Bitcoin and other cryptocurrencies provoked quite serious skepticism recently, and Bitcoin was considered a bubble, but today interest in cryptocurrencies is growing almost geometrically. The blockchain industry as a whole and cryptocurrencies in particular are evoking interest among the most diverse segments of the population around the world.
The ING International Survey demonstrated the Cryptocurrency Perceptions Index this year among the European, Australian, and American populations. It is interesting that the term "cryptocurrency" is used in the research to denote "a digital currency that is not a project of the state.”
The term "cryptocurrency" was most broadly introduced in mass consciousness in late 2017 to early 2018, during the unprecedented growth of Bitcoin. Then the price of the first cryptocurrency soared to $20,000.
Therefore, despite the fact that by March of this year, the price of Bitcoin has dropped to $6,000, about 66 percent of Europeans have heard of it. At the same time, men are in the lead in this indicator at 77 percent against women standing at 55 percent.
Youngsters Leading the Way
The greatest surprise for the researchers was the fact that the percentage of people between 25 and 44 years old had heard less about the crypto industry than their older counterparts! Nevertheless, this statistic runs counter to the data of Blockchain Capital, which stated that about 30 percent of people aged between 18 and 34 would prefer to invest $1,000 in Bitcoin, and not in government stocks and bonds. The same publication claims that 42 percent of the millennials have heard about Bitcoin, while among people over 65, the number is 15 percent.
Millennials (sociological term used for people born between the 80s and early 2000s, whose childhood and youth fell on the rapid development of information technologies—DeCenter) love cryptocurrencies for many reasons. First of all, the fact that the crypto industry is quite capable of modernizing capitalism, having cleared it of the tight regulation of large state and private banks.
Another reason is that competent and successful investments in cryptocurrencies are quite capable of elevating a person to the top of the financial Olympus.
Therefore, among the millennials, cryptocurrencies have become the most frequently chosen investment, says LendEDU, an on-line marketplace for financial products.
9.19 percent of millennials will choose cryptocurrencies, while among Generation X (ages 35 to 54), the number will be 4.04 percent, and among the baby boomers (ages 55 or older, or people born in the post-war period—DeCenter), that number will dwindle to only 3.08 percent.
Interestingly, Bitcoin remains the most common choice among all ages and genders. It is followed by Ether and Litecoin. 76 percent of the millennials in the survey said that they will invest $10,000 in Bitcoin, 12 percent in Ether and 12 percent in Litecoin.
The survey results almost completely reflect the market capitalization of each of the coins. The only exception is Ripple.
Loyalty to Modern Technologies = Loyalty to the Crypto Industry?
People using a smartphone or tablet with a mobile banking app are more likely to say that they have heard about cryptocurrencies, standing at 69 percent against those who do not use modern means of communication, who stand at 59 percent.
At the same time, only about 9 percent of respondents in Europe are owners of cryptocurrencies. The smallest holders of the digital currency live in Belgium and Luxembourg. Similar figures were shown by surveys in Australia and the U.S.A. At the same time, every fourth European declares his intentions to acquire a cryptocurrency and the desire to use it within his mobile banking application.
35 percent of respondents believe that Bitcoin is the future of online transactions.
The same percentage of people who participated in the survey consider the world's first cryptocurrency to be very attractive for investing in the future. Along with this, many consider cryptocurrencies to be very high-risk investments. And 46 percent of respondents believe that shares carry less risk than digital currencies. Perhaps this shows that cryptocurrencies are less attractive for long-term personal investments, like savings for retirement or university, and are more attractive for one-time purchases. Few consider cryptocurrencies to be convenient for paying for everyday goods and services, such as buying a cup of coffee (only 23 percent) or international online purchases (30 percent).
To find relevant information about profitable investments, Europeans turn to specialized websites (27 percent), financial consultants (21 percent) and are much less likely to invest based on advice from relatives and friends (8 percent).
While it is not clear how the relationship between cryptocurrencies and mass investors will develop in the future, it is already obvious that even those unfamiliar with cryptocurrencies are gradually beginning to be interested in the crypto industry and look for the advantages of new technologies in their lives.