Survey: UK Investors See Cryptos as Better Investment Attractions To Stocks

A poll carried out by Censuswide for UK firm Parliament Street shows British investors closely monitor the crypto space.

UK Investors Have Crypto FOMO

The survey carried out in Feb. 2021 aimed to know how responders intend to diversify their investment portfolio following the economic uncertainty occasioned by the pandemic.

According to the 2,000 participant poll result, one-third of those questioned said they failed to take advantage of owning cryptocurrencies earlier and won’t consider joining due to current prices.

Despite feeling left out, 31% of investors believe the crypto market is expected to continue its bullish run. According to them, Bitcoin will likely hit the £50,000 mark before the year runs out. A further 18% of responders said BTC would surpass the £100K mark sooner rather than later.

For investors who were late to the crypto party, 25% of participants say they would have become millionaires if they had bought crypto at the start of 2020. Also, 37% of those questioned said that traditional assets like stocks, bonds, and shares were less profitable given the economic impact of the covid-19 pandemic on the capital markets. To them, cryptocurrencies are better investment attractions.

Cryptocurrencies have grown tremendously since the start of the year. Institutional demand has risen as corporate bodies see digital currencies as a hedge against the fast-eroding fiat currencies. With some of them converting all their cash reserves to cryptocurrencies, the industry has surpassed the $1 trillion mark in less than five years.

Bitcoin currently trades above $56,000, and there are many reasons why the prices are expected to rise even further. Increasing adoption of BTC as a speculative asset and medium of exchange are two essential factors. The limited 21 million supply restriction is also gradually turning it into a scarce commodity, leading many investors to call it “digital gold.”

But, Bitcoin is not alone. Ethereum stands heads-over-shoulder over other digital assets suitably called “altcoins.” With many altcoins fulfilling different specific purposes, the digital economy has become a wonderland for many investors. As a result, the traditional asset class has seen money moving into the crypto space due to its lower ROI.

Cryptocurrencies are highly volatile, falling sometimes 30% in a day, but their higher ROI and the utopian ideal of no central authority intermediating in transactions has seen the nascent industry continue to grow. Its underlying technology, distributed ledger technology (DLT), has also been praised for its myriad applications.

Rise of Bitcoin’s Addition to Corporate Treasuries

Last year, the addition of cryptocurrencies like Bitcoin to corporate balance sheets became a thing. Business executive and CEO of MicroStrategy Michael J.Saylor made it popular. Saylor was instrumental in convincing other industry heavyweights to join the crypto train. One of these tech veterans is Tesla’s Elon Musk.

Both men have done for crypto what Steve Jobs did for the internet. Saylor broke into the crypto space much earlier with a $625 million investment in BTC. At press time, his intelligence company holds a staggering $4.45 billion stake in Bitcoin alone. Musk came a little later, but his impact cannot be disregarded. In early February, Tesla’s $1.5 billion stakes in BTC saw BTC leave the support level of $42,000 to a new ATH of $58,000 in less than a month, climbing 20%.

Key collaborations from large firms like MasterCard, Square, Paypal, and assets management firm Grayscale have also made cryptocurrencies an exciting project.

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Author: Jimmy Aki

Zcash Community Reaches Consensus, 20% Miners Rewards To Development Fund

Zcash Foundation organized a community poll and the results revealed that it has the green light to start a new development fund with Electric Coin Co. (ECC).

The fund will be created with 20% of the mining rewards, as the miners will receive 80% as of block 1046400. If the agreement is closed, the fund is going to be implemented in November this year, at the same time with the Zcash halvening because total block rewards are going to be reduced to half as much ZEC for each block then.

ECC to Get 7% of Mining Rewards

The development fund’s distribution will be as it follows: 7% of mining rewards to ECC, 5% to the Zcash Foundation, and 8% to an additional fund used by grants that are supporting efforts made for Zcash by third parties. The grant participants will get most of the development funds, in an effort to decentralize Zcash. They will also be required to keep a formal accountability and file reports.

What’s Next?

The Zcash Foundation and ECC need to agree upon a Zcash Improvement Proposal (ZIP) that reflects the will of the community. This ZIP is going to be coded in Network Upgrade 4, which is to be given a name, until November 2020. The final step will be the launch of the upgrade, in November. There won’t be a trademark for neither Zcash, nor for ECC, as none of the 2 companies doesn’t have independent authority to name a specific chain its own. An agreement must be closed so that both parties fulfil the Zcash community’s will together.

The Same Type of Rewards Division for the Controversial BCH Development Fund

Let’s not forget that the same type of rewards division for a Bitcoin Cash (BCH) development brought trouble for BCH. Bitcoin.com, the mining pool that’s associated with Roger Ver, has only yesterday made the announcement it no longer supports the fund that was created before consultations with the BCH community. However, the situation here is different, as the Zcash community has already approved ECC and Zcash’s plans.

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Author: Oana Ularu