bitFlyer: Confidence in cryptocurrency increases across European populations year-on-year despite ongoing coronavirus crisis
bitFlyer Europe, the European arm of the world’s largest bitcoin exchange by trading volumes, 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 decentralised 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:
Table 2: the percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time based on March 2019 poll:
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 posed in French. Response options were displayed in random order. The full database of survey results is available upon request.
About bitFlyer EUROPE S.A.
bitFlyer EUROPE S.A. is a wholly-owned subsidiary of bitFlyer, Inc., a leading bitcoin and blockchain company based in Japan. The European office is located in Luxembourg and operates an exchange platform for European traders to buy and sell bitcoin. bitFlyer EUROPE S.A. corporate site: www.bitflyer.com/en-eu/
About bitFlyer, Inc.
bitFlyer, Inc. is the largest bitcoin and blockchain company in Japan. bitFlyer aims to revolutionize the FinTech sector using blockchain technology. Its work includes operation of the bitFlyerintegrated virtual currency platform, in-depth blockchain research, and the R&D of its original blockchain miyabi. bitFlyer, Inc., corporate site: www.bitflyer.com
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Limited Libations, Innovative Blending, Escapism Elixirs and More are Shaping the Way That Consumers Drink in 2024, Based on the Bacardi Cocktail Trends Report4.12.2023 16:40:00 CET | Press release
Bacardi Limited, the world’s largest privately held international spirits company, releases its fifth annual Bacardi Cocktail Trends Report, anticipating the key trends that will redefine cocktail culture and the spirits business in 2024. The report, created in collaboration with strategic foresight consultancy, The Future Laboratory (TFL), draws on insights from Bacardi-led and external research, interviews with bartenders and insights from The Future Laboratory to share the themes that are transforming flavor preferences, drink formats, and cocktail experiences in the coming year. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231202332985/en/ Find out what's in store for 2024 with the Bacardi Cocktail Trends Report. (Graphic: Business Wire) “As 2024 arrives, people are looking to settle into the unsettled – welcoming tastes of optimism into our reality. In this landscape, people are reshaping cocktail culture, infusing it
Visa and Oxfam America to Explore Expanding Anticipatory Action Program to Bring Pre-Disaster Financial Support to the Philippines, Kenya, Colombia, and Puerto Rico4.12.2023 15:00:00 CET | Press release
During the 28th United Nations Climate Change Conference (COP28), Visa (NYSE: V), a global leader in digital payments, and Oxfam America, a part of the global Oxfam organization fighting inequality to end poverty and injustice, announced intent to collaborate to scale Oxfam’s Building Resilient, Adaptive and Disaster-Ready Communities (B-READY) project to deliver real-time streamlined money movement and relief payments to individuals and businesses in the Philippines, Kenya, Colombia, and Puerto Rico. B-READY unites parametric forecasting with community inputs to provide humanitarian assistance to individuals, communities, and businesses before a disaster strikes. Visa and Oxfam America intend to scale B-READY to create a mobile-based payment solution infrastructure to digitize humanitarian payments to help families, individuals, and small businesses protect themselves and their assets before a disaster. Combining data-driven insights from Visa with Oxfam’s record of disaster relief an
QPS Holdings, LLC Expands Operations in Springfield, Missouri4.12.2023 14:30:00 CET | Press release
QPS Holdings, LLC, a global contract research organization has expanded operations in Springfield, Missouri. The new facilities include a clinical (safety) laboratory, an updated self-contained pharmacy, and a new dedicated space to build and ship clinical trial kits. The 2,750-square-foot facility is fully operational as of the fall of 2023 and will give QPS significant flexibility in clinical research study operations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231204471818/en/ QPS Missouri is a division of QPS Holdings, LLC, a global Contract Research Organization. QPS Missouri conducts Phase I-IV clinical trials in Springfield, Missouri, and has recently added a new safety laboratory, updated pharmacy, and clinical trial kit production facility. (Photo: Business Wire) The state-of-the art laboratory is equipped with the most up-to-date technologies for Chemistry, Urinalysis, Serology, Coagulation, and Hematology test
Merck Strengthens Oncology Portfolio Through Commercialization Agreement With Abbisko for Phase III Asset, Pimicotinib4.12.2023 14:00:00 CET | Press release
Merck, a leading science and technology company, today announced a license agreement with Abbisko Therapeutics Co. Ltd., Shanghai, China, for pimicotinib (ABSK021), which is currently being evaluated in a Phase III study for the treatment of tenosynovial giant cell tumor (TGCT). TGCT is a benign tumor of the joints that can cause swelling, pain, stiffness, and limited mobility of the affected joints. Treatment options for this disease, which can seriously affect patients’ quality of life, are very limited. The agreement grants Merck a license to commercialize pimicotinib in mainland China, Hong Kong, Macau and Taiwan, with an option for rest of world. “We have the opportunity through our partnership with Abbisko to deliver a first-in-class treatment for a critically underserved patient population in China and potentially beyond,” said Andrew Paterson, Chief Marketing Officer for the Healthcare business sector of Merck. “Pimicotinib provides an opportunity to address a significant unmet
‘AlignMiracle’ Makes Waves in the World of Direct Clear Aligner, Featured in the Prestigious International Clinical Journal, JCO4.12.2023 14:00:00 CET | Press release
ODS Co., Ltd., a leading provider of Direct Clear Aligner (also known as “Direct Print Aligner”), today announced the publication of treatment cases using direct clear aligners in the October 2023 issue of the Journal of Clinical Orthodontics (JCO), one of the most respected publications in the field of orthodontics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231204386200/en/ ‘Orthodontic Treatments Using Directly 3D-Printed Clear Aligners’ published in the Journal of Clinical Orthodontics on October 2023 (Graphic: Business Wire) The Direct Clear Aligner is an orthodontic solution that designs the aligners directly on each step of setup model on the computer and prints them directly with clear resin on the 3D printer, eliminating the need for an intermediate printed teeth model involving thermoforming the sheets and trimming. Founded in 1967, JCO is an esteemed international academic journal with a rich history of over f