More than two-thirds of Europeans believe the cryptocurrency industry will survive in the coming decade.
In a research carried out by BitFlyer, one of the largest crypto exchanges in Europe, titled, “Crypto-Confidence-Index” a poll of over 10,000 respondents across 10 countries revealed the COVID-19 may have a part to play in the increasing optimism.
Over 66% of Europeans Believe in Crypto Longevity
The poll, carried out this March, reveals over 66% of the respondents believe crypto will still be around come 2030. This represents a jump from 63% in 2019’s report. The year on year growth shows the confidence that investors across the continent hold on cryptocurrencies despite the effects of COVID-19 in recent months.
The poll included citizens from France, U.K., Netherlands, Poland, Spain, Norway, Italy, Belgium, Germany, and Denmark.
Italy holds the largest belief of crypto surviving in the course of the next decade with 72% according to the respondents’ opinions. The country which suffered the most from the 2020 pandemic, raises a case for crypto transactions as the country remains in a lockdown period.
Spain, another intensively hit country by COVID-19 came in fourth in the rankings with 68% of the respondents believing crypto will be with us in 2030. Netherlands and Poland come in second with 70% of the total respondents optimistic on crypto.
The COO at BitFlyer, Andy Bryant appreciated the growth witnessed across the field and believes the current hard times may have a role to play in the growing optimism. He further said,
“Although we might look at this as an achievement for digital currencies in spite of the challenging economic times we are facing, it is also worth considering that this may well be partly because of these times.”
Bitcoin (BTC) as a Payment System?
However, Europe remains sceptical on the possibilities that Bitcoin (BTC), the top cryptocurrency, holds in the coming decade.
About 25% of respondents answered that they were certain that cryptocurrencies would still exist, but had no idea how they would be used, with this response being up 2% from 2019. Only 1 in every 10 Europeans further believe BTC will be used as a recognized payment currency in 10 years (9%).
Italy has the largest population of believers in BTC, with 12% of the respondents saying that BTC will be a major payment currency in the coming years, a 2% spike from 2019. The U.K, in contrast, are not as optimistic as only 5% of the respondents believe BTC will be around as a payment system in 10 years.