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John McAfee posted nine questions Wednesday on his Twitter for data on public opinion and use of cryptocurrency. Some of the data was not surprising, such as the cryptocommunity primarily consisting of younger people aged 18-30, and mostly students or that those surveyed felt that the biggest threat to crypto was government intervention, but others provided a better outlook on the views of crypto supporters.
58% of participants view cryptocurrency as solely an investment and 38% view it as an investment and a currency, but a lowly 4% view it solely as currency. This makes since considering that with Bitcoin’s declining price has made it seem like more of a commodity than a currency according to news sources.
Megan McArdle stated on Bloomberg that Bitcoin’s frequent moving of value makes it a terrible money and that “There are all sorts of interesting applications for cryptocurrencies and blockchains. But unless they become a global currency, or a global payment system, I don’t see why, 50 years from now, anyone is going to be willing to pay tens of thousands of dollars to get their hands on one.”
With that in mind, it’s understandable why more people would view crypto as an investment more than a plausible currency. This would also explain why, according to McAfee’s polls, that 69% of people believe that crypto and fiat will coexist, while only 23% believe it will replace fiat.
These opinions could change over time as new discoveries in cryptocurrency emerge and perhaps the disadvantages will be addressed enough to have them become a realistic replacement for government enforced and controlled fiat.