bitFlyer: Confidence in cryptocurrency increases across European populations year-on-year despite ongoing coronavirus crisis

LUXEMBOURG–(BUSINESS WIRE)–bitFlyer Europe, the European arm of the world’s largest bitcoin trade by buying and selling volumes^[1], has right now launched the outcomes of its annual Crypto-Confidence Index. Constructed from a shopper ballot of 10,000 respondents throughout 10 international locations in Europe, that is the second 12 months of the index which demonstrates the degrees of confidence in European populations that digital monetary property will live on in 10 years’ time.

With the ballot to create the Crypto-Confidence-Index going down yearly in March, this 12 months’s survey was carried out in the course of the persevering with peak of the 2020 COVID-19 pandemic outbreak – a time throughout which the worth of property each conventional and novel has been unstable. Regardless of this, confidence in cryptocurrencies throughout Europe has elevated 3% versus the 2019 outcomes, and in 9 out of the ten international locations polled.

Maybe much more surprisingly Italy, amongst the international locations hardest hit by the novel coronavirus in March 2020, was discovered to be main the pack with regards to probably the most optimistic international locations assured in the way forward for cryptocurrency, with virtually three-quarters (72%) believing they are going to nonetheless exist in some kind in 10 years’ time. Italy is intently tailed by the Netherlands and Poland, 70% of the populations of which consider in a future for digital monetary property.

Trying on the UK particularly, it’s the solely nation aside from Norway by which inhabitants confidence in the way forward for cryptocurrencies decreased versus 2019. It’s value noting, nonetheless, that the lower is by only one%, and properly over half (56%) of the inhabitants nonetheless consider that digital currencies will exist in some kind by 2030. This will increase to 61% when wanting on the 18-44 age group particularly.

Along with asking respondents whether or not they consider bitcoin will nonetheless exist, the examine additionally dug deeper to uncover what shoppers suppose the actual use circumstances for bitcoin will likely be in future and the way cryptocurrencies will solidify their place inside their respective market. The outcomes present the bulk are nonetheless very a lot unsure.

Nearly 1 in 10 (9%) of Europeans consider bitcoin will likely be absolutely ingrained into society as a type of foreign money in 10 years’ time versus 8% in 2019, while 9% consider it will likely be used as a safety or funding versus 7% final 12 months.

Apparently, Italy can be the nation by which the largest proportion of the inhabitants (12%) believes that cryptocurrencies will at some point be used as mainstream foreign money, a 2% enhance on the 10% of the Italian inhabitants who believed this to be the case final 12 months. Italy has a 2% clear lead on every other nation in believing on this goal for digital currencies, with 10% of Polish respondents additionally believing that this may very well be the case. Conversely, solely 5% of UK respondents consider within the potential of cryptocurrencies as mainstream currencies.

Overwhelmingly, nonetheless, Europeans are unsure as to how cryptocurrencies may be utilised sooner or later, regardless of confidence of their continued existence. 1 / 4 (25%) of respondents answered that they had been sure that cryptocurrencies would nonetheless exist, however had no concept how they might be used, with this response being up 2% from 2019.

Andy Bryant, COO at bitFlyer Europe, mentioned: “It’s pleasing to see these outcomes that point out a sluggish however regular development of cryptocurrencies into the mainstream consciousness. Though we’d take a look at this as an achievement for digital currencies despite the difficult financial instances we face, additionally it is value contemplating that this could be partly due to these instances.

“It’s fascinating to see that international locations like Italy which have been hit exhausting by the COVID-19 disaster are expressing extra religion than ever in cryptocurrencies. As folks face financial hardship, we are able to anticipate populations to hunt alternate options to conventional monetary methods. This is a crucial time for the crypto trade to exhibit how cryptocurrencies and related ideas resembling decentralised finance can present engaging alternate options and even substitutes for incumbent financial fashions, as we battle unprecedented monetary instances globally and search for novel options.”

Tables of outcomes

Desk 1: the share of shoppers who consider cryptocurrencies will nonetheless exist in 10 years’ time primarily based on March 2020 ballot:

Desk 2: the share of shoppers who consider cryptocurrencies will nonetheless exist in 10 years’ time primarily based on March 2019 ballot:

ENDS

Methodology

To create the annual bitFlyer Europe Crypto-Confidence-Index, surveys had been carried out through Google Surveys, with the next query and response choices posed to a pool of 1,000 folks in every of the 10 international locations: Belgium, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, UK.

Do you suppose bitcoin will nonetheless exist in 10 years’ time?

• Sure, in mainstream use as a foreign money
• Sure, however as an funding or safety
• Sure, however it’s going to solely have area of interest makes use of
• Sure, however no concept how
• No, however different types of crypto will exist
• No, one thing new will take its place
• No, all cryptocurrency won’t exist

The identical query and reply choices had been used for every nation, all translated into the dominant language for every nation, apart from Belgium, the place the query and solutions had been posed in French. Response choices had been displayed in random order. The total database of survey outcomes is out there upon request.

About bitFlyer EUROPE S.A.

bitFlyer EUROPE S.A. is a wholly-owned subsidiary of bitFlyer, Inc., a number one bitcoin and blockchain firm primarily based in Japan. The European workplace is positioned in Luxembourg and operates an trade platform for European merchants to purchase and promote bitcoin. bitFlyer EUROPE S.A. company website: www.bitflyer.com/en-eu/

About bitFlyer, Inc.

bitFlyer, Inc. is the most important bitcoin and blockchain firm in Japan. bitFlyer goals to revolutionize the FinTech sector utilizing blockchain expertise. Its work consists of operation of the bitFlyerintegrated digital foreign money platform, in-depth blockchain analysis, and the R&D of its authentic blockchain miyabi. bitFlyer, Inc., company website: www.bitflyer.com

^[1]https://www.coinhills.com/market/exchange/rank-for/btc/