Cryptocurrency News

Europeans Believe Crypto Will last the Decade but Have Less Confidence in BTC: Bitflyer Survey

April 25, 2019
Saad Mohammad


Europeans Believe Crypto Will last the Decade but Have Less Confidence in BTC: Bitflyer Survey

A survey carried out recently reveals that a large percentage of Europeans believe that cryptocurrencies would still be around in the next decade. However, less than 50 percent of them are confident about Bitcoin lasting during that period.

Crypto would be around in a decade

Japanese cryptocurrency exchange, Bitflyer, recently carried out a poll amongst 10,000 Europeans. According to the survey results, 63 percent of them believe that cryptocurrencies would still be around in a decade.

The survey was conducted after Bitflyer gained a license to operate within the EU. The 10,000 residents were spread across different countries within the region with the aim of finding out how popular cryptocurrencies are on the continent.

The participants were from countries like Norway, France, Belgium, Germany, and a few others, with the researcher collecting responses according to country. The most important question on the survey asked the residents if they think cryptos would still be around in ten years.

The responses were positive as 63 percent of them believe the cryptocurrencies would be around by 2029. Norway had the highest number of positive responses, with 73 percent of the participants of the view that digital currencies will continue to be significant over the next few years. Italy, the Netherlands, Poland, Spain, Denmark, and Germany also recorded positive responses above 60 percent.

However, the UK, France, and Belgium had lower positive responses, at 59 percent or below. While commenting on this latest development, the COO of Bitflyer Europe, Andy Bryant, stated that the poll results show that a large percentage of the populace are looking past the previous cryptocurrency hype and believe that digital assets are becoming more established and will gain ground in the coming years.

He added that due to the positive achievements recorded so far, it is easy to forget that cryptocurrencies are new and Bitcoin celebrated its 10th birthday earlier this year. Bryant pointed out the majority of consumers are confident about the future of cryptocurrencies.

Europeans have less confidence in Bitcoin’s dominance

The survey results show that Europeans are not convinced about the long term dominance of Bitcoin in the cryptocurrency market. Only 49 percent of the respondents believe that Bitcoin will exist over the next decade.

Poland, Spain, Italy, the Netherlands, and Norway all had 50 percent or more respondents that expressed confidence in Bitcoin’s ability to lead the market. However, Denmark, Belgium, the UK, and France all recorded below 50 percent in this poll. In addition to that, only 7 percent of the respondents in Europe are confident that Bitcoin will remain an investment vehicle over the next ten years.

In Poland, only 11 percent of the residents believe BTC will exist as an investment over the next decade. Italy meanwhile had 9 percent, Germany with 8 percent, the Netherlands has 7 percent, Denmark, Spain, France, and Norway have 6 percent, and the UK has just 4 percent.

The poll results show that a large percentage of EU residents believe that cryptocurrencies will perform excellently over the next decade. However, they are not very optimistic about Bitcoin and its potential for growth during that period.

The fact that Bitcoin’s dominance is decreasing within the cryptocurrency space indicates that growth is being recorded by others. BTC enjoyed a market dominance over roughly 80 percent in seven years but dipped below the 60 percent mark two years ago and has stayed within that range.

The results of this poll provide an excellent data set as it shows the opinion of residents spread across major countries in Europe. It could play a role in determining the sentiment toward cryptocurrencies this year and beyond.