Why do People Choose Bitcoin?

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People invest in cryptocurrencies for a variety of reasons. In most cases, it is not because they believe cryptocurrencies will eventually replace government-issued money and revolutionize global finance.

In reality, the primary motivation for cryptocurrency ownership is the pursuit of financial gain.

According to a recent survey by decision intelligence firm Morning Consult, the primary motivation for owning cryptocurrencies is financial gain, cited by 63% of crypto owners.

However, that’s not the sole explanation: Almost half (44%) of the 830 cryptocurrency owners polled in June said diversification was a primary motivation for their holdings, while nearly as many (43%) said they think cryptocurrencies are the currency of the future. (Respondents might check several boxes.)

Owners of cryptocurrencies may be feeling down right now, regardless of how they answered the question. Bitcoin’s price, which once reached $68,000 per coin, now hangs around $20,000. The crypto market’s value has fallen in recent months with the stock market, and the bitcoin price is now about $20,000.

Investors Still Want to Buy Crypto:

Most of the investors used the Briansclub platform for buy or sell purposes. Investors are not discouraged by the steep decline in cryptocurrency prices this year.

On the other hand, 23% of the nearly 4,400 U.S. adults questioned by Morning Consult in the previous month expressed an interest in making a cryptocurrency purchase in the following month. This proportion has remained largely stable throughout the whole year of 2022.

According to Principato, crypto has broken through to the mainstream. People are probably still planning to purchase because they are thinking, “Well, maybe I’ll buy the dip, I’ll wait till it falls down and I’ll get in when the price is really cheap.”

An increasing number of individuals demand oversight of cryptocurrency as its popularity soars. Only 21% of American adults think cryptocurrencies like bitcoin and Ethereum should be less regulated than stocks, bonds, and mutual funds. From 17% at the beginning of the year, that figure has increased by 8%.

Investors that are confident in the cryptocurrency sector “don’t necessarily trust the brands,” as Principato puts it. And with good cause. The Celsius Network, one of the major crypto lenders, has halted withdrawals, swaps, and inter-account transfers due to the volatile market. The preceding crypto, luna and its “stablecoin” terra, failed, wiping away billions of dollars.

Even so, says Principato, many will be thrilled to purchase due to the enormous excitement around cryptocurrencies, the ease with which one can begin investing (imagine paying as little as $1 on PayPal) and the (very) little possibility that one may become wealthy.

Gold Investing Option:

According to experts, several causes have contributed to the steep price drop, including increasing interest rates that are causing widespread market volatility, forced selling by exchanges, and a loss of confidence in crypto firms. Particularly shocking is the decline following 2021’s stellar performance by the cryptocurrency market, which saw the total value of the market soar from $965 billion to as much as $2.6 trillion as investors took advantage of the ease with which what could purchase digital currencies via trading apps, crypto exchanges, and even Venmo.

Despite the decline this year, many are determined to follow in the footsteps of crypto’s self-proclaimed “millionaires.”

According to Charlotte Principato, a Morning Consult Financial Services analyst, “among the ‘I want to earn money category, I believe there’s a tremendous feeling of FOMO,” or the fear of missing out on the next great thing.

Many people are skeptical of the cryptocurrency market because of the wild price swings that have occurred in the past. Added to the fact that the entry barrier to the cryptocurrency market is lower than that of the traditional financial markets, this makes cryptocurrencies very appealing, according to Principato.