According to a recent survey that was conducted by Dutch banking giant ING, interest in Bitcoin and other digital currencies may grow more than double later on. People from several European countries were consulted, and they demonstrated an increasing enthusiasm for digital forms of money.
Huge Interest Growth Potential
More than 15,000 people took part in the survey, and about 16% of the participants said that they intend to invest in some digital currencies later on. The survey also shows that under 10% of Europeans have owned or purchased cryptocurrencies in the past. Interestingly, 15% of the participants said that they wouldn’t turn down the idea of getting paid their salaries in Bitcoin and other cryptocurrencies despite their price volatility. Behavioural scientist for ING, Jessica Exton, talked about the survey:
“Cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest. Based on our survey, ownership of cryptocurrencies could more than double in the future – although we don’t know when… The volatility of cryptocurrency carries with it both positive and negatives. On the plus side, it can increase awareness but it may also mean people view digital money as a relatively risky asset. If cryptocurrency stabilizes, there may be increased interest.”
Considering the recent instability of Bitcoin’s price, the numbers from this survey seems to be positive information for cryptocurrency investors, enthusiast and the market at large. Bitcoin, being the most used cryptocurrency, has experienced a considerable boom in its price over the years because of increasing interest from many retail investors around the world. The sudden increase in demand for the Bitcoins has prompted an exponential increment in Bitcoin’s cost over the years.
Jonas Goltermann, a market economist at ING also noted that “[Cryptocurrencies’] impact on the global economy is still pretty limited and, at least from a monetary policy and financial stability perspective, central banks appear more curious than concerned about the growth of cryptocurrencies. The results from our survey suggest this could change, as many savers appear willing to consider crypto investments. If that were to happen, we’d expect policy-makers to take a more active interest in these instruments and how they affect the rest of the economy.” Another economist of global markets at ING, Teunis Brosens commented on the importance of digital currencies in countries with inefficient traditional banking and financial systems. He stated that “We find that the Dutch, with a very efficient and cheap domestic payment system, are most skeptical about the future of digital currencies.”