Use of cryptocurrencies in the US is taking off with a new Pew Research center survey showing that 16% of US adults have invested in, traded or otherwise used one. This number increases to 43% of men between 18 to 29, compared to 19% of the same age cohort of women.
Use of cryptocurrencies is especially strong with Asian community with 23% having at some time used a cryptocurrency compared to 13% of white men, 21% of hispanics and 18% of blacks.
According to coindesk.com returns on Bitcoin, the first cryptocurrency, were 315% over the past year. Cryptocurrencies were cited as the fifth most cited potential source of shocks to financial stability in a survey published in November by the US Federal Reserve.
Governments across the world have taken different approaches to cryptocurrencies with China declaring all crypto-currency transactions illegal in September while in the same month El Salvador made Bitcoin legal tender. On Wednesday the governor of the Reserve Bank of India warned about the dangers of cryptocurrencies from a macro-economic and financial stability point of view, despite great popularity among Indian investors.
By Staff
