ING: Austrian Investors Slow to Adopt Cryptocurrencies
A newly published report conducted by ING regarding international cryptocurrency adoption, in countries the Dutch Bank operates, sees Austrians as the least positive country when it comes to Bitcoin and other digital assets.
In fact, only 13% of Austrians would consider investing in Bitcoin, compared to the 83% of Americans who already are involved directly or indirectly in the crypto sphere, making Austrians look like the most conservative country when it comes to new investments.
The report was based on 12 countries surveyed in the European region, Australia as well as the United States of America, where ING holds a strong presence offering monetary solutions through its banking network.
From worst to worse
The survey shows that Austrians’ attitude towards Bitcoin and other cryptocurrencies has become even worse compared to last year, where a decent 20% of Austrians would consider investing in Bitcoin in 2018.
Furthermore, the survey suggests that there is a pattern in Europe where most countries are being skeptic this year, due to the 85% drop in terms of value of the most popular cryptocurrency, with Turkey, Poland, and Romania being a few exceptions.
The ING International Survey indicates clearly that Austrians are mostly investing in payments security, and traditional investments, while keeping a distance from what they consider as volatile assets, based on fluctuation movements.
The ING experts that conducted the survey also indicate that only 5% of Austrians are getting paid in cryptocurrencies, in opposition to Turkey where as much as 36% of the salaries are compensated in crypto.
Even bank accounts that welcome digital assets are not being used by their respective owners, with the Alpine republic being the most conservative in terms of monetary investments.
High rejection because of much knowledge?
A part of the study was focusing on the level of knowledge regarding digital assets, and compared to the other countries surveyed, Austrians know more than the average person about digital currencies, making their views on cryptos a little bit more surreal.
ING implies that one possible explanation for the limited love expressed when it comes to cryptocurrencies in Austria, could be the level of knowledge they have on the subject.
Well, I’m kinda trying hard to believe that with no results. Being a member of the European Commission’s Blockchain Observatory, a writer for multiple crypto-focusing outlets, and an advisor for various blockchain-powered projects, I can tell you that I have met not one single person that understands with certainty the true genius of blockchain technology.
Obviously, most people would treat Bitcoin as an alternative monetary system with economic value, but if that’s the best they can understand about blockchain technology then their knowledge is strictly limited.
Thankfully, the ING survey also cites that their knowledge is mostly generated by traditional media such as TV, newspapers, financial blogs etc, therefore their stance would actually make some sense.
On one hand, it is disappointing reading that some of the strongest economies worldwide are choosing to be left behind from what’s yet to come.
On the other hand, it is more than just exciting to see that more and more governmental organizations, banking institutions and accredited investors are realizing the vast potential of blockchain technology itself, leaving aside Bitcoin and it’s value.
Are you an Austrian when it comes to cryptocurrencies? If not, let us know what attracts you the most in the distributed ledger scene in the comments’ section below.