The United States is known as the place of innovation for generating new ideas making a significant change on the whole planet. The same goes for finance, but the US goes for more traditional assets rather than cryptocurrency. The CEO of Binance.US, Catherine Coley, explains why Bitcoin has not yet popularized in the US and what is the future of cryptocurrency in the United States.
Media Misinterprets Bitcoin
The CEO of Binance.US claims that the US is not so much active when comes to the question of bitcoin and the adoption of cryptocurrency. This is because of some reasons, and out of all, the media misinterpretation is on the top. She uses the platform, Nasdaq, to express her concerns for Bitcoin in the US.
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The mass media build an illusion that Bitcoin is not a safe asset as it is linked with illicit activities throughout the world. They have also displayed the negative side of the cryptocurrency while avoiding a lot of crypto’s advantages over traditional assets.
‘’We need more journalists, inside and outside of crypto, to recognize the value of crypto and look for ways to educate consumers without bias and with thorough research.’’
Just 6% of Americans Own Bitcoin
Coley reveals that the majority of Americans prefer stocks over digital assets, including bitcoin. And 68 percent of the US people don’t have, even, plan to invest in Bitcoin, in the future.
‘’While 55 percent of Americans own stocks, only about 6 percent own Bitcoin. On top of that, an overwhelming number of Americans — 68 percent — say they do not own and do not plan to buy Bitcoin in the future. That’s around 200 million people writing off Bitcoin before they’ve even given it a chance,’’ Coley says.
The giant news firm Bloomberg designated Bitcoin as the top-performing asset of the decade. Ignoring its potential, people of America still don’t want to accept it as an asset for investment and believe Bitcoin is where ‘’real money goes to die.’’
The disturbing image about the Bitcoin is due to financial billionaires such as Warren Buffet. These significant and top figures are misinformed regarding cryptocurrency. Coley goes on to say that people don’t have enough information about the financial diversification and selection of assets for investment.
She says only 17% of people in America have financial advisors. ‘’Americans don’t just have a crypto literacy problem — they have a financial literacy problem,’’ she says.
81% Boom in one Year
The crypto adoption in the US, however, is on the way and Coley seems optimistic about Bitcoin’s future in the United States. She claims,’’ To many Americans, Bitcoin could be a spaceship.’’
‘’In the last year, the number of Americans who own a cryptocurrency has almost doubled from 7.95% in 2018 to 14.4% in 2019 — an increase of 81% in one year.’’