How Public Relations Can Reshape Cryptocurrency’s Image

How Public Relations Can Reshape Cryptocurrency’s Image

A recent YouGov survey reveals that only around 27% of US residents want to use Bitcoin as legal tender, while 39% of those surveyed opposed the idea. Of those respondents, 28% strongly oppose the move towards cryptocurrency, while 34% “don’t know”. These mixed feelings reflect the overall reputation of cryptocurrency. If cryptocurrency startups want widespread crypto adoption and investment, they need to address the current public perception towards it — and this is where public relations can help.

Issues in Cryptocurrency Adoption

Cryptocurrency is a digital currency that uses an online ledger called ‘blockchain’, which has strong cryptography to secure online transactions. Blockchain is a specific type of database which allows decentralized data storage, so no single person or group has control over the information. Once data is entered into the blockchain, it is irreversible and transactions are permanently viewable to everyone.

Because blockchain is decentralized, there is now a near-endless list of cryptocurrencies utilizing this technology. At present, the top cryptocurrencies on the market are coins like Bitcoin, Ethereum, Tether, and XRP. The worth of some coins — like Tether — are tied to the US dollar, which is why they’re called stablecoins. All of them, however, remain reliant on blockchain. Unfortunately, consumer understanding of cryptocurrency and blockchain is poor. Among the general population, only 25% have any idea about blockchain; most people who recognize the term don’t necessarily understand it.

This confusion is understandable, as blockchain is a relatively unfamiliar technology. Additionally, most people believe the worth of cryptocurrency is purely speculative; people buy them on the assumption that other people value them. Stablecoins aside, cryptocurrencies aren’t backed by anything because they aren’t legal tender, nor are they controlled by a central bank. This is why crypto experiences extreme price volatility, which is beyond the risk appetite of most people. Others think crypto is only valuable because they’re scarce. The lack of trust, protection, and regulation for digital currencies leads to little public awareness, which is the main barrier that crypto must overcome.

Helping Crypto Go Mainstream: The Role of PR…