Since its inception, cryptocurrency has always been portrayed as a significant financial risk by some proponents of traditional finance. A report by the Federal Reserve Bank on the financial stability of the United States says quite the opposite. The survey conducted by this banking institution reveals, in fact, that cryptocurrency is not among 10 potential financial risks in 2022. Find out with us what Americans fear about their finances.
Crypto is a safe investment, say Americans
In an effort to examine the stability of the U.S. financial system, the Federal Reserve Bank conducted a survey of Americans on potential financial risks over the next 12 to 18 months.
Among other things, the survey report reveals fourteen potential financial risks that Americans fear.
Despite the current difficulties in the crypto ecosystem, cryptocurrency does not represent a significant financial risk to them.
On a list of fourteen financial risks identified by Americans, cryptocurrency comes in … twelfth place.
Respondents cited several other potential financial risks. Notably: the Russian invasion of Ukraine, persistent inflation, rising energy prices, cyber attacks, COVID-19, etc.
The year 2022 was, however, a particularly difficult year for the crypto ecosystem. The crypto market that was booming at the end of 2021 gradually collapsed. Bitcoin which was worth nearly $69,000 in November 2021 is struggling to hold the $17,000 today. The collapse of Luna, Celsius and recently FTX has further increased the skepticism towards the crypto.
This survey shows how the false case against cryptocurrency is misplaced. Rather than criticizing crypto technology, proponents of traditional finance should incorporate it into their services to revolutionize them. Some of them have understood this. This is the case of Mastercard or even Visa (but with FTX, RIP) which integrate cryptocurrency payments.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.