Catherine Coley – CEO Binance.US, commented on the acceptance of Bitcoin and cryptocurrencies in the United States.
The misunderstanding gap is driven by the media
Coley shown that the United States is often viewed as the world's leader in innovation and startup. However, the country lags behind when it comes to accepting cryptocurrencies.
While there are many cryptocurrency lovers in the states, she says the adoption is still very low:
"While up to 55% of Americans own stocks, only about 6% own Bitcoin. On top of that, a large number of Americans – about 68%, say they do not own and have no plans to buy Bitcoin in the future. That's about 200 million people who have crossed out Bitcoin before they gave it a chance. "
Coley sees the reason for this is because of a “big misunderstanding gap” promoted by the media. They create a story around cryptocurrencies that continually associate them with criminals or argue that they lack intrinsic value. There is very little decent educational material and cryptocurrency supporters.
“For many Americans, Bitcoin can be a spaceship.”
Moreover, the media often avoid the fact that people have “paid for sketchy, illegal and immoral products and services since the beginning, only they used the money. face.”
“We need more journalists, inside and outside of cryptocurrencies, to realize the value of cryptocurrencies and seek to educate consumers in an unbiased and scrutinized manner.”
Bitcoin is the place to “burn money”
Despite the fact that the day even Bloomberg acknowledged Bitcoin as the best performing asset in the past decade, the story of Bitcoin is a “catastrophic” investment that remains. This is primarily driven by long-term investors like Warren Buffet and the highest level of public misinformation.
According to Coley, this is a shameful fact because investors can leverage cryptocurrencies to diversify their portfolios as the traditional market declines.
Unfortunately for Americans, she said, they are not fully aware of cryptocurrencies. In fact, only 17% of Americans have financial advice:
“Americans don't have knowledge problems with cryptocurrencies – they have financial knowledge problems.”
There is still a long way to go
She acknowledges the fact that Bitcoin has come a long way. In the early days of its launch, it was only popular with people with knowledge of coding and coding. But that context is no longer available. Today, Americans can buy cryptocurrency daily with a debit card, however:
“That development only happened last year.”
However, all of this does not prevent mass adoption, however, Coley said we need more explicit rules, but more outspoken supporters to educate and share their experiences. . Acceptance in the United States is gradually beginning to increase.
“In the last year, the number of Americans who own cryptocurrencies has almost doubled from 7.95% in 2018 to 14.4% in 2019 – an 81% increase in a year.”
Coley said that Binance.US has started with the need for an internal US exchange – understands the nuances of the U.S. cryptocurrency context and has seen some “impressive” results.
However, there is still a long way to go before the United States fully reap the benefits of becoming a “crypto-friendly country”.
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According to Bitcoinist
Translated by ToiYeuBitcoin