Student behavior is usually a good indicator of how successful new technologies could be in terms of adoption. For example, students were first to embrace the use of the Internet and Facebook before they eventually spread to the rest of the population. With this in mind, Bitcoin becoming mainstream is only a matter of time, based on a recent study that concluded that cryptocurrency interest among students in the US is particularly strong, especially when compared to the rest of the population in the country.
Students Twice as Likely to Own Cryptos
Compared to the general population in the US, US students are twice as likely to own cryptocurrencies, based on a recent Coinbase-commissioned study by Qriously researchers, Forbes reported. According to the survey, 18 percent of US students say they own Bitcoin or other types of tokens, which is twice as high as the general public’s ownership rate of only 9 percent.
This suggests that Bitcoin’s adoption is about to experience a major boost when these students eventually make it to the working world. With more disposable income, they could now fund their interest in cryptos, increasing their usage. The study concluded that Bitcoin, as well as other cryptocurrencies, could go mainstream within the next decade and will become widely accepted as a payment option.
The study’s finding is also good news for the entire crypto industry, which is yet to recover from January’s market correction. Numerous crypto experts have been blaming slow adoption as one of the factors hindering the market’s recovery, and low user volume is even suspected as one of the reasons for the market’s volatility.
It is also noteworthy that the study’s conclusion also agrees with a previous study published in July 2018. Researchers from the Imperial College London also concluded that cryptos are primed for mass adoption.
More Universities Offering Crypto Courses
The study also suggests that the percentage of students who plan to use cryptocurrencies is bound to rise in the future. An increasing number of universities are now offering classes on cryptocurrency and blockchain. According to Coinbase, 42 percent of the world’s top 50 universities are now offering blockchain and crypto subjects.
At the moment, 17 percent of the students say that they have very good knowledge of cryptocurrency, as well as the blockchain technology behind it. Meanwhile, only 9 percent of the general population say they have the same level of knowledge.
Hurdles Facing Crypto’s Mass Adoption
While signs point to a rosy picture for cryptocurrencies, the journey toward mainstream use won’t necessarily be smooth sailing. The industry will need to surmount some hurdles before it gets there. In a report by Independent, Imperial College London’s Dr. Zeynep Gurguc maintained that cryptocurrencies would need to overcome the challenges and issues posed by regulation, volatility, privacy, scalability, usability, and incentive. To quote Dr. Gurguc:
“The wider use of cryptocurrencies and crypto-assets is the next natural step if they successfully overcome the six challenges [scalability, usability, regulation, volatility, incentives and privacy] we set out in our report.”