A prominent bank brought an unexpected boost to the crypto industry. ING Bank released the findings of its latest crypto research report and claimed adoption could increase rapidly in the European region.
The report found out that attitudes are changing positively in favor of Bitcoin and other currencies. The research focused on the potential of digital currencies and surveyed 14,828 respondents from 15 countries.
Cracking the Crypto Code
The research titled “Cracking the Code” brought some fascinating aspects of crypto adoption to the forefront. The study showed that 66 percent of respondents have heard of cryptocurrencies, but only 9 percent own it. At least 16 percent of people expect to own these virtual coins in the future; which would nearly double the ownership rate.
It also suggested that at least 30 percent of Europeans may consider using digital coins for making international payments online. However, salaries in crypto coins are not preferred by many. Only 15 percent of people would consider a take-home pay in Bitcoin or other cryptos.
An important highlight of the research is that people want to use cryptos are a means of payment rather than an investment or a speculative asset. Thirty-five percent of the survey respondents believe that Bitcoin, or other currencies, are the future of online spending. The number was just 28 percent in 2015.
ING behavior scientist Jessica Exton said:
“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 do not know when.”
What’s Next for Digital Coins?
LBX founder and CEO Benjamin Dives commented that the new research is very promising and hints towards changing public attitudes on virtual currencies which could eventually lead to more informed investments.
ING found that over a third of the survey respondents believe that the value of digital coins will rise in the next 12 months. However, a large number of people still consider it a risky investment with only 32 percent, suggesting that cryptos are the future of investing.
A developed markets economist at ING, Jonas Goltermann, commented that digital currencies would assume a larger role in global finance eventually. He quoted the Bank of England that estimated that crypto assets still account for less than one percent of global finance, adding that its impact could still be very limited.
Goltermann said that central banks are “more curious than concerned” about digital currencies. He added:
“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.”