Confidence in cryptocurrency increases across European populations

Confidence in cryptocurrency increases across European populations

Image by WorldSpectrum from Pixabay

  • Study of 10,000 people across 10 European countries reveals 66% believe cryptocurrencies will still exist in ten years’ time based on the results of a March 2020 poll
  • This is an increase of 3% versus March 2019, demonstrating that confidence continues to grow in cryptocurrencies even despite crippling effect of coronavirus on global economic landscape
  • Italy, which experienced a peak in COVID-19 restrictions in March, is the most confident with 72% believing in the longevity of crypto, while the UK is the least confident at 56%
  • A quarter of respondents are, however, unsure as to how cryptocurrencies might be used in the future

LUXEMBOURG – bitFlyer Europe, the European arm of the world’s largest bitcoin exchange by trading volumes[1], has today released the results of its annual Crypto-Confidence Index. Built from a consumer poll of 10,000 respondents across 10 countries in Europe, this is the second year of the index which demonstrates the levels of confidence in European populations that digital financial assets will continue to exist in 10 years’ time.

With the poll to create the Crypto-Confidence-Index taking place annually in March, this year’s survey was conducted during the continuing height of the 2020 COVID-19 pandemic outbreak – a time during which the value of assets both traditional and novel has been unstable. Despite this, confidence in cryptocurrencies across Europe has increased 3% versus the 2019 results, and in nine out of the ten countries polled.

Perhaps even more surprisingly Italy, amongst the countries hardest hit by the novel coronavirus in March 2020, was found to be leading the pack when it comes to the most optimistic countries confident in the future of cryptocurrency, with almost three-quarters (72%) believing they will still exist in some form in 10 years’ time. Italy is closely tailed by the Netherlands and Poland, 70% of the populations of which believe in a future for digital financial assets.

Looking at the UK specifically, it is the only country other than Norway in which population confidence in the future of cryptocurrencies decreased versus 2019. It is worth noting, however, that the decrease is by only 1%, and well over half (56%) of the population still believe that digital currencies will exist in some form by 2030. This increases to 61% when looking at the 18-44 age group specifically.

In addition to asking respondents whether they believe bitcoin will still exist, the study also dug deeper to uncover what consumers think the real use cases for bitcoin will be in future and how cryptocurrencies will solidify their place within their respective market. The results show the majority are still very much uncertain.

Almost 1 in 10 (9%) of Europeans believe bitcoin will be fully ingrained into society as a form of currency in 10 years’ time versus 8% in 2019, whilst 9% believe it will be used as a security or investment versus 7% last year.

Interestingly, Italy is also the country in which the biggest proportion of the population (12%) believes that cryptocurrencies will one day be used as mainstream currency, a 2% increase on the 10% of the Italian population who believed this to be the case last year. Italy has a 2% clear lead on any other country in believing in this purpose for digital currencies, with 10% of Polish respondents also believing that this could be the case. Conversely, only 5% of UK respondents believe in the potential of cryptocurrencies as mainstream currencies.

Overwhelmingly, however, Europeans are uncertain as to how cryptocurrencies might be utilised in the future, despite confidence in their continued existence. A quarter (25%) of respondents answered that they were certain that cryptocurrencies would still exist, but had no idea how they would be used, with this response being up 2% from 2019.

Andy Bryant, COO at bitFlyer Europe, said: “It is pleasing to see these results that indicate a slow but steady progression of cryptocurrencies into the mainstream consciousness. Although we might look at this as an achievement for digital currencies in spite of the challenging economic times we are facing, it is also worth considering that this may well be partly because of these times.

“It is interesting to see that countries like Italy which have been hit hard by the COVID-19 crisis are expressing more faith than ever in cryptocurrencies. As people face economic hardship, we can expect populations to seek alternatives to traditional financial systems. This is an important time for the crypto industry to demonstrate how cryptocurrencies and associated concepts such as decentralized finance can provide attractive alternatives or even substitutes for incumbent economic models, as we battle unprecedented financial times globally and look for novel solutions.”

Tables of results

Table 1: the percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time based on March 2020 poll:

1

Italy

72%

2=

Poland

70%

2=

Netherlands

70%

3

Spain

68%

4

Norway

67%

5=

Denmark

66%

6=

Germany

64%

6=

Belgium

64%

7

France

60%

8

UK

56%

Europe

66%

Table 2: the percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time based on March 2019 poll:

1

Norway

73%

2

Italy

68%

3=

Netherlands

67%

3=

Poland

67%

4

Spain

66%

5=

Denmark

63%

5=

Germany

63%

6

Belgium

59%

7

UK

57%

8

France

55%

Europe

63%

Methodology

To create the annual bitFlyer Europe Crypto-Confidence-Index, surveys were conducted via Google Surveys, with the following question and response options posed to a pool of 1,000 people in each of the 10 countries: Belgium, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, UK.

Do you think bitcoin will still exist in 10 years’ time?

  • Yes, in mainstream use as a currency
  • Yes, but as an investment or security
  • Yes, but it will only have niche uses
  • Yes, but no idea how
  • No, but other forms of crypto will exist
  • No, something new will take its place
  • No, all cryptocurrency will not exist

The same question and answer options were used for each country, all translated into the dominant language for each country, with the exception of Belgium, where the question and answers were posted in French. Response options were displayed in random order. The full database of survey results is available upon request.

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2015 - 2020 PICANTE Media and Events (part of Hipther Agency). Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania