The adoption of Bitcoin (BTC) and other digital currency failed to boost their value last year, with fears around slow Bitcoin (BTC) uptake weighing on firms and investors in the digital currency space. After the epic bull run of Bitcoin (BTC) in 2017, a lot of people expected Bitcoin and other digital currencies in the market to explode last year.
Nevertheless, with the delays to institutional products and investment, as well as speculators wanting to cash out, the adoption of Bitcoin (BTC) seems to have stalled.
China Sees an Increase in Demand for Bitcoin (BTC) and Digital Currencies
According to a recent survey carried out in China, the interest rate for Bitcoin (BTC) and other digital currencies is significantly increasing. This is because many are keen to invest in digital currency in the future. The survey was carried out by PANews – a blockchain firm – and it was first published by 8btc.com – a local news outlet.
Bitcoin (BTC) Price Today – BTC / USD
The survey was taken by 4,200 people and 40 percent of them said they are willing to invest in Bitcoin (BTC) or other digital currencies in the future. About 50 percent of them said that they have heard of the terms “digital currency,” “Bitcoin,” or “cryptocurrency.”
Nevertheless, 63 percent of the respondents said they do not think Bitcoin (BTC) or digital currencies are required as a payment means. Only 22 percent of the respondents said that they were aware of tokens powered by blockchain.
Over the past years, China has grown to become a very important nation for Bitcoin (BTC) and other digital currencies. Some have also shown concern that the BTC mining dominance of China gives it too much control over the world’s largest digital currency by market cap.
Bitmain Technologies – a crypto mining firm based in Beijing – now mines over 50 percent of Bitcoins in the world, according to reports. The survey came as the entire crypto market, including Bitcoin (BTC), was deep in the red for the better part of 2018.
Investors Fret over Slow Bitcoin Adoption
As a result of the massive declines in the crypto market in 2018, some of the top digital currencies lost more than 80 percent of their values over the course of the year. As the value of Bitcoin (BTC) continues to decline, investors have worried not just over the sluggish adoption by consumers and retailers, but also delays to the much-anticipated institutional investment. The threat of tougher regulations is also not helping matters.
The Crypto Market Might Be Revitalized This Year
A lot of investors believe that the struggling digital currency market will be revitalized this year – 2019. Many are hoping that the much-awaited Bakkt digital currency platform and interest in Bitcoin futures from top stock exchanges will start another massive bull run. Surveys have also revealed similar results.
According to a Bitcoin survey carried out in November by YouGov, 20 percent of people in the United Kingdom believe Bitcoin (BTC) will be as common as cash or card payments in the future. Earlier last year, a survey carried out by Coinbase revealed that students in the US were 2x as likely as the country’s average to own digital currency. If the digital currency market is revitalized this year, more investors and institutions will step into the crypto space.