Edelman Survey: 48% of 34k Global Respondents Trust Crypto; China Tops the List at 81%
The Edelman Trust Barometer comprising of 34,000 online correspondents from 26 different markets suggest that 48% of the surveyed individuals trust cryptocurrency. In contrast, only 35% of them believe it would bring any good to the world.
Out of the total 26 surveyed market, China was the most bullish with 81% of the correspondents showing confidence in the digital asset ecosystem while 62% of these people believe that the blockchain and cryptocurrencies would bring a positive impact in the world.
Chinese market's significant bullish behavior and confidence in the crypto ecosystem can be attributed to its aggressive blockchain approach where the Prime Minister Xi Jinping made a public announcement for accelerated adoption of the decentralized technology.
The largest populated country was also among the first to set up a research team to develop their CBDC and now are on the verge of a public release once the pilot program comes to an end.
Trust in Crypto Soars in Countries With Financial troubles
China is not the only country taking significant leaps in the percentage of people trusting crypto, in fact. These countries have been going through a financial turmoil like Argentina and Mexico where the rate rose to more than 20% from 2019. Seventeen other countries showed more than a 10% rise from 2019, while five countries registered a 5% rise.
Only Saudi Arabia, the United States and the United Kingdom registered a drop in trust towards the crypto space from 2019. If we look at the overall percentage of all 26 surveyed markets, it rose by 11% from the last year.
Deidre Campbell, global chair of the Financial Services Sector for Edelman noted that the survey was conducted before the COVID-19 pandemic hit the market and that sentiment has only grown stronger as governments around the globe have been on a money printing spree. He explained:
“This research I think shows that crypto is very much increased in the consideration set as an alternative currency, but I think in this [COVID-19] environment we're starting to see people start to look at crypto, particularly Bitcoin, as a hedge on inflation.”