A new report shows both institutional and retail investors are optimistic about the future of cryptocurrencies; meanwhile, Fort Worth became the first US city to mine bitcoin.
In the blockchain space in April, Bitstamp released a new report investigating investor sentiment across the globe when it comes to future adoption of cryptocurrencies.
Also this past month, Fidelity Investments announced the creation of 12,000 new jobs as it tries to adapt to customer demand for new technology investment options.
Here the Investing News Network (INN) offers a recap of what to know about the blockchain business and cryptocurrencies in the month of April.
Consumer report shows better long-term trust for crypto investments
Cryptocurrency exchange Bitstamp has put together a document on investor attitudes around the world regarding cryptocurrencies. The Bitstamp Crypto Pulse report shows an “overwhelming belief in crypto’s potential.”
The firm said it engaged with 5,502 institutional investment decision-makers and 23,113 retail investors from across 23 nations. According to the report, the majority of respondents believe cryptocurrencies will overtake established investments as the go-to option for most investors.
“Beyond cryptocurrencies — there are also strong levels of trust all the participants have in relatively new digital asset types, such as stablecoins, CBCDs and NFTs,” the report states.
Only 11 percent of respondents believe cryptocurrencies are an “untrustworthy” investment.
“Our first Crypto Pulse report finds that there is a simple equation for adoption: when investors know more, they trust it more, and thus adopt it more,” Julian Sawyer, CEO of Bitstamp, said in the report.
Investment banker credits new digital investments for hiring spree
Fidelity Investments announced it will create 12,000 new jobs in the coming months thanks in large part to increased demand for technology investment solutions, including cryptocurrencies.
“The company’s growth also allows it to invest further in technology, through new digital platforms, and growing areas of customer interest, like cryptocurrency and direct indexing,” the company said in a statement.
The hires will have training made available on these new technology investment options.
“These new product offerings and solutions are supported by the launch of innovative training programs that provide pathways for new hires to be part of the work that is shaping the future of financial services,” Fidelity said.
Around the INN homepage
- What is Bitcoin Mining?: Learn more about what mining the popular cryptocurrency entails.
- Cryptocurrency Mining Stocks: 6 Biggest Companies in 2022: This article lists some of the most relevant publicly traded companies operating in the cryptocurrency mining business.
From around the web
- Fort Worth, Texas, became the first city in the US to officially mine the popular cryptocurrency bitcoin. Mayor Mattie Parker unveiled the mining facility inside City Hall to CNBC toward the end of April. “We want to change that conversation, and we believe that tech innovation including cryptocurrency is the way we’re going to do that,” Parker said.
- A CNET report indicates cryptocurrency payments are coming to Twitter (NYSE:TWTR). Stripe confirmed payouts will be rolling out using USDC, a coin attached in value to the US dollar.
- Coinbase (NASDAQ:COIN) celebrated the beta launch of its NFT marketplace. The storefront comes with social media-like features that allow users to create a profile, comment, vote and scroll through a feed of content from creators. The store launched with ethereum as the only payment method, but Coinbase plans to offer more options.
- Blockchain News shared a report on the decision from Cambodia’s Ministry of Finance and Economics to block cryptocurrencies in the nation. “According to the document, the National Bank of Cambodia, the Cambodian Ministry of Finance and Economics, the Securities Commission, and the National Police have jointly issued a statement that prohibits any issuance, circulation, and trading of cryptocurrencies in the country,” the report notes.
One last thought…
Investors are often a finicky flock, and it can take time for some to adjust their strategies.
In Bitstamp’s industry report, Sawyer said the world of cryptocurrencies gains comfort in the minds of investors when more information becomes available. Plain and simple, right?
Due diligence is vital for any space, but it's especially key when it comes to new areas and potentially opaque technology solutions. Those who adopt a know-it-all-attitude can risk facing pitfalls.
Investor education surrounding cryptocurrencies continues to lack directness and clarity at times, and it’s clear Sawyer wants a change in how discussions surrounding these markets are held.
The executive added that the entire industry needs to work on a new frame to describe its business and explain the nuances of the space. In his note to the market, Sawyer said:
As part of this ecosystem, we now need to work together to bring these industry bodies to market to ensure that understanding, trust, and adoption continue to rise. This is how we achieve one of the most significant findings from our survey — seeing digital assets overtake traditional investments within a ten-year timeframe.
Don’t forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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