The latest consumer economic report has shown that the popularity of Cryptocurrency will double in the near future.
The ING Consumer Economic Report
The research conducted on behalf of Dutch banking giant ING Bank B.V by a research company IPSOS was carried out to discover just how well Cryptocurrencies have been received throughout Europe, Australia, and the United States. This research has been reportedly carried out several times annually and considers the age, gender, and population density of the countries taking part in the survey. This latest study was reportedly carried out by surveying over fifteen thousand respondents.
This research, carried out in over thirteen countries, has shown that only nine percent of the respondents had any Crypto holdings. However, twenty-five percent of the respondents registered an interest in Cryptocurrency, with this percentile looking to get into the Crypto space shortly.
The Survey Findings
The research has revealed that sixty-six percent of the respondents are aware of Cryptocurrency. The Crypto awareness rated from fifty percent and above in each of the surveyed countries. The US-registered fifty-seven percent of the respondents are aware of the Crypto space while Austria registered seventy-nine percent and seventy-seven percent in Poland. Of this percentile, seventy-seven percent were men with women occupying the remaining percentage. Thirty-five percent have opined that Cryptocurrency will be the preferred mode of payment shortly while another thirty-five percent said that they see the value of Cryptocurrencies increasing in value within the next twelve months.
In Europe, one in ten respondents owned Cryptocurrency. This result was also registered in the United States as well as Australia. Mobile bankers were revealed to have a higher probability of getting into the Crypto space as compared to those who were not in banking.
A Greater Risk Investment
The research has revealed that many of the respondents see Cryptocurrency being a riskier form of investment as compared to other types of investments like real estate, the stock market, and government bonds.
An IMG behavioral scientist, Jessica Exton, has stated that for many people, Cryptocurrency is an ideal investment but, that notwithstanding, there is also an increased interest in digital currencies. She also said that digital currency is viewed as a greater risk investment because of its volatility. She added that a stabilization in the Crypto sphere might boost the confidence of many and increase investment in this area.
ING’s economist on global markets, Teunis Brosens, has said that Cryptocurrency has a better chance of being successful in countries whose traditional financial system have become less reliable and efficient. He used the Dutch market as an example, stating that since they have a cheap domestic payment system that is very reliable, they tend to be more skeptical about the future of Cryptocurrencies.
This report has come at a time when the Crypto space is experiencing a downturn in the market. Most Cryptocurrencies are in the red, with Bitcoin’s price going down by 7.49 percent and Ethereum down by 13.01 percent. Ripple’s XRP and Tron has surprisingly been resilient in this market with both registering 11.28 and 11.24 percent drop respectively.