Cryptocurrency has come a long way since those wild and volatile times of 2017.
No longer do we see the crazy price swings – like Bitcoin going from $900 to $20,000 in less than a year – and the stories of everyday people striking it rich due to some old investments in Bitcoin that they forgot about. In general, it seems that the media buzz surrounding virtual currency has simmered.
However, virtual currencies have been quietly moving towards legitimization and stabilization. One of the most powerful financial institutions in the world, Fidelity Investments, will soon begin buying and selling digital assets for customers, while JPMorgan Chase, led by one-time crypto basher Jamie Dimon, is launching its very own virtual currency.
Now another behemoth, Facebook, is pushing its way into the cryptocurrency space. For over a year, Facebook has been working on their very own digital coin that users will be able to send to one another, in addition to using it to make purchases on the Facebook Marketplace and across the internet.
With over 1.5 billion daily active users that give the social media company an opportunity to upend the world of e-commerce, Facebook’s virtual currency has endless potential.
To gauge how interested the everyday consumer would be in a Facebook-created cryptocurrency and to evaluate how it could change the company’s marketplace platform, LendEDU conducted a survey of 1,000 adult Americans and found some pretty interesting results.
Full Survey Results
(The following survey was administered to 1,000 adult Americans)
(1) Have you invested, or are you currently invested, in cryptocurrencies like Bitcoin, Ethereum, Ripple, etc.?
- 7% of respondents answered “Yes”
- 91% of respondents answered “No”
- 2% of respondents answered “I’d rather not say.”
(2) There have been reports that Facebook is working on their own cryptocurrency that users could use to send to one another and make payments on Facebook and across the internet. The cryptocurrency could also be used to buy and sell products on the Facebook Marketplace. Would you be interested in investing in such a Facebook-created cryptocurrency?
- 18% of respondents answered “Yes”
- 59% of respondents that answered “Yes” to Q1 also answered “Yes” to this question
- 15% of respondents that answered “No” to Q1 answered “Yes” to this question
- 64% of respondents answered “No”
- 30% of respondents that answered “Yes” to Q1 answered “No” to this question
- 67% of respondents that answered “No” to Q1″ also answered “No” to this question
- 18% of respondents answered “I’m not sure.”
- 11% of respondents that answered “Yes” to Q1 answered “I’m not sure,” to this question
- 18% of respondents that answered “No” to Q1 answered “I’m not sure,” to this question”
(3 — Asked only to those who answered “Yes” to Q2) Would the fact that the cryptocurrency is being launched by Facebook persuade you to invest in their cryptocurrency versus another?
- 57% of respondents answered “Yes, I trust them more than the cryptocurrency companies to deliver a reliable product.”
- 32% of respondents answered “No, that does not really change anything.”
- 11% of respondents answered “I’m not sure.”
(4 — Asked only to those who answered “Yes” to Q2) Have you ever used the Facebook Marketplace in the past to buy or sell products?
- 65% of respondents answered “Yes”
- 35% of respondents answered “No”
Read the full report here: LendEDU
