Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
We’re all going to make it, HODLers – at least for Valentine’s day. A new study from eToro – the world’s largest social investing platform – finds cryptocurrencies can make one more popular on the dating scene.
Bitcoin Fixes…Your Love Life?
As reported by CNBC, the study stated that 33% of Americans are more likely to go on a date with someone mentioning cryptocurrencies in their online dating profile. That’s compared to just 26% of Americans that own Bitcoin, according to Grayscale’s Bitcoin study in December. That means interest in crypto-savvy partners may span beyond just the current community.
What’s more, the likelihood of a second date increases with three-quarters of respondents for those that pay their bill in Bitcoin.
While most merchants do not accept crypto directly, various crypto-linked cards exist today to facilitate such payments. For example, Visa and Mastercard now offer cards that enable Bitcoin spending anywhere the company’s regular cards are accepted. They convert the user’s crypto into dollars on the backend and then deliver them into the merchant’s account.
Besides cryptocurrencies themselves, crypto-related technology like NFTs can also spark romantic interest. For example, almost 20% of single respondents say they’d be have a bigger interest in those using NFTs as social profile pictures.
Thankfully, Twitter recently launched a service letting users display verified NFTs as their profile pics. In addition, PFPs will appear hexagonal rather than a typical circle, distinguishing them from standard jpegs.
Crypto Popular Among Youth
Cryptocurrencies surged in popularity in 2021, especially among young people. Pew Research found that 31% of young adults aged 18-29 have traded or used cryptocurrencies. Furthermore, men are twice as likely as women to be a part of this group. This would also help contextualize the plethora of young, male athletes going deep into Bitcoin, from NFL stars to Golden State Warriors.
Much of this demographic views the gains in the cryptosphere as a saving grace from the high costs of today’s living. For instance, Saquon Barkley – quarterback for the New York Giants – views Bitcoin as a chance to build “generational wealth”.
But with dramatic upside comes dramatic volatility. For example, Bitcoin was now down about 40% from its all-time high at $69k just three months ago. This is also important to keep in mind on the dating scene, as more people are reportedly searching for partners responsible for their money.