst those answering negatively suggesting they don’t believe crypto could become a mainstream currency, those in the 35-44 and 45-54 age category, as well as the 65+ category were in fact showing the most support in this change, with the youngest age group being the smallest group to answer in a positive way.

As the cryptocurrency industry is still quite widely misunderstood with even the most involved investors not entirely understanding what the different coins are for, there’s a lot of information that could change how these responses are presented in the future. The responses do outline however that there are mixed views on whether or not Cryptocurrency can be adopted similar to FIAT currencies, but with a more negative leaning view because of the lack of understanding from the general public for the most part.