Should we trust the crypto currency

Study: Despite the coronavirus, trust in cryptocurrencies is increasing

In Germany, 64 percent believe that there will still be cryptocurrencies in some form in ten years - regardless of gender and age. This is what bitFlyer's Crypto Confidence Index shows this year. For this annual index, a total of 10,000 consumers in ten European countries were asked again this March about their long-term trust in crypto currencies.

In general, Germany is still in the middle when it comes to the level of trust. There are no signs of a significant influence of the coronavirus crisis on attitudes towards digital currencies in Germany. In the overall European picture, a total of 66 percent of those surveyed believe in the long-term success of digital financial investments, but have no idea how they could be used in the future.

Exciting: Before and after Covid-19

Since the survey to create the Crypto Confidence Index takes place annually in March, this year's survey was conducted during the ongoing peak of the COVID-19 pandemic outbreak - a time when the value of both traditional and novel assets was unstable. Even so, trust in cryptocurrencies across Europe has increased by three percentage points compared to the 2019 results, in nine of the ten countries surveyed. In Germany, confidence increased by one percentage point.

Italy is showing the greatest optimism about the future of cryptocurrency: Almost three quarters (72 percent) of the country hardest hit by the coronavirus believe that cryptocurrencies will still exist in some form in ten years. Italy is closely followed by the Netherlands and Poland, of which 70 percent of the population are convinced of the future of digital financial investments.

The results of our annual index show that cryptocurrencies are slowly but surely establishing themselves as an alternative investment in the general consciousness. Despite the difficult economic situation at the moment, we see a positive development for digital currencies. It is interesting to see that countries like Italy, which have been hard hit by the COVID-19 crisis, are showing more trust in cryptocurrencies than ever. This shows us that people in economic need are looking for alternatives to traditional financial systems. It is all the more important that the crypto industry now shows concretely how crypto currencies and the associated concepts can be attractive alternatives. As we fight unprecedented financial crises around the world and look for new solutions, I would go even further and see cryptocurrencies as a replacement for established economic models. "

Andy Bryant, COO of bitFlyer Europe

When it comes to crypto currencies, the Bitcoin is best known in Germany. After the number one of the cryptocurrencies, however, the level of awareness drops significantly. We also have to differentiate between interest and actual knowledge. There is interest in crypto currencies in Germany, but I also observe that many do not know what Bitcoin or Ethereum are in detail. Here we have to start together and explain what cryptocurrencies are and why it makes perfect sense to deal with the topic in more detail. "

Philipp Sandner, Professor of the Frankfurt School & Head of the FS Blockchain Center

The study also looked at what consumers see as the future purpose of cryptocurrencies. Although there is confidence in its continued existence, the majority have no idea how cryptocurrencies can be used in ten years' time: A quarter say that cryptocurrencies will continue to exist without knowing what for (two percentage points more than last year). Nine percent of Europeans believe that Bitcoin will be fully integrated into society as a means of payment in ten years (eight percent in 2019) and another nine percent believe that Bitcoin will be used as security or investment in the future (seven percent last year ).

Italy is the country where most of the population (twelve percent) believe that cryptocurrencies will one day be used as the main currency. That is an increase of two percentage points from the ten percent of the Italian population who believed so last year. Italy has a clear two percentage point lead over all other countries that believe in this purpose for digital currencies. But ten percent of the Polish respondents also believe that this could be the case. Conversely, only five percent of UK respondents believe in the potential of cryptocurrencies as mainstream currencies. In Germany, seven percent of those surveyed believe in crypto currencies as their main currency.

Results

Table 1: Percentage of consumers who, based on the survey from March 2020, believe that there will still be cryptocurrencies in ten years:

1Italy72%
2=Poland70%
2=Netherlands70%
3Spain68%
4Norway67%
5Denmark66%
6=Germany64%
6=Belgium64%
7France60%
8England56%
Europe66%

Table 2: Percentage of consumers who, based on the survey from March 2019, believe that there will still be cryptocurrencies in ten years:

1Norway73%
2Italy68%
3=Netherlands67%
3=Poland67%
4Spain66%
5=Denmark63%
5=Germany63%
6Belgium59%
7England57%
8France55%
Europe63%

methodology

The annual bitFlyer Europe Crypto Confidence Index (website) is carried out with the help of Google Surveys. The following questions and possible answers were asked to a pool of 1,000 people in each of the ten countries: Belgium, Denmark, France, Germany, France, Italy, the Netherlands, Norway, Poland, Spain and the UK.

The question asked: Do you think Bitcoin will still exist ten years from now?

  • Yes, in mainstream currency use
  • Yes, but as an investment or security
  • Yes, but it will only have niche applications
  • Yeah, but I don't know how
  • No, but there will be other forms of crypto technology
  • No, something new will take its place
  • No, cryptocurrencies will no longer exist

The same question and answer options were used for each country, all of which were translated into the respective national language - only for Belgium the questions and answers were uniformly asked in French. The possible answers were shown in random order. The full database of survey results is available upon request.

The survey results can be requested by email from [email protected] Aj


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