Report: Covid-19 Caused 50% of Adults Aged Between 35 and 44 to Embrace Cryptocurrencies

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An investigation from the Slovakian cybersecurity company Eset reveals 50% of 35-44-year-olds have become involved in bitcoin and other cryptocurrencies since the pandemic. These figures are indicative of the monumental role that Covid-19's restrictions have had in driving citizens from across six countries to embrace crypto assets.

Changed Habits and Preferences

According to Eset’s press release, a total of about 10,000 consumers participated in the study, and from that figure, 2,000 came from the United States. The other respondents lived in the U.K., Australia, Japan, Mexico, and Brazil. As the Eset Global Fintech Study suggests, the users’ banking habits, preferences, and preferences may have changed because of the lack of access to physical banks during the Covid-19 lockdowns.

As the findings of the so-called Eset Global Fintech Study suggest, the changed habits and preferences may have been prompted by the “lack of access to physical banks during the Covid-19 lockdowns.” In addition to fueling the use of cryptocurrencies, the pandemic lockdowns also contributed to the rise of banking practices that adhere to social distancing regulations.

“(About) 30% of Americans said that they have now been using online banking more frequently and 30% also said they have been using mobile banking more frequently. “Growing interested in managing their own finances” (23%) was the next most popular response in the report.

In contrast, the researchers also point to the rise in “targeted ransomware attacks that demand payment in cryptocurrencies” as another indication of cryptocurrencies rising in prominence after the outbreak. Do you think that the end of Covid-19 restrictions will result in a drop in cryptocurrency usage? Detected in Q4

In the meantime, Eset’s researchers, in their bid to buttress the latest study’s findings, also point to a different study that confirms the rise of cryptocurrencies. According to this particular study, detected cryptominer activity, which has been “steadily going down since October 2018,” went up by 4% in Q4 of 2020. December 31, 2020 saw Bitcoin trading for more than $29,000 per bitcoin, reaching its highest price ever.

The rise in cryptominer detections seems to be caused mainly by the massive growth in the price of bitcoin and other cryptocurrencies in Q4. Bitcoin capped the year off by reaching its all-time high up to that point, trading for more than $29,000 per BTC on December 31, 2020.

Do you think that the end of Covid-19 restrictions will result in reduced cryptocurrency usage? Start trading here.