Despite the current global market uncertainty, Europeans believe in the future of cryptocurrency. Two-thirds of them are optimistic that digital coins will continue in the next decade.
The recent survey, conducted by European arm of cryptocurrency exchange bitFlyer, revealed that two-thirds of respondents from 10 European countries believe in the future of digital currencies. 66% of 10.000 surveyed people consider that Bitcoin and other cryptocurrencies will still exist in the upcoming decade.
The number is 3% bigger compared with the results of the annual survey done last March. This means that confidence continues to grow in cryptocurrencies even despite the shocking effect of coronavirus made on the global economy. According to Andy Bryant, COO at bitFlyer Europe:
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.
Following the data of the World’s Health Organization (WHO), there are over 3 million confirmed COVID-19 cases in 213 counties and 211.028 deaths at the time of publishing. Its impact for global economies is huge, experts predict the recession might be the highest in 90 years. Meanwhile, governments around the world are already issuing stimulus funds for economies.
Confidence in the future of cryptocurrency
Italy has the biggest confidence in cryptocurrencies, the survey reports. The country is the third in the world in terms of coronavirus total cases and was one of the most severely impacted EU member countries during the pandemic. However, over 72% of Italian respondents believe in the longevity of cryptocurrencies. This is 4% more than in a previous year.
Italy is closely followed by the Netherlands and Poland, where 70% of the respondents also believe in the future of virtual currencies. Both countries act identically and share the similar growth of 3% during the year.
Whilst the lowest confidence index is the United Kingdom. Approximately 56% of locals expressed their beliefs is the future of cryptocurrency. Great Britain, however, is the only country together with Norway which witnessed the yearly decrease, although a 1% small one. Nevertheless, the UK’s result increased considerably to nearly 61% when narrowing the results to respondents between 18 and 44.
In the meantime, Norway showed the biggest drop of 6%. The country was chart leader last year with 73% of optimistic respondents. However, current numbers demonstrate a decrease to the 4th place with 67% of those surveyed citizens who see perspectives for crypto assets.
More uncertainty in utilization forms
Additionally respondents were asked what they think the real use cases for Bitcoin will be in future. As well as how cryptocurrencies will solidify their place within their respective market. The results, however, show that the majority of respondents remain uncertain.
Almost 9% of Europeans believe Bitcoin will be fully ingrained into society as a form of currency during the decade. The percent is a little (1%) bigger compared to 2019 results. Meanwhile, equally 9% of respondents believe it will be used as a security or investment versus 7% last year.
Summarizing the survey results, it is clear that Europeans have confidence in the future existence of cryptocurrencies. However, there is still a lot of uncertainty of how they should be used.