Crypto’s the Best Christmas Gift for Americans
ZFX - Cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), and Ether (ETH) will be the gifts of choice for Americans, a new study has revealed by crypto lending firm BlockFi.
A survey conducted in October among more than 1,250 US residents, BlockFi’s “Real Talk: Happy HODLdays” found that nearly one in 10 Americans would give crypto to their loved ones as a holiday gift.
Bitcoin is the most popular gift by a large margin (75%) for people planning to give or receive crypto as a gift during the 2021 holidays, followed by Dogecoin and Ethereum, respectively. Nonfungible tokens (NFT), on the other hand, still take time to be accepted as an alternative to gifts as only 2% of respondents are interested in receiving them as gifts.
Also, crypto is likely to be a hot topic of family conversation, as one in three respondents prefer to talk about their popular digital asset over politics during the holiday season. While boomers still prefer to talk politics, Gen Z and millennials are planning to open up a conversation with crypto.
The survey shows a lack of knowledge about how to actually deliver crypto. Less than a quarter of respondents actually know how to send crypto to someone as a gift. This shows that crypto is becoming a popular topic but further education will benefit the larger population, said BlockFi co-founder and SVP of operations Flori Marquez.
BlockFi also asked respondents about their New Year's plans. A third of millennials are planning to buy crypto by 2022 while that declines to 25% in the older generation. About 15% of respondents said they plan to buy NFT by 2022. One thing to note is that Gen-Z, born after 1997, prefer to buy Dogecoin over Ether.
A similar survey, conducted in Australia by Crypto.com, found that a quarter of Australian crypto users plan to buy crypto gifts for their loved ones this coming Christmas.
The price of Bitcoin that is still on a 'discount' also adds to the reason why crypto is a prima donna for the upcoming holiday. On the daily timeframe, we can see that BTC/USD is in a major correction and in the short term is still bearish, as seen from the movement of BTC which is below the 50 and 100 MA, but still above the 200 MA which supports it.
However, Bitcoin is 'in trouble' because it has crossed several important key levels such as $60,000 and $53,000, and has already broken the uptrendline like the chart above. Now bitcoin is on the way of correction towards the key level to possibly fall even deeper.
So, are you ready to buy Bitcoin for Christmas and New Year's gifts?
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