When it comes to the latest data from the Economist Intelligence Unit (EIU), the cryptocurrency space is as active as ever, with a growing number of people seeking to buy, sell, trade, and invest in digital assets. The EIU’s latest report, “The Future of Money Report—Cryptocurrencies”, highlights the strong interest in cryptocurrencies among the general public and the growing number of institutions and companies looking to enter the market.

The Economist Intelligence Unit has published a report on the current state of the cryptocurrency industry. According to the report, in 2017, the average digital currency transaction volume increased by 700% compared to 2016, as a result of the growth of cryptocurrency market capitalization, which grew by around 25% in 2017.

In October, the Economist Intelligence Unit (EIU) released its survey on the acceptance of cryptocurrencies, with the results showing that the adoption of digital currencies has reached the mainstream. The report highlights the influence of bitcoin in the marketplace, indicating that last year it saw a 67% increase in global currency acceptance, seen by cryptocurrencies like bitcoin growing from $100 billion in total currency value to $165 billion. This is partly because bitcoin has seen a growth in the broader marketplace, with over $3 billion being invested in cryptocurrencies in 2017. The digital currency has seen a 50% growth in the number of merchants who accept it, over the past year, with more than 100,000 accepting payment in bitcoin.. Read more about best upcoming cryptocurrency and let us know what you think.

Economist Intelligence Unit’s report shows trends behind the increased acceptance of cryptocurrencies Although cryptocurrencies have been around for a while, stratospheric growth in their use has occurred in the past year, largely due to the pandemic. With more and more companies willing to accept digital currency for payment of goods and services, the number of transactions in cryptocurrency has multiplied.

Increased use of crypto-currencies due to COVID-19

To understand what is driving this shift and to obtain actionable data, Crypto.com, one of the world’s largest cryptocurrency exchanges, asked the Economic Intelligence Unit (EIU), a global leader in business intelligence, to survey consumers in North America, Asia and Europe. An annual report published by the EUI, entitled Digimentality – Fear and Preference of Digital Currency, has revealed a number of new trends after a detailed comparative analysis with the 2020 study. The results show that the use of digital currencies and transactions has multiplied compared to the previous year. The survey involved 3 053 consumers, mostly aged between 18 and 38, from developed countries such as France, the United Kingdom, the United States, Australia, Singapore and South Korea, and from developing countries such as the Philippines, South Africa, Vietnam, Brazil and Turkey. In addition to consumer data, the report also collected data from another survey of 200 institutional and corporate cash management clients in the same countries. The report, prepared by Henri Arslanian, head of cryptocurrencies at PwC, and Matthew McDermott, managing director and global head of digital assets at Goldman Sachs, highlights the following key points.

  • Thanks to the physical distance standards introduced during COVID-19, almost 81% of participants agreed that their country could gradually move to a cashless economy, up from 72% in 2020.
  • Consumers are increasingly opting for digital transactions. Almost 46% of consumers surveyed agree that COVID-19 has increased the use of digital coins/assets.

Henri Arslanian notes that cryptocurrencies have taken off in everyday life and comments: It’s such a turning point in the history of money, in the future of money, and there were several catalysts for it, and one of them was COVID-19.

Increase in digital payments

In terms of customer awareness, cryptocurrencies have remained the first choice among digital currencies. More than 55% of consumers surveyed in 2021 admit to knowing about cryptocurrencies, but never having owned or used them. Other important trends include the following:

  • Of the total number of participants, 27% said they prefer digital payments to cash or credit card payments. By comparison, 41% say they use digital currency for at least half of their purchases, up from 22% in 2020.
  • 18% of respondents reported using open-source cryptocurrencies (Bitcoin, Ethereum, etc.), followed by 12% of consumers using government-issued CBDCs and 10% using another digital currency issued by a verified entity.
  • The 2021 report also shows that 17% of respondents expect their country to go cashless within one or two years, up from the previous year.

Given the consumer response, Matthew McDermott adds: As more and more people use and access digital wallets, you’ll see the number of people accessing and investing in cryptocurrencies continue to grow. The official website contains detailed information, year-on-year comparisons and the views of institutional investors and corporate treasurers.

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In their annual Cryptoasset report, the Economist Intelligence Unit (EIU) have observed that the rapid rise of Bitcoin and other cryptocurrencies over the last five years has been accompanied by the rise of a “crypto-bubble”. However, the report goes on to suggest that rather than being a bubble, it is more likely the current rise in cryptocurrency prices is the product of a “normal” consumer preference for new technologies.. Read more about cryptocurrency stock prices and let us know what you think.

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