Cryptocurrency is gaining popularity. But who are the newcomers, and why are they being boarded now?
The adoption of cryptocurrencies is quickening. DISQO, a consumer insights platform, has examined the onboarding process. They performed research on how individuals are adopting newer online financial products and cryptocurrencies.
Newcomers’ behaviour towards financial system
- Consumers of all income levels frequent bitcoin exchanges at comparable rates.
- All income levels and ages are willing to try out new ventures.
DISQO’s VP of Data Solutions is Carl Van Ostrand. “Consumers are at various levels of considering and implementing cryptocurrency and new financial services.”
Social networks and media have always influenced behaviour towards crypto. The Gamestop news attracted newcomers to crypto sites in 2021, and Elon Musk tweeting about dogecoin had a similar impact.
People who bought cryptocurrencies felt more assured about handling their own finances (72 percent vs 63 percent). They were more inclined to high-risk/high-reward investments than non-buyers (44 percent vs 23 percent).
Age, income, gender
According to the report, modern financial services are attracting far more males than women. The gender discrepancy was less evident – barely a few percentage points (22 percent vs 29 percent). Traditional investing businesses kept their older demographic and retained customers well beyond the age of 65, whereas cryptocurrency platforms were far more likely to be accessed by 35-44 year-olds.
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