A new study conducted by Slovak internet security company Eset found that 50% of 35 to 44 year olds have been involved in cryptocurrencies since the pandemic. The number, the highest for any age group, underscores the role Covid-19 restrictions had in forcing citizens from six countries to accept crypto assets.
Changed habits and preferences
According to Eset’s press release, a total of about 10,000 consumers participated in the study, of which 2,000 were from the United States. The rest of the respondents were from the UK, Australia, Japan, Mexico and Brazil.
As the results of the so-called Eset Global Fintech study suggest, the changed habits and preferences could be due to the “lack of access to physical banks during the Covid-19 lockdown”. Not only have the pandemic lockdowns fueled the use of cryptocurrencies, but they have helped institute banking practices that comply with social distancing regulations.
“(Approximately) 30% of Americans say they use online banking more often now, and 30% say they use mobile banking more often. The next most popular response was to be more interested in managing their own finances (23%), ”says the study report.
Meanwhile, these new findings from Eset researchers represent the latest addition to growing knowledge about the role of the pandemic in accelerating the use and adoption of cryptocurrencies.
Further crypto mining noted in the fourth quarter
Meanwhile, Eset researchers point to another study confirming the rise of cryptocurrencies in an effort to back up the study’s latest findings. According to this particular study, identified cryptominer activity, which “has been steadily declining since October 2018,” rose 4% in the fourth quarter of 2020. To explain this increase in these potentially unwanted uses (PUAs), the Eset researchers said:
The surge in cryptominer detections appears to be mainly due to the massive price spike in Bitcoin and other cryptocurrencies in the fourth quarter. Bitcoin crowned the year by hitting its all-time high by then, trading for more than $ 29,000 per BTC on December 31, 2020.
On the other hand, the researchers also point to the increase in “targeted ransomware attacks that require payments in cryptocurrencies” as a further indication of the increasing profile of cryptocurrencies since the pandemic.
Do you think the end of Covid-19 restrictions will result in lower cryptocurrency usage? You can share your thoughts in the comments below.
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