‘Mass crypto adoption‘ is something that the community has been talking for quite some time now. Be it as a safe-haven or a hedge, cryptos are being promoted for their use case and underlying technology.
Kraken, the San Francisco-based, exchange recently conducted a survey among 400 VIP crypto traders that asked participants about crypto mass adoption.
The survey participants were asked to point out the major catalysts that would accelerate crypto adoption in 2020. Nearly 19% of respondents stated that adoption from central banks, corporations, various governments, institutions, and retail users would accelerate crypto adoption. BTC’s May halving was also indicated as one of the reasons by 15% of the participants and 27% of the participants highlighted political conflicts, war, FOMO and crisis, as some of the other catalysts.
Source: Catalysts that respondents believe will drive crypto adoption in 2020, Kraken’s 2020 Sentiment Survey
Similarly, the participants were also asked to identify the biggest risks to the crypto-asset industry in 2020. While 32% of the respondents pointed out regulation as the biggest hurdle, 23% referred to frauds, hacks, and scams and 13% cited government crackdown as another risk. The remaining 32% of respondents indicated global slowdown, whales, volatility, failed developments and projects, misinformation, as some other notable risks.
Source: Respondents’ expectations of a bitcoin ETF approval by the SEC in 2020, broken out by region, Kraken’s 2020 Sentiment Survey
Another major roadblock for crypto mass adoption is the pending approval of a bitcoin ETF by the US Securities and Exchange Commission[SEC] and the ongoing development of Facebook’s stablecoin Libra. 48% of respondents in the Kraken’s survey opined that a bitcoin ETF would be approved by SEC, while 52% voted otherwise. Further commenting on Libra’s impact on the same, 43% of the respondents stated that they would describe Libra as a “positive for the industry”.
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