A small scale survey conducted by LendEDU found that seven percent of Americans had previously invested in digital currencies while 18 percent of them showed interest in investing in Facebook’s cryptocurrency. The detailed results were published on LendEDU’s official website on May 16, 2019.
Investors Trust in the Facebook Brand
Following the news of major companies stepping into the cryptocurrency industry, LendEDU gathered 1,000 Americans for a survey to find how far cryptocurrencies have penetrated into the average citizen’s life. It was found that seven percent of the respondents had invested in cryptocurrencies while 91 percent of them hadn’t. The other two percent chose not to specify.
To put things into perspective, a survey conducted by Gallup showed a decline in the percentage of Americans owning stocks. Between 2001 and 2008, 62 percent of the respondents owned stocks, however, the numbers dropped to 54 percent between 2009 and 2017.
Another survey conducted by PYMNTS.com in March 2019 also found that 7.95 percent of Americans had invested in cryptocurrencies. It might seem small when compared to Americans’ interest in stocks, but it has only been a brief decade since the advent of cryptocurrencies.
Furthermore, LendEDU found that 15 percent of the respondents who had never invested in cryptocurrencies were willing to buy into Facebook’s cryptocurrency. Combined with more than half of the seven percent of people who already had invested in cryptos, a total of 18 percent of the 1,000 respondents were interested in investing in Facebook coin.
More than two and half times the number of usual crypto investors wanting to invest in Facebook’s cryptocurrency reflects how much gravity the Facebook brand name posses.
Will “FacebookCoin” be Worth It?
Nothing certain can be said about the impact it will have on the overall industry with the minimal information available about the project.
One the one hand, it’s highly like that the “FacebookCoin“ will gain much more exposure than any other cryptocurrency in a much shorter time due to the large user base the social media platform has. It is also expected to make online payments much simpler. On the other, it might turn out that Facebook attempts to create a monopoly in the crypto industry, which is the exact opposite of what the crypto community today stands for.
The question is, would we be seeing mass adoption of cryptocurrencies at the cost of one crypto overshadowing all others?