Only 2.3% of Americans in Survey Trust Bitcoin Transfers Overseas
Only 2.3% of Americans would trust bitcoin to send funds overseas in an emergency, according to a new survey by the Digital Currency Council.
By contrast, 30.3% of the 750 "regular Americans" sampled would trust their banks to make international transfers.
23% of the people surveyed said that they would use Western Union, whilst 22% thought Paypal was more trustworthy.
would be used by 6% and the Postal Service by 10% of those questioned.
Commenting on the results, David Berger, CEO of the Digital Currency Council, which runs a series of 'Pulse Reports' on public perceptions of digital currency, said:
"While bitcoin transactions may not technically require trust between parties, it is clear that consumers place their faith in institutions to send money."
He concluded that earning consumers' trust would be critical to driving the widespread adoption of bitcoin.
Interestingly, 37.2% of those surveyed said that they would not trust any of the aforementioned money transfer options.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
