As the effects of the coronavirus pandemic continue taking a toll on the global economy, people are using any help that they can get. Food and clothing purchases were the most common use cases for cryptos in these hard times based on a survey published by research firm Visual Objects.
The results of the survey show a major disparity between the allegations; and reality of how crypto is used in the real world. Most of the people who responded to the survey said that the main use cases for cryptocurrency and other virtual assets were trading and illegal activities.
983 respondents participated in this study that was done around the United States who are familiar with virtual currencies. The participants also include at least 120 people who have previously made purchases using crypto assets.
Drugs and Stocks Top Use-Cases for Crypto, Survey Forecasts
Up to 40% of those who responded to the survey commented that price speculation would turn out to be crypto’s main use-case. That was followed by those who said that it would be used for purchases of “illegal items” (30%) and electronics (23%). The lowest choices were real estate and clothing, each coming at 15% while food purchases came at 14%.
Just 16% of the respondents saying that they had invested in cryptos. Thus, these results may provide some tangible insight into the assumptions that are held by those who observe the industry.
Visual Objects polled the survey respondents who had acquired crypto regarding their digital