Cryptocurrencies are not only gaining in popularity. Also, more and more people trust them too. What can increase trust in crypto?
Do people trust FinTech solutions?
In a survey conducted by Edelman on trust in cryptocurrencies and innovative financial solutions we can find interesting conclusions. Many people do not yet trust cryptocurrencies, but we can see a promising increase in trust. Is it because more people are finding out more about cryptocurrencies?
Modern solutions on the way to improving financial services
FinTech’s solutions are aimed at improving financial services such as getting loans, currency exchange, and financial management. They are intended to be an alternative to traditional banking, which currently enjoys greater consumer confidence. Whether cryptocurrencies have a chance to have a bigger trust than traditional solutions?
Trust in cryptocurrencies grows
Although the cryptocurrencies do not yet enjoy much trust, we can observe its growth in 22 of the 26 countries surveyed. There are also the first countries that are very optimistic about them.
The data show that the citizens of China, a country where we can find many FinTech solutions, overwhelmingly trust in cryptocurrency, and believe that they can have a positive impact on the world. India, Indonesia, and Thailand also noted a very high level of trust. Global trust in cryptocurrencies has increased by 11%, but 3 countries have noted it decrease. These were Saudi Arabia, the United Kingdom, and the United States.
More than 6 in 10 people believe that cryptocurrencies needs more regulation
Lack of trust is also likely to be linked to the lack of regulation of this market. 62% of respondents believe that crypto needs more rules. If more countries accept cryptocurrencies and introduce regulations to turn them around, more people will likely choose to trust them. Will the current situation with COVID19 make more people trust the cryptocurrencies and decide to invest in them?
It is possible, but first they need to get the right information about them.
Most people still don’t know what cryptocurrencies are
When asked what you know about cryptocurrencies, 3 out of 4 respondents admitted that their knowledge is low or zero. In the information obtained from the survey we can see that the more information a person had about cryptocurrencies, the more trust they had in them.
How to increase public trust in crypto?
The most important thing in this process will be to make people aware of the benefits, but also the risks of trading in cryptocurrencies. It is very important to educate people about the crypto market. When the public gets the necessary information, there is a better chance that they will want to invest their money in it.