Site Abcmoney.co.uk Cryptocurrency Survey

Site abcmoney.co.uk cryptocurrency survey

Over the last couple weeks prices in the cryptocurrency markets have soared.

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Since the start of October, the price of Bitcoin has risen by 40 percent to $6,170 from $4,394 at the start of the month, according to Coindesk.

In September, LendEDU asked 1,000 Americans a series of questions about Bitcoin as an investment opportunity and as a currency. We found that the vast majority of Americans have heard of Bitcoin and many are interested in investing in Bitcoin as an asset class.

>> Read More: How to invest in Bitcoin

However, we found that a number of Americans believed owning Bitcoin could be illegal and older Americans are less interested in backing Bitcoin.

In October, we decided to commission another cryptocurrency poll.

However, this time we decided to ask 1,000 Americans a series of questions related to Ethereum, Ripple, and Initial Coin Offerings. Our goal was to test the knowledge and sentiment of the average Americans who participated in our poll.

Note: Our own analysis can be found below the raw survey results below.

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In our own analysis we included results broken down by age, among other factors.

Raw Survey Results

1. Have you heard of Ethereum (Ether / ETH), the second largest cryptocurrency by market capitalization?

a.

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31.60 percent of respondents answered “Yes”.

b. 68.40 percent of respondents answered “No”.

2. Ethereum is a worldwide cryptocurrency and digital payment system.

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The value token of the Ethereum blockchain is called Ether. It is listed under the code ETH and traded on cryptocurrency exchanges. Do you plan on investing in Ether (ETH) as an asset for the future?

a.

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18.20 percent of respondents answered “Yes”.

b. 44.00 percent of respondents answered “No”.

c. 37.80 percent of respondents answered “Unsure”.

3.

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Have you heard of Ripple (XRP / ripples), the third largest cryptocurrency by market capitalization?

a. 22.20 percent of respondents answered “Yes”.

b.

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77.80 percent of respondents answered “No”.

4. Ripple is a worldwide cryptocurrency and digital payment system. The value token of the Ripple blockchain is called Ripples. It is listed under the code XRP and traded on cryptocurrency exchanges. Do you plan on investing in Ripples (XRP) as an asset for the future?

a.

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14.80 percent of respondents answered “Yes”.

b. 49.60 percent of respondents answered “No”.

c.

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35.60 percent of respondents answered “Unsure”.

5. Have you heard of Initial Coin Offerings (ICO)?

a.

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24.90 percent of respondents answered “Yes”.

b. 75.10 percent of respondents answered “No”.

6. Definition of ‘Initial Coin Offering (ICO)’ — An unregulated means by which funds are raised for a new cryptocurrency venture.

An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin. (Source: Investopedia)

True or False.

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Is investing in an Initial Coin Offering illegal in the United States of America?

a. 21.00 percent of respondents answered “Yes”.

b. 17.90 percent of respondents answered “No”.

c. 61.10 percent of respondents answered “Unsure”.

7. Do you plan on investing in a startup or venture via an Initial Coin Offering?

a.

15.10 percent of respondents answered “Yes”.

b.

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57.00 percent of respondents answered “No”.

c. 27.90 percent of respondents answered “Unsure”.

Ethereum Survey Analysis

Since the start of the year the price of Ethereum has risen by 3,774 percent to $308.81, from $7.91. According to Coindesk, Ethereum has a market capitalization of $29.47 billion which amounts to almost one third the market capitalization of Bitcoin.

Ethereum is now the second largest cryptocurrency by market capitalization.

As seen above, younger Americans are significantly more likely to have heard of Ethereum. Overall, we found that 31.60 percent of respondents have heard of Ethereum, significantly lower than the 78.60 percent of respondents who had heard of Bitcoin in our poll from last month.

That said, Ethereum was only released in 2015 and we were surprised to see such a large proportion of respondents answering Yes.

As seen above, younger Americans are significantly more likely to be interested in investing in Ethereum.

Overall, we found that 18.20 percent of respondents reported that they are planning to invest in Ether (ETH) as an asset for the future.

Ethereum, Ripple, and Initial Coin Offering (ICO) Survey Data & Report

In September, we found that 17.18 percent of respondents that have heard of Bitcoin are planning to invest in Bitcoin as an asset for the future.

It is interesting to see that 37.80 percent of respondents were unsure about investing in Ethereum.

Ripple Survey Analysis

The price of Ripple has increased by 3,250 percent since the start of the year, up to $0.201 from $0.006.

According to World Coin Index, Ripple has a market capitalization of $7.79 billion making the cryptocurrency the third largest by total market capitalization.

Again, we see that the data above is skewed by age.

Overall, we found that 22.20% of respondents have heard of Ripple, significantly lower that Ethereum and Bitcoin. However, we were surprised that nearly one-fourth of Americans have heard of the third largest cryptocurrency.

Overall, we found that 14.80 percent of respondents are planning to invest in Ripples as an asset for the future.

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And, 35.60% of respondents are unsure about investing in Ripples in the future.

Across our questions, we found a group of respondents who have yet to hear about these specific cryptocurrencies yet are open to the idea, or at least unsure, about investing in the asset class.

Also, across our questioning we found a knowledgeable group of respondents who have heard of all of the cryptocurrencies and are very open to the idea of investing.

Initial Coin Offering (ICO) Survey Analysis

Initial coin offerings (ICO) have gaining popularity and controversy in 2017.

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In early September, China effectively halted initial coin offerings. And, late last month the Securities and Exchange Commission charged two initial coin offerings with defrauding investors.

We thought it would be interesting to included a few questions about initial coin offerings in our most recent cryptocurrency survey.

We actually weren’t that surprised to find that 24.90 percent of respondents have heard of initial coin offerings.

We also found that 75.10 percent of respondents have not heard of initial coin offerings.

In our September survey, we found that 10.69 percent of Americans believed that owning Bitcoin was illegal in the United States.

In our October survey, we found that 21.00 percent of respondents believe that investing in an initial coin offering is illegal.

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And, 61.10 percent of respondents were unsure about the legality of investing in an initial coin offering.

We found that many of those who knew that investing in initial coin offerings were in fact legal are also planning to invest in an initial coin offering.

In total, we found that 15.10 percent of respondents said that that are planning to invest in a startup or venture via an initial coin offering. And, 27.90 percent of respondents were unsure about investing in a startup or venture via an initial coin offering. Lastly, 57.00 of respondents are not planning to investing in a startup or venture via an initial coin offering.

Methodology

This poll was commissioned by LendEDU and conducted online by polling company OnePoll.

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In total, 1,000 American consumers ages 18 and up were polled. OnePoll was able to provide age and gender voter breakdown.

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The poll was conducted over a two-day span from October 27, 2017 to October 30, 2017.