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Confidence In Cryptocurrencies Growing Fast

Confidence in cryptocurrencies is growing ...

Confidence in cryptocurrencies grows despite coronavirus – poll
CONTENT

  • A survey of 10,000 people showed that more than 65% are confident in the long-term existence of cryptocurrencies.

  • Italy is the most confident in the future of the cryptocurrency industry.

  • However, a quarter of respondents are not sure how cryptocurrencies can be used in the future..

International consortium of news organizations developing transparency standards.

BitFlyer Europe shares with BeInCrypto the results of its annual crypto-confidence index.

Based on a survey of 10,000 respondents from 10 European countries, the index demonstrates growing confidence in Europe about the long-term existence of cryptocurrencies.

Traditionally, the survey was conducted in March – just against the backdrop of the outbreak of the coronavirus pandemic. As we already know, the global spread of the infection has affected not only the traditional, but also the cryptocurrency market..

Confidence in cryptocurrencies is growing ...

However, according to the survey results, the turbulence of the markets has not undermined confidence in cryptocurrencies. On the contrary, the number of cryptocurrencies confident in the future has grown by 3% compared to the results of 2019.

It is noteworthy that Italy, which suffered the most from a new type of coronavirus, showed the greatest confidence in cryptocurrencies..

About 72% of those surveyed in Italy said they were confident that cryptocurrencies would exist in one form or another for another 10 years. Similar confidence is demonstrated in the Netherlands and Poland, where in both countries 70% of those surveyed expressed confidence about the future of cryptocurrencies..

Denmark closes the top five, where 66% of respondents confirmed the long existence of the cryptocurrency industry.

English skepticism

In last place was the United Kingdom, where only 56% of those surveyed admitted the existence of cryptocurrencies until 2030. It is the only country besides Norway where confidence in cryptocurrencies has declined since 2019, according to a study by bitFlyer Europe..

However, the decline is not significant and is only 1% compared to last year.

Also, according to the study, most of the respondents still do not know what use Bitcoin will find in the long term..

Only 1 in 10 (9%) of those surveyed believe that in 10 years Bitcoin will be fully used as a form of currency. Last year, only 8% answered the same question in the affirmative. At the same time, the rest of the respondents believe that bitcoin will exist as an investment..

Despite the confidence in the future existence, most of the respondents still do not know how cryptocurrency can be used in the future. Only 25% of them said they were confident in the existence of cryptocurrencies, but could not explain exactly how such assets will be used.

An hour of opportunities

Confidence in cryptocurrencies is growing ...

BitFlyer Europe Chief Operating Officer Andy Bryant noted that the rise in confidence in cryptocurrency may also be partly related to the current economic situation in the world:

“Interestingly, countries like Italy, which have been hit hard by the COVID-19 crisis, express the most confidence in cryptocurrencies than ever. As people face economic hardships, they may look for alternatives to traditional financial systems. “.

Bryant is convinced – now is an important time for cryptocurrencies to provide attractive alternatives or even replace existing economic models..

“… We are fighting unprecedented financial times around the world and looking for new solutions,” he added.

What do you think? Will cryptocurrencies be able to seize the moment and firmly take their place in the everyday life of many people? Share your thoughts with us in the comments.

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