bitFlyer: Confidence in Cryptocurrency Increases Across European Populations Year-On-Year Despite Ongoing Coronavirus Crisis

bitFlyer: Confidence in Cryptocurrency Increases Across European Populations Year-On-Year Despite Ongoing Coronavirus Crisis

bitFlyer Europe, the European arm of the world’s largest bitcoin exchange by trading volumes, has released the results of its annual Crypto-Confidence Index. Built from a consumer poll of 10,000 respondents across 10 countries in Europe, this is the second year of the index which demonstrates the levels of confidence in European populations that digital financial assets will continue to exist in 10 years’ time.

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With the poll to create the Crypto-Confidence-Index taking place annually in March, this year’s survey was conducted during the continuing height of the 2020 COVID-19 pandemic outbreak – a time during which the value of assets both traditional and novel has been unstable. Despite this, confidence in cryptocurrencies across Europe has increased 3% versus the 2019 results, and in nine out of the ten countries polled.

Perhaps even more surprisingly Italy, amongst the countries hardest hit by the novel coronavirus in March 2020, was found to be leading the pack when it comes to the most optimistic countries confident in the future of cryptocurrency, with almost three-quarters (72%) believing they will still exist in some form in 10 years’ time. Italy is closely tailed by the Netherlands and Poland, 70% of the populations of which believe in a future for digital financial assets.

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Looking at the UK specifically, it is the only country other than Norway in which population confidence in the future of cryptocurrencies decreased versus 2019. It is worth noting, however, that the decrease is by only 1%, and well over half (56%) of the population still believe that digital currencies will exist in some form by 2030. This increases to 61% when looking at the 18-44 age group specifically.

In addition to asking respondents whether they believe bitcoin will still exist, the study also dug deeper to uncover what consumers think the real use cases for bitcoin will be in future and how cryptocurrencies will solidify their place within their respective market. The results show the majority are still very much uncertain.

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