The levels of confidence in European countries in cryptocurrencies are on the rise amid the global impact caused by the COVID-19 pandemic. A recent poll on the matter concluded that 66% of Europeans believe digital assets will still exist and have a role in the next ten years.
The poll conducted by the popular cryptocurrency exchange, bitFlyer, surveyed 10,000 people from 10 European countries on their opinion and views on the future of digital assets.
Interestingly enough, the poll took place in March – during the most vigorous price developments in the cryptocurrency market. Despite some of them losing up to 50% of their value, nine out of ten surveyed countries have showcased more confidence now compared to the 2019 results.
The data becomes even more compelling when it’s broken down into different countries. Italy, the most affected European nation in terms of deaths prompted by the COVID-19 pandemic, expressed the most optimistic opinions on digital asset usage. 72% of Italians participating in the poll noted that cryptocurrencies will have a role in 10 years.
Next on the list came the Netherlands and Poland with 70% each. Spain (68%), Denmark (66%), Germany (64%), Belgium (64%), and France (60%) have all recorded increases this year.
The UK and Norway are the only countries in which the confidence in the future of digital assets has dropped versus 2019. In both cases, however, the decrease is quite insignificant – by only 1%.
When it came down to determining the exact role of cryptocurrencies, and Bitcoin in particular, in the upcoming financial scene, the results of the survey were a bit less optimistic.
For instance, only 9% of Europeans believe that the primary digital asset will be fully ingrained into society as a form of currency within the next ten years. Yet, it’s still an improvement from last year when the result was 8%.
Another 9% said this year that BTC will be utilized as a security or investment option – versus 7% in 2019.
Andy Bryant, bitFlyer Europe COO, said that the results are “pleasing” since they are increasing even in times of economic uncertainty. He also added that people could seek alternatives to traditional financial systems due to the current economic hardship. As such, the cryptocurrency industry could benefit considerably by displaying its merits.