A recent study by cryptocurrency exchange Kraken has revealed a marked shift in the public’s view of cryptocurrencies, with more than half of respondents, especially those aged 30 to 60, seeing them as having practical uses beyond mere speculation.
This shift signals a shift in old notions that associated cryptocurrencies with pure speculation and no real-world value.
Generational differences in viewpoints on the usefulness of digital currencies
The study, the results of which were published on Kraken, highlighted key differences between different age groups when it comes to their perception of the value of cryptocurrencies.
The results showed that the age group between 45 and 60 years old (Generation X) is the most aware of the value of digital currencies as a practical technology, with the percentage of those in favor of this reaching 63%.
This is followed by the age group between 30 and 44 years old, with 55%, reflecting the growing confidence in the potential of this technology among these groups.
In contrast, the younger (18-29) and older (60+) age groups were more cautious about the practical utility of cryptocurrencies, with a large proportion of them expressing uncertainty about this value, at 31% and 27%, respectively.
Are cryptocurrencies useful in the real world?
This hesitation among young people may be due to difficulty understanding the technical complexities of cryptocurrencies and how to integrate them into their long-term financial plans. For older people, it may be due to a lack of familiarity with this new technology.
The findings suggest that Generation X investors, born between the mid-1960s and early 1980s (1965-1980), who have witnessed the shortcomings of the traditional financial system throughout their lives, are leading a global shift in recognition of the value that cryptocurrencies bring to the global economy.
This generation, which has lived through successive financial crises, seems more willing to embrace new alternatives to the existing financial system.
The True Value of Cryptocurrencies Beyond Misconceptions
The study also addressed a common misconception that cryptocurrencies lack intrinsic value because they are not tied to physical assets or governments. However, 33% of respondents rejected this view, recognizing the value of cryptocurrencies in their utility and role in global trade.
Unlike government-issued currencies, which rely on trust in governments rather than financial backing, cryptocurrencies derive their value from their core functionality and peer-to-peer, decentralized nature. This aspect gives them the added advantage of facilitating cross-border transactions and reducing reliance on intermediaries.
The study concludes that misconceptions still shape some people’s views about cryptocurrencies. However, there is a clear shift that indicates a change in this view, as their practical uses and value in the global economy are increasingly recognized. This shift is largely driven by generations who have seen the flaws of the traditional financial system and are looking for more efficient and transparent alternatives.
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