A New and Interesting Report from ING on the Future of Cryptocurrency
In spite of the recent troubles Bitcoin has faced and the down period cryptocurrency has been experiencing as a whole, a new report from ING sheds some light on the rising interest these assets and their technologies have on the public.
Per the survey, which was carried by market research firm Ipsos between March 26 and April 6, 2018, only 9% of Europeans owned a cryptocurrency at the time of polling. However, in the future 25% of those surveyed indicated that they expect to own a cryptocurrency. In the United States, 8% at the time owned cryptocurrencies while 21% said they expected to own some in the future.
Awareness is highest in Austria (79%) and Poland (77%), with Luxembourg and Spain nearest the European average (66%). Interestingly, several of the lower income per capita countries have higher shares who have heard of cryptocurrency. Of course, simply having heard of cryptocurrency, perhaps in the media, is not the same as knowing about it or understanding it. Country differences may be due to many factors − including culture, the popularity of other assets among investors in a country or the prominence of high-tech developments in local news reporting.
Turks took the crown for the highest crypto ownership levels. In Europe, around 18% of Turks owned cryptocurrencies at the time of the survey, with 45% expecting to own some in the future.
“This may reflect a general feeling that the trend is complicated or hard to understand and therefore requires a specialist. If cryptocurrency eventually goes mainstream, this preference may change,” noted the ING International Survey, which was authored by Jessica Exton and Fleur Doidge.
How have Europeans set about finding out about cryptocurrencies and ICOs? Per the report around 27% of those surveyed in Europe revealed that they turned to specialist sites for information or advice on making cryptocurrency investments. Another 21% preferred financial advisors, while only 8% sought the input of family or friends. The survey attributed this to the fact that cryptocurrencies were a relatively new subject matter.