Financial Way of Future, Building Wealth Are Key Drivers of Owning Crypto: Study Shows

Credit card payment giant Visa recently has conducted a study, which shows that up to 42% and 41% of the respondents respectively believe “the financial way of the future” and to “build wealth” as the biggest catalysts of motivation by owning cryptocurrency.

The report titled “The Crypto Phenomenon: Consumer Attitudes & Usage” noted:

“The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42% Owners) and to build wealth (41% Owners) – both forward looking motivators.”

Meanwhile, the study is also divided respondents into five categories from “active owners” among crypto owners to “unengaged” non-crypto owners. 94% of the responders globally have equipped crypto-awareness. As per the study:

“Nearly one in three crypto-aware consumers already own or use cryptocurrency, with the majority saying that their use has increased in the past year (62% Owners), and two-thirds expecting that they will increase the share of their investable assets invested in crypto in the next 12 months (66% Owners).”

In partnership with LRW, a material company, the study surveyed 6,430 financial decision-makers spread across eight markets: the U.S., South Africa, Hong Kong, the U.K., Germany, Brazil, Australia, and Argentina. 

Part of the insights gained from the online survey conducted between August 25 and September 13 this year was that cryptocurrencies are part of the popular consciousness and are poised for additional growth, especially in emerging markets.

The research also noted that users transacting with cryptocurrencies were encouraged by factors like the avoidance of exchange conversion fees, low transaction fees, and accessibility to transact at any time.

Moreover, financial institutional involvement, particularly through crypto rewards and crypto-linked cards, would be instrumental in broadening acceptance and growth.

Meanwhile, Visa seeks to help financial institutions harness cryptocurrency opportunities and pilot new user experiences and innovations like crypto reward programs through its recently launched advisory services as part of the consulting & analytics division. 

Image source: Shutterstock