A new study conducted by the Slovak Internet security company Eset found that 50% of people between the ages of 35 and 44 have participated in the development of cryptocurrencies since the pandemic. This number is the highest of all age groups and underscores the role of Covid-19 restrictions in compelling citizens of six countries to use crypto assets.
Habits and preferences have changed
According to Eset’s press release, a total of about 10,000 consumers participated in the study, and from this number, 2,000 were from the United States. The remaining respondents were from the United Kingdom, Australia, Japan, Mexico and Brazil.
As the results of the so-called “Eset Global Fintech Research” suggest, changes in habits and preferences may be caused by “lack of access to physical banks during the Covid-19 lockdown”. In addition to promoting the use of cryptocurrencies, the pandemic’s lockdown has also promoted the rise of banking businesses that comply with social distancing regulations.
“(About) 30% of Americans say they are using online banking more and more frequently, and 30% of Americans say they are using mobile banking more and more frequently. The second most popular answer is Become more interested in managing your own finances (23%).”
At the same time, these new discoveries by Eset researchers represent the latest addition to the growing knowledge about the role of the pandemic in accelerating the use and adoption of cryptocurrencies.
More cryptocurrency mining detected in the fourth quarter
At the same time, in order to support the findings of the latest research, Eset researchers also pointed to another study that confirmed the rise of cryptocurrency. According to this particular study, the activity of discovered crypto miners that “has been steadily declining since October 2018” increased by 4% in the fourth quarter of 2020. Eset researchers explained the proliferation of these potentially harmful applications (PUAs):
The increase in the number of crypto miners detection seems to be mainly due to the sharp increase in the price of Bitcoin and other cryptocurrencies in the fourth quarter. Bitcoin ended the year by reaching its then all-time high, trading at over $29,000 per BTC on December 31, 2020.
On the other hand, the researchers also pointed out that the increase in “targeted ransomware attacks requiring payments in cryptocurrencies” is another sign of the rising popularity of cryptocurrencies since the pandemic.
Do you think that ending Covid-19 restrictions will lead to a reduction in the use of cryptocurrency? You can share your thoughts in the comments section below.
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