Data from Mastercard’s New Payments Index indicates that the number of people interested in cryptocurrencies will most likely increase by next year and young investors are at the forefront of adoption.
According to the survey, 4 out of 10 people (40%) across North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia Pacific are planning to start using cryptocurrency by next year, 2022.
Millennials are also not left out. While the majority of adults believe in physical assets like gold, young investors are going bullish on cryptocurrencies, counting on new-age trading apps like Robinhood to participate in the emerging market.
Concerning the kind of outlook youths have on crypto, a section of the survey report noted,
Millennials globally and those in the Middle East and Africa are especially engaged in the cryptocurrency conversation, with more than half (67%) agreeing they are more open to using cryptocurrency than they were a year ago.
The survey also seemed to confirm that a lack of education is one of the factors hindering cryptocurrency adoption. 77% of millennials surveyed disclosed that they are interested in learning more about cryptocurrency, while “75% agree they would use cryptocurrency if they understood it better.”
Since the creation of the first cryptocurrency in 2009 by pseudonymous Satoshi Nakamoto, people started adopting bitcoin and realizing different use cases of the currency in the financial industry.
However, the adoption rate greatly escalated during the global pandemic lockdown last year, as the number of people searching for online, contactless tap-and-go payments methods went up. Most businesses started switching to fast and flexible digital methods of services, with eCommerce giant eBay recently announcing that it is also exploring cryptocurrencies.
With the global economic system shrinking gradually, public adoption of cryptocurrency looks set to continue into 2022 and beyond if many factors are properly addressed. Alluding to this fact, the survey pointed out:
“While consumer interest in cryptocurrency – especially floating digital currencies such as Bitcoin – is high, work is still required to ensure consumer choice, protection, and regulatory compliance.“
