Could public interest in Bitcoin and Cryptocurrency be about to double?

By July 25, 2018 No Comments

Bitcoin’s price is a reflection if the attention and interest of the public in cryptocurrency. The number of searches on google gives us a good idea of the digital currency’s present value. This is likely to be positive for bitcoin traders and investors as a fresh study shows that interest in cryptocurrency is likely to more than double.
The newest customer economic study from ING, a Dutch banking colossus found that less than one in every ten people in Europe own cryptocurrency. The study did however, find that 16% of people said that they would own virtual currency in the future. A survey was conducted on almost 15,000 people in 13 nations and ING said that it showed an incremental change in how people view digital currencies like Bitcoin and Ripple. An interesting conclusion from the survey was that 15% of the people that took part said that they would be inclined to being paid in Bitcoin or some other cryptocurrency inspite of their infamous instability.
This survey has recently been made public, at a time when Bitcoin is close to its lowest price of the year, having fallen below $6,000 for a short period. Those who are analysing reasons for this fall both in the price of Bitcoin as well as the total market capitalisation of the cryptocurrency space have put the blame on a number of hacks of cryptocurrency exchanges (the most well known among these exchanges being Bitthumb) couples with a heightened focus on regulation. Bitcoin is now back above the $6,000 dollar mark but is still some way off of its high from last year. ING’s latest findings will be well received by investors. Of the people part of the survey, more than one third said they viewed cryptocurrency as the future of online spending while a similar number of people agreed that it represents the future of investing.
“Cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest,” said Jessica Exton, a behavioural scientist who works at ING.
“Based on our survey, ownership of cryptocurrencies could more than double in the future – although we do not know when… The volatility of cryptocurrency carries with it both positives and negatives, on the plus side it can increase awareness but may also mean people view digital money as a relatively risky asset. If cryptocurrency stabilises there may be increased interest.”
Teunis Brosens, an ING employee who works as an economist of world markets, believes that virtual currency is most promising in nations where the conventional system of finance has reduced efficiency. “We find that the Dutch, with a very efficient and cheap domestic payment system, are most sceptical about the future of digital currencies,” Mr Brosens said.

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