ING International Survey has recently shed light on cryptocurrencies and how consumers across continents view them. The results come of surprise and many correlations have been made to arrive to a firm conclusion.
According to the research group’s findings, it appears that only 9 percent of Europeans are willing to own Bitcoin with only 16 percent who will consider purchasing it in the long run. The press release made on Thursday revealed that a 35-year-old Turkish man is highly likely to own a cryptocurrency compared to a Belgian woman aged 65.
When comparing between the sexes, men are more knowledgeable on this matter compared to women. In particular, many of the men who have purchased the digital assets range between the ages 25 and 44, residing in countries like Turkey or Romania.
The ING International Survey also wanted to see whether or not a correlation between mobile banking and cryptocurrencies exist. After having examined 15,000 individuals throughout 15 European countries, US and Australia, ING believes there is in fact a positive correlation between those who use mobile banking and have interest in cryptocurrencies.
The survey was taken a step further by analyzing on a country-to-country basis. Apparently, 79 percent of Austrians are aware of the existence of Bitcoin, however, only approximately 38 percent of Belgians are aware. Age supposedly is not a substantial factor, as many individuals across different age brackets have either heard of Bitcoin and cryptocurrencies or made such investments.
Despite the growing exposure of cryptocurrencies on multiple media platforms, consumers are still doubtful of them due to their associated risks. The survey indicated that one in three Europeans are less likely to invest, with a little under 50% strongly recognizing it as dicier than the equity market. This distrust could largely be due to the lack of knowledge on the consumers’ part.
When considering real-life uses of cryptocurrencies, the survey indicated that consumers are still uneasy to make small purchases like coffee (23 percent) and paying bills like electricity (21 percent) and university fees (20 percent). It also seems like many consumers are against cryptocurrencies for wages or for online shopping.
Clearly, ING International Survey gives consumers a good idea as to where cryptocurrencies stand. Not only are people still confused and doubtful of the digital assets, but they would rather stay away from them altogether. Media exposure alone is not enough to convince consumers; hence, more knowledgeable guidance is also compulsory.