America has a long history of leading the way, of being the first in many industries, technologies, and ideas. And when it comes to cryptocurrencies that continues to be the case.
In the United States there are approximately 2.5 million online searches regarding cryptocurrency every year for an average of about seven thousand searches per day according to a study by Invezz.com.
With a “who’s who” of rich and famous American celebrities investing in and tweeting about cryptocurrencies it is no wonder that crypto is catching the attention of so many Americans. Even the day-to-day volatile market ride in the crypto space has not deterred the American public from investigating and investing in cryptocurrencies.
So, what are Americans searching for online about crypto? Here are some of the most common questions:
• Is it legal? (Yes, in most countries online trading is legal)
• Is it safe? (um…define safe)
• Why does the value drop? (it’s new tech, driven by supply and demand and value.)
• Is it a good investment? (bitcoin has performed well over the last decade with some people having made a ton of money. But it’s up to the individual investors and their assessment of risk tolerance to determine that)
Americans interest in bitcoin is understandable as the culture around it continues to evolve. Here are five big reasons Americans are crazy for crypto.
1. The volatility is exciting. In this country, we have a thriving culture of thrill-seekers who relish the gambling aspect of cryptocurrencies. Many of us have a smartphone full of apps to track their investments and the market from minute to minute. It is the kind of instant gratification young adults have grown up with and expect. Their interest and activity are driving the market.
2. It’s relatively new and exciting! Bigger than email, bigger than smartphones and 5G networks, cryptocurrencies are sweeping world markets with the promise of instant wealth. Plus, anybody can mine for it, invest in it and use it. There is no degree, no certification, nothing to limit anyone who wants to be a part of the cryptocurrency universe.
3. We yearn to be part of something life-changing, historical and to marvel at the possibilities. Today’s news abounds with success stories of average men and women getting rich quick with bitcoin. Sure, there are epic fails reported, too. But Americans tend to absorb and believe in what they want to and have an uncanny ability to focus on the good and ignore the bad.
4. It’s the future, or so we have been led to believe. All the rich and famous people out there talking about it, like a Goldman Sachs executive cashing out big-time. PayPal added it to their platform, so it must be true. No one wants to be left behind, especially everybody who did not buy stock in Amazon back in 1997.
5. It becomes part of your identity. Billionaire Dallas Mavericks owner Mark Cuban calls cryptocurrencies, “more religion than solution to any problem.” The culture surrounding bitcoin is appealing as it offers hope for a new way of life, and calls for your “faith” in its value, which is easier than actual data.
Does this mean cryptocurrencies are bad? Or that Americans have been led astray? Absolutely not. Despite critic warnings about being unable to really know the value of bitcoin along with the speculative nature of it and dire warnings that the “massive bubble” will burst soon (BNN Bloomberg) most agree, it is here to stay.
While Americans are by far the most invested in cryptocurrencies, the other countries on Invezz.com’s list like India and the United Kingdom are showing a spike in these sorts of online searches, as well.
The use of cryptocurrencies has achieved global interest as new technologies are being created every day to mine it, use it, and make it more accessible to the masses. While many countries have strict bans and restrictions the US has achieved more progress with about 17 states passing bills related to blockchain adoption. This has helped add fuel to the crypto fire that Americans are eagerly jumping into.