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21% of adults have traded or used crypto, NBC poll shows

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An image of a Bitcoin logo in a BitBase cryptocurrency trading platform located in Madrid (Spain) on Thursday, March 17, 2022.

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According to NBC News, one fifth of Americans has traded in or invested in cryptocurrency. The poll is yet another indicator that crypto assets have become more mainstream, even though lawmakers are concerned about the market and trying to regulate them.

The highest percentage of any demographic group, half of the men aged 18-49 said that they had tried crypto.

Black Americans made up 40%, and people aged 18 to 34 percent said that they had used or traded cryptocurrency.

According to the survey, 21% said that they had invested or used crypto once in the past. This shows just how fast the industry has developed in the recent years. Capitol Hill is working to create new regulations for digital assets.

According to crypto advocates, assets like Bitcoin, Ethereum, and Stablecoins provide faster transactions, lower transaction costs, privacy security, and an opportunity for underbanked areas with financial services.

Gary Gensler of the Securities and Exchange Commission said that the cryptocurrency market looks just like the Wild West, even if there is a significant legislative effort. This may explain why 19% of respondents to NBC News viewed crypto negatively and 25% said it positively.

The majority — some 56% — said they feel neutral or that they aren’t sure about the crypto industry.

Despite this, crypto is still a huge market. President Joe Biden was able to see it as a major opportunity. earlier this month signed an executive orderFor the relevant government agencies, to investigate its potential risks and benefits.

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The administration expressed concern about fraud and funding of illicit activities. However, they also stated that there is a geopolitical advantage for the U.S. in building the infrastructure to oversee crypto.

Although both Republicans and Democrats recognize the potential value of a crypto-currency market that is now worth trillions of US dollars, many experts warn that there are risks to consumers if federal supervision is lacking.

Even bitcoinOne of the most well-known cryptocurrencies is. It’s also not immune to wild price swings: it has dropped 20% in the last year.

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All indications point to Republican Senator Cynthia Lummis (a Wyoming freshman legislator and crypto-industry advocate), introducing a significant crypto bill within the next few weeks. She is likely to incorporate input from several government agencies, as well industry opinions.

Crypto exchanges and investors have asked Congress repeatedly to provide guidance to determine which assets fall under different categories, protect retail investors, and clarify the scope of the SEC, Commodity Futures Trading Commission, and Federal Reserve.

The NBC News poll surveyed 1000 adults between March 18 and March 22, with a margin error of +/- 3.1 percentage points.

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