Europeans ‘believe Bitcoin is here to stay’

Two thirds of Europeans have faith that cryptocurrencies will still exist in 10 years’ time, however the majority are still uncertain to how they will be used.

The research, commissioned by Bitcoin exchange bitFlyer, polled 10,000 respondents across the UK, Belgium, Denmark, France, Germany, Italy, Netherlands, Norway, Poland and Spain.

It revealed that Norway was the most optimistic country confident in the future of cryptocurrency, with almost three-quarters (73 per cent) believing they will still exist in some form, while in France, only 55 per cent believed in the longevity of crypto’s existence.

Only eight per cent Europeans believe Bitcoin will be fully ingrained into society as a form of currency in 10 years’ time, with just seven per cent thinking it will be used as a security or investment.

Breaking this down by country, Poland and Italy topped the countries which believe Bitcoin could become a form of currency, at 10 per cent, while in the UK just six per cent believe Bitcoin will become a form of currency in the future.

Andy Bryant, chief operating officer at bitFlyer Europe, said the results indicate that the reputation of cryptocurrency has moved beyond hype and become more established. “It’s very easy to forget just how new cryptocurrencies still are; we’ve only just celebrated bitcoin’s 10th birthday, so for the majority of consumers to believe in crypto’s future is without a doubt an achievement.

“The next step is for the industry to better promote the benefits and use cases of cryptocurrencies to consumers, so that people understand how they will come to be used in society,” he added.

According to the study, fewer Europeans have confidence in Bitcoin existing in 10 years’ time (49 per cent) than they do other cryptocurrencies (63 per cent).

Bryant noted that the fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

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