Why Americans haven't been convinced on cryptocurrency

[newwurldmn]

16% of American's have traded or used a crypto to buy something? That's huge even if most of it is people opening a coinbase account to trade $100.

 

[schizo]

This is bullish because its already gone to 70k with just Americans being unconvinced. Imagine what would happen if everyone was convinced

Then it would be treated like any other boring currency and not some speculative gambling.

 

[piezoe]

Why Americans haven't been convinced on cryptocurrency
Despite a massive marketing campaign, Pew research found just 16% of Americans have invested in or used cryptocurrency. Leila Fadel asks Blockchain Foundation's Cleve Mesidor why?
NPR - https://tinyurl.com/2j29bkc2

Transcript:

STEVE INSKEEP, HOST:

It's MORNING EDITION from NPR News. I'm Steve Inskeep.

LEILA FADEL, HOST:

And I'm Leila Fadel. A recent Pew Research survey found that despite a high-profile ad blitz, just 16% of Americans say they've invested in, traded or used cryptocurrency. Among those who invested, nearly half say they did worse than they expected. The crypto market has rebounded from a, quote, "crypto winter" - basically, a bear market - up from a low of $100 billion to about $1 trillion now. But why have some people invested and others have not? Joining us is Cleve Mesidor. She's the executive director of the nonprofit Blockchain Foundation and author of "THE CLEVOLUTION: My Quest For Justice In Politics & Crypto." Good morning.

CLEVE MESIDOR: Good morning. Thank you for having me on.

FADEL: Thank you so much for being here. So 16% of American adults say they've invested, traded or used crypto. What's keeping Americans from investing more in cryptocurrency?

MESIDOR: Well, let's face it. If the traditional financial system has worked for you, if you've benefited from traditional markets, you are probably cool to crypto. That's why we've seen Black and Latino communities lead adoption. But the blitz that occurred, right - the Super Bowl ads, all of the media - it happened around the time that a recession was looming. Traditional markets were going into a bear market. So I think it's just timing. I think, you know, every American right now, regardless of what their portfolio includes, their portfolio does not look good. They're not happy. So it's not crypto. Crypto is not happening in isolation.

FADEL: Well, let's talk about what you just mentioned. You said if you're happy with traditional investments, you're not going to want it to go towards crypto. And you mention this outsized number of Latino, Black adults, Asian adults that are investing. Why do you think that is? Why are these communities moving quicker than white communities?

MESIDOR: Yes, because those who have been traditionally locked out of the traditional financial system - and we're talking beyond the unbanked, right? We're talking about Black and Latino professionals, Black and Latino businesses...

FADEL: Right.

MESIDOR: ...You know, Black and Latino, Asian nonprofits, right? Those who have been locked out all along the spectrum - I'm a Gen Xer. I'm a middle-class professional. Wealth managers do not treat me the same way. When you look at the PPP loan program that was supposed to be for minority businesses, it primarily went to wealthy businesses and hedge funds. So a large segment of the American population, regardless of socioeconomic status, have been left out of traditional financial systems and also have been operating in an alternative financial system. We saw fintechs grow because companies recognize there were people operating outside of traditional banks. Cryptocurrency is just the next iteration of that.

FADEL: I mean, the perception is, is that crypto is much more volatile than traditional markets. Is that the case?

MESIDOR: Again, depending on your relationship with money, depending on your relationship with traditional finance. As a Black woman who has a master's degree, who's middle class, the traditional financial markets is riskier to me than cryptocurrency is. I have never been able to fully participate. So it depends on your vantage point. That's why you see Black, Latino, Asian communities are leading adoption. And that's not just in the U.S., that's happening abroad in Latin America and the continent of Africa and India. Those who have been locked out globally are gravitating towards this new strategy, this new approach, because it looks a lot like the ways we've operated alternatively, DeFi - you know, decentralized, autonomous organization. You're going to continue to see communities of color lead adoption of cryptocurrency.

FADEL: Cleve Mesidor is the executive director of the nonprofit Blockchain Foundation. Thank you so much for your time.

MESIDOR: Thank you.

about the same % that visits casinos thinking they might make money I would guess.

 

[ph1l]

This is one of my concerns. I make a purchase from you and pay with BTC. You don't send me the item. What recourse do I have?

That's when it's time to call ...

The Crypto Police -- 1-800-Blockchain

Then, take them to

I'd also be interested in knowing the real answer from our crypto experts.

 

[Overnight]

Yes thats why there are programs that automatically convert it. This is the 20th century man, do you really think anyone has the time out of every second of their life to keep changing prices, come on now, you're not stupid...

Stop living in the past. This is the 21st century, man.

 

[The_Krakenite]

I'm confused at this poorly written article. Let's ignore all the black this and black that and latino race-garbage.

There is already a 16% adoption by Americans for an asset class that didn't even exist until after the financial crisis, and the article acts as though adoption is going slow?

What kind of Ken Lay crack is the writer smoking here?

Considering the average US public still feels they can not purchase this easily enough, or safely, and America keeps falling behind the times being the only Western nation soon that doesn't even have a crypto spot ETF... isn't 16% good enough?

 

[NoahA]

Crypto is like a Disney movie... "You just have to believe".

Any smart person would have to see that belief in fiat has to be more magical. Throughout history, money has always taken the form of something that is rare. Shit, even paper money was more rare because it actually required some work to print it. But given that the FED just magically makes trillions appear with a simple key stroke, its the shittiest form of money there ever was.

Consider how high the debt is, and consider interest payments. Then consider a rising interest rate environment and you see that there isn't even enough tax revenue to compensate for this big increase in interest rate costs. Of course if the government prints more money to pay for the higher obligations, well, that just makes inflation worse, and the rates are rising in order to bring inflation down. There is literally no way out of this spiral.

So now tell me how stupid do I have to be to believe that governments with their magical fiat will save the day?

 

[NoahA]

In my entire life, neither I nor anyone I know has ever had to deal with the FED. Please explain how you are dealing with the FED.

The FED clearly states 2 mandates, full employment and stable prices. Whether you have a job or not is because of their policies. If you are a home owner or not is more than likely a result of them setting interest rates. Affording to buy food of going hungry means being at the mercy of the FED.

The worst thing is that by artificially setting these prices, versus letting the market dictate prices, they are driving the economy down a road while completely blindfolded.

 

[M.W.]

Getting a likes from Dr. Crypto. That's a rare honor. ;-)

I agree with you with what we need. But are you in the slightest convinced the elites and those who run the financial system will be able or willing to give up control? It won't happen, judging from 3 centuries of historical evidence.

 

[johnarb]

Getting a likes from Dr. Crypto. That's a rare honor. ;-)

You spoke the truth... We're at the stage of Bitcoin and cryptos adoption when they fight you (First they ignore you, then they laugh at you...)

You see the after-hours news on Michael Saylor (and Microstrategy)... A message is being sent and that possibility was discussed in a Blockworks video from over a year ago

It is what it is...

Bitcoin and crypto assets are global. Dubai, South Korea, and others will be happy to take the business that may get pushed away from the US or Canada or others