According to new research from Dutch multinational banking and financial services giant ING, interest in cryptocurrency is expected to double. The interesting findings come from the “Cracking the Code on Cryptocurrency” portion of its sixth annual ING International Survey Mobile Banking. The International Survey spans almost 15,000 people across 13 European countries, in addition to the United States and Australia.
Huge Potential for Growth
According to the survey, while less than 10% of Europeans own cryptocurrencies, 25% expect to own them in the near future. 15% would consider receiving their salaries in cryptocurrencies. What some might find surprising is that 34% of people have still not heard of the technology. But this is largely generational, as a higher percentage of people aged 24-45 have heard of, and invested in, cryptocurrency. A behavioral scientist at ING, Jessica Exton, commented:
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
The ING cryptocurrency survey is perhaps the biggest to date, and the findings are positive for the industry. The fact that 15% of respondents would be happy to receive their salaries in cryptocurrency was surprising and encouraging. However, the legal and business infrastructure is ill-equipped to cater to the increasing interest. With cryptocurrency adoption to double, most countries are unprepared for a mass movement towards a new means of financial exchange, the survey revealed.
While the bear market has many potential investors spooked, 2018 has undoubtedly been the best year for cryptocurrencies by far. Since January 2018, there has been an explosion of regulatory announcements and draft bills that have encouraged investment in the space. And all the signs are pointing to institutional investment as key figures and authorities now seem to have given cryptocurrency the green light.
According to the survey, people have to spend cryptocurrency instead of looking at it as a vehicle for speculation, where the asset can be transferred back to fiat currency. This is what has been happening, especially with the ICO speculation frenzy. However, more and more businesses are accepting cryptocurrency every year, and expensive assets like houses and jewelry are being bought with crypto. Cryptocurrency adoption is increasing. When it can be spent anywhere, there will be no need to transfer back to fiat. We could reach this tipping point very soon, and 2018 may go down as the year of mass acceptance, with 2019 being the year of mass adoption.
The authors of the survey also suggested that cryptocurrency might be seen as more promising in countries where the traditional financial system is less efficient or more expensive to use.
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What do you think about ING’s findings? Do you think interest in cryptocurrencies will double in the near future? Let us know in the comments section.