The adoption of Bitcoin (BTC) and
other digital currency failed to boost their value last year, with fears around
slow Bitcoin (BTC) uptake weighing on firms and investors in the digital
currency space. After the epic bull run of Bitcoin (BTC) in 2017, a lot of
people expected Bitcoin and other digital currencies in the market to explode
Nevertheless, with the delays to
institutional products and investment, as well as speculators wanting to cash
out, the adoption of Bitcoin (BTC) seems to have stalled.
China Sees an Increase in Demand for Bitcoin (BTC) and Digital
According to a recent survey
carried out in China, the interest rate for Bitcoin (BTC) and other digital
currencies is significantly increasing. This is because many are keen to invest
in digital currency in the future. The survey was carried out by PANews – a
blockchain firm – and it was first published by 8btc.com – a local news outlet.
Bitcoin (BTC) Price Today – BTC / USD
The survey was taken by 4,200 people
and 40 percent of them said they are willing to invest in Bitcoin (BTC) or
other digital currencies in the future. About 50 percent of them said that they
have heard of the terms “digital currency,” “Bitcoin,” or “cryptocurrency.”
Nevertheless, 63 percent of the
respondents said they do not think Bitcoin (BTC) or digital currencies are required
as a payment means. Only 22 percent of the respondents said that they were aware of tokens powered by blockchain.
Over the past years, China has
grown to become a very important nation for Bitcoin (BTC) and other digital
currencies. Some have also shown concern
that the BTC mining dominance of China gives it too much control over the
world’s largest digital currency by market cap.
Bitmain Technologies – a crypto
mining firm based in Beijing – now mines over 50 percent of Bitcoins in the
world, according to reports. The survey
came as the entire crypto market, including Bitcoin (BTC), was deep in the red
for the better part of 2018.
Investors Fret over Slow Bitcoin Adoption
As a result of the massive
declines in the crypto market in 2018, some of the top digital currencies lost
more than 80 percent of their values over the course of the year. As the value
of Bitcoin (BTC) continues to decline, investors have worried not just over the
sluggish adoption by consumers and retailers, but also delays to the
much-anticipated institutional investment. The threat of tougher regulations is
also not helping matters.
The Crypto Market Might Be Revitalized This Year
A lot of investors believe that
the struggling digital currency market will be revitalized this year – 2019.
Many are hoping that the much-awaited Bakkt digital currency platform and
interest in Bitcoin futures from top stock exchanges will start another massive
bull run. Surveys have also revealed similar results.
According to a Bitcoin survey
carried out in November by YouGov, 20 percent of people in the United Kingdom
believe Bitcoin (BTC) will be as common as cash or card payments in the future.
Earlier last year, a survey carried out by Coinbase revealed that students in
the US were 2x as likely as the country’s average to own digital currency. If
the digital currency market is revitalized this year, more investors and
institutions will step into the crypto space.