05.24.2019
By John D'Antona

Fifty-Seven Percent of Investors Want Facebook Coin

With all the coins available in the market –  crypto, alt, and metals-backed – is there interest in a Facebook coin?

Looks like there is, according to a new survey from LendEDU, who recently published a new report after it was reported Facebook is working on their own virtual currency. LendEDU surveyed 1,000 adult Americans to gauge their thoughts on Facebook-coin and other crypto.

To see the full report, please click here: https://lendedu.com/blog/facebook-cryptocurrency-survey/

Some key findings included:

  • While only 7% of our respondents had ever been invested in cryptocurrencies, 18% of them were interested in investing in a Facebook coin.
  • 57% of those interested in investing in the Facebook coin said that the fact the coin is being developed by Facebook would persuade them to invest
  • Compare this to the 27% of those who were not interested in the Facebook coin who said that the fact the coin is being developed by Facebook would dissuade them from investing
  • While 65% of interested investors said they have used the Facebook Marketplace before, 73% of them said that being able to use the Facebook coin for the marketplace would get them to use the marketplace more
  • Further, 63% of that 35% who have never used the Facebook Marketplace said the Facebook coin would get them to use the marketplace

Taking all this into account, LendEDU said that all-in-all the data and results point to a Facebook digital currency that will be well-received and do quite well.

“For over a year, Facebook has been working on their very own digital coin that users will be able to send to one another, in addition to using it to make purchases on the Facebook Marketplace and across the internet,” began Mike Brown, author of the report. “With over 1.5 billion daily active users that give the social media company an opportunity to upend the world of e-commerce, Facebook’s virtual currency has endless potential.”

Looking further into the details, Brown told Traders Magazine that the results become more telling when segmented. Amongst the 91% of respondents that have never invested in virtual currencies before, 15% of them were intrigued to invest in a Facebook-created currency, while 67% were not.

“And then within the 7% of the respondent pool that had actually been invested in cryptocurrencies like Bitcoin, 59% were interested in getting involved with a virtual currency created by Facebook, while just 30% indicated no interest,” he said. “This is a very positive-indicator for Facebook and the company’s aspirations to become a major player in the virtual currency space. In general, it seems that virtual currencies already fight an uphill battle in battling skeptics who may see the financial instrument as unsafe or illegitimate.”

All this in spite of recent news regarding Facebook’s heavily reported scandals and security issues. Even Brown is surprised as one would initially think a Facebook cryptocurrency would struggle immensely to gain traction and trust amongst investors.

“However, it appears the exact opposite may happen, and Facebook’s incredibly potent brand and immense daily active user base will work to the company’s advantage when launching a virtual currency,” Brown continued. “Facebook has the ability to tap into a considerable percentage of Americans (and their bank accounts) that have alluded the biggest virtual currencies like Bitcoin, Ethereum, and Ripple. Our data seems to indicate that this is in large part due to Facebook’s potent brand.”

The survey was conducted over a two-day span, starting on May 10th, 2019 and ending on May 11th, 2019.

 

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