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Most Bitcoin enthusiasts are rich, males, and young: Survey finds

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According to Clovr, the average Bitcoin fan (we should better say investor) is a rich-young-male, living in prominent places. These male folks are rich and are earning more than $75,000 annually, according to the recent survey.

Clovr, a technical blockchain company that has conducted the research done on more than a thousand people residing in America, is poised on making blockchain go mainstream.

So, as the survey shows, the crypto-world is well-dominated by young male folks, and this shouldn’t be surprising (we all have been hearing that the crypto is a male-dominant space). The survey has also shown that millennials are very much into cryptocurrencies than any other type of generation.

According to the survey, it has been revealed that most of these young male folks invest in cryptocurrencies in the hope of getting huge profits, rather than thinking cryptos will be the main medium of exchange.

Furthermore, more than 75% of people are conversant with what cryptocurrencies are, especially Bitcoin; also according to the survey, about 62% are self-reliant that they can explain what cryptocurrencies are to newbies.

About 70% of the people surveyed also voiced out their feeling on cryptocurrencies. They are uncertain on cryptocurrencies, given that the crypto sphere is mainly volatile and unpredictable.

More than 40% of these male folks have said that despite the volatility of cryptocurrencies, especially Bitcoin, the main reason why they have ventured into cryptocurrencies was due to FOMO (Fear-of-Missing-Out). Others who do not invest in cryptocurrencies said the cause was not to lose their hard-earned funds (a good one).

According to the survey, also, the main reason why men control the cryptocurrency world is because men are more willing to take risks than women – no matter what the outcome might be (we do not say that’s 100% true).

To back up that fact, a survey in 2016 stated that women who are into digital trading take lesser risks. Nonetheless, it is important also to note that the number of women into cryptos are now growing by the day and it will increase once the general crypto-system is wholly decentralized and free of online thefts. In accordance with that, the United States has unveiled 3 pro-crypto laws to enhance the growth and adoption of the cryptos.

Tom Emmer, the co-chairman of the Congressional Blockchain Caucus, said,

Law-makers should be accommodating the latest blockchain technologies and offering a clear regulatory body that will make them grow in the U.S. This is an exciting time for blockchain technology and cryptocurrencies

Moving forward, blockchain is increasingly being adopted worldwide today, but most people still have the notion that cryptocurrencies such as Bitcoin can’t be able to replace fiat currencies – not yet. For people to begin to recognize the fact that it would, cryptos need to be on everyday apps that people use for their daily activities.

Mike Cribari, the co-founder of Clovr states,

It’s hard for people to understand things like private keys and transfers. People need to be able to use cryptocurrencies more for things like buying their lunch.”

Applications and mediums to help cryptocurrencies be part of our daily lives are being worked on at the moment. With the launch of notable applications such as Bakkt, we should see Bitcoin and other cryptocurrencies widely accepted by everyone very soon.

For the global insights every crypto trader must have, apply for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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