A new survey from the Royal United Services Institute and ACAMS seems to have disheveled a few feathers while bolstering some of the prevailing market reports. The survey found that the majority of respondents associated with either the government or private or other financial institutions view cryptocurrencies as a risk rather than an opportunity. But that's not all.
The survey also found that professionals in the cryptocurrency industry believe that investment and speculation will be the main uses of cryptocurrencies over the next five years. While a few still believe that daily payments will be a popular use case, the survey suggests that it won't be the most popular in five years.
In terms of global cryptocurrency usage, the survey found that
Three fifths (58%) of all participants believe that cryptocurrency is mainly used for investment and speculation, with illegal purposes ranking second overall. When respondents are broken down into their respective occupations, investment and speculation come first in each sector.
This is an interesting finding that is in line with prevailing perceptions, as cryptocurrencies like Bitcoin seem to have evolved from their original premise in recent years. Instead, value narration takes precedence for Bitcoin companies. This was fueled by the fact that Bitcoin has long had problems with scalability.
Nevertheless, many maximalists on Twitter have not refrained from calling cryptocurrency a digital commodity. Some even call Bitcoin "digital gold," a phrase that became popular after Nathaniel Popper published his book "Digital Gold" in 2015.
However, others have argued that Crypto's volatility has prevented it from becoming a fiat alternative, let alone a real medium of exchange. In fact, the survey showed
The industry generally agreed (69%) that the value of cryptocurrencies is currently too volatile to be an effective alternative to fiat currencies.
However, that was not all the survey found. While 76% of crypto-related respondents said these assets should be legal tender, only 37% of government professionals agreed to this request. This may be due to the fact that, as noted, trust in cryptocurrencies remains institutionally dangerously low, with many still feeling that the main use of crypto is in illegal money transfers.