Europe remains a very intriguing region when it comes to cryptocurrencies. Although the continent sees far less trading activity in general, the overall awareness levels are pretty significant. A recent study by ING confirms Europe may be the next prominent region for cryptocurrency adoption. Although these statistics seem promising, one has to keep in mind they only represent a sample of the entire European community.
Cryptocurrency Awareness Hits 82%
According to the findings by the ING International Survey, Europe is warming up to the concept of Bitcoin and alternative cryptocurrencies. Although it is difficult to say for sure if that is indeed marginally representative of the continent, it does show more and more people are finding out what Bitcoin is all about. Although knowledge about this industry might still be fairly limited at this point, one shouldn’t consider that to be a bad thing either. Once people show initial interest, progress can be made accordingly.
Based on the information those in the know have regarding the future of cryptocurrencies, there isn’t too much optimism to speak of. Just four in ten expressed very high expectations, whereas just over two in ten saw little to no future ahead for Bitcoin and altcoins. Surprisingly, almost one in three wouldn’t mind seeing cryptocurrency become the new way of online spending. Without more major merchants and service providers focusing on that particular aspect, such a shift will not occur anytime soon.
A Different Public Perception
One interesting tidbit of information in this survey is certainly worth paying attention to. In the survey, users are asked if cryptocurrencies are accepted by most stores. Whereas over one in three users had literally no idea how the current landscape looks, just over half of the respondents managed to answer this question correctly. That only confirms the public perception of cryptocurrency acceptance is quite different from what it truly is. Definitely an aspect of the industry which needs more focus moving forward.
Furthermore, nearly half of the respondents to ING’s survey seem to think there is a central body controlling cryptocurrencies such as Bitcoin and Ethereum, or they remain unsure as to how these currencies truly work. That is rather unusual, although it might also indicate consumers have grown so accustomed to the current financial structure, they can’t see anything else work out in the long run. With just 27% of respondents knowing the truth, it is evident there is still plenty of hard work ahead in the near years to come.
News and Online Research Dominate
Another intriguing aspect of this survey is finding out how European consumers try to stay on top of the developments in the cryptocurrency space. Most of them seem to rely on the news as the main source of information. Crypto enthusiasts around the world will gladly confirm the mainstream media have a certain bias toward cryptocurrencies, tokens, and assets. As such, it is not the most reliable source of information, but one can’t deny cryptocurrencies have gotten a lot more attention in recent years.
As far as other sources of information are concerned, it seems online research is the second-most popular method of approach. Social media seemingly plays less of a factor. That is a positive sign, as there is a lot of fake and wrong information being shared on social media these days. Friends and family are also valuable sources of cryptocurrency information. Very interesting findings altogether, although it won’t impact cryptocurrency prices all that much.