The cryptocurrency market is experiencing a sudden bear market, but recent statistics released by the American Institute of Certified Public Accountants (AICPA ) show that consumer awareness and interest in digital resources like Bitcoin, Litecoin and Ethereum are at historical highs
A new study published by AICPA, conducted in collaboration with The Harris Poll, revealed that over 50% of all Americans are aware of cryptocurrencies, with 54% of respondents predicting that the cryptography market will remain stable or increase in value next year. The survey also revealed that cryptocurrencies are set to make up 5% of total US investment next year, when retail investors enter the large-scale encrypted market.
Crypto Adoption Surges Forward
The AICPA survey, conducted by telephone on more than 1,014 adults in the United States, 5-8 April, found that one in 20 respondents planned to invest in the cryptocurrency market by Next year.
While the number of new investors entering the market may be reduced compared to the 16 percent of respondents wishing to invest in traditional markets, the level of awareness of cryptocurrency demonstrates increasing blockchain literacy in the general population.
The AICPA survey also highlights the low level of research conducted by market participants regarding the investment strategy: almost 30 percent of all respondents revealed they were not conducting research on company fundamentals such as quarterly financial earnings , profit margins and the market p
Greg Anton, president of the financial literacy commission of the national CPA of the AICPA, highlighted the lack of diligence due by investors as the key motivation for the number of Americans (almost 48%) who believe that the volatile markets give them the opportunity to profit from purchases and short-term sales:
"Investing is not a rich income scheme and trying to time a volatile market with hopes of Huge earnings are a serious financial risk.Many people who enter the market looking for a fast dollar can not handle them l see their investment lose value, which leads them to sell at a loss. For most people, looking for incremental gains over a longer time horizon is a safer and more sustainable approach. "
The AICPA survey reflects the impulsive behavior of the cryptic investors
Anton's statements on short-term trading strategies reflect the comments made by CNBC Fast Money Brian Kelly, CEO and CEO of BKCM, who recently advised crypto-operators to impose crypto-asset impulsively after the late decision of Bitcoin SEC's ETF:
"If you sell today after this decision, it's the wrong way to make cryptographic investments. There's a lot more in this story than just an ETF. "
Kelly also stressed the likelihood that the SEC will further delay the decision of the ETF given the adverse risk nature of the regulatory body:
" [Bitcoin] had a tremendous flight of $ 5,800, and that's all because people thought there would be a Bitcoin ETF. The SEC came out and postponed that decision. A small spoiler warning, September 30, SEC will probably send it back again, because the market is not ready and the SEC has not yet had the answers to its questions. "
Cover photo by Aratrika Rath on Unsplash
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