Zumo Survey Reveals Increasing Adoption of Cryptocurrencies

According to a recent study by Focaldata on behalf of Edinburgh-based crypto wallet Zumo Money, examining UK consumer saving and spending habits, users are flocking to cryptocurrencies at a higher rate than ever. This is showing to be particularly true with younger demographics, such as millennials, who are beginning to view cryptocurrencies as safer, easier, and better stores of value.

Times Are Changing

The last year has been tough for everyone, with the entire global population uprooting their operations in the name of a widespread pandemic. With more people staying inside and less willing to interact with others physically, cryptocurrencies have played a major role in how people are now choosing to transact and preserve their wealth. The last six months have been especially crucial to this blossoming asset class, with over 50 percent of all users who have ever purchased cryptocurrency acquiring it within the last six months.

Due to economic instability such as inflation, stimulus checks, and a struggling job market, many are beginning to view cryptocurrency as a viable savings alternative and a hedge against failing government bureaucracy. When compared to the traditional financial system, over 50 percent of young adults between the ages of 18 to 34 think that cryptocurrencies will be widely accepted as a form of everyday payment within the next ten years, the survey reveals. As more lose hope in their government's ability to protect their value, a decentralized and distributed alternative is starting to make more sense for many.

Survey Forecasts Greater Adoption

When breaking down the statistics gathered in this survey, it paints a picture of adoption and major future growth. Less than 10 percent of UK citizens polled claimed to have never heard of cryptocurrency, a percentage that is continuing to fall year-over-year. 

Another interesting statistic representing the likelihood of future cryptocurrency usage is seen through a different positive metric. Out of all users polled on their temptation to purchase any amount of cryptocurrency in the future, a whopping 49% stated they have some level of inclination. When considering the 4 percent that stated they don't know and the 7 percent that have never heard of cryptocurrency when asked this question, the adjusted amount represents over 50 percent of all polled users who have heard of cryptocurrency, representing a very positive outlook for the space.

Gaining the Trust of the Everyday Consumer

One of the most important factors that this study identified is the growing level of trust surrounding the cryptocurrency economy. As more big-name players like Elon Musk and PayPal get involved in the space, users are responding positively and viewing cryptocurrency as a more legitimate alternative. 

This is evident especially amongst the younger generation, where over 50 percent of 18 to 24 year-olds trust cryptocurrencies more than they did a year ago. When asked about the increasingly positive outlook towards cryptocurrency, Zumo CEO Nick Jones stated” 

"We've been saying it for years, but now we have the data... Crypto is here to stay. Trust has never been higher and people are starting to make the move in a very real way. Maybe it was the extra time to research, or perhaps it was a desire for more financial control in uncertain times, but whatever it was, crypto has become a mainstream feature for the lives of people everywhere."

As cryptocurrency continues to mature, it seems citizens will view it in a positive light once they understand the benefits. There are still many barriers to entry for cryptocurrency adoption, such as awareness and technological know-how, but these will continue to be driven down over time. The study points to an outcome many in the blockchain world have already predicted: that trust and user adoption will grow as cryptocurrency becomes normalised and ubiquitous.