Over the past three years 30% increase in the number of people knowledgeable about bitcoin, the 27% who consider it to be a positive innovation, and 29% of those who trust him more than big banks. 43% of respondents (of which 59% are Millennials) believe that bitcoin will be massively used in the next decade. At the same time, 44% of Millennials believe that are likely to purchase bitcoin in the next five years. These are the findings of fresh research information platform The Tokenist. The experts analyzed the changing attitudes to bitcoin that took place in the year 2017. The results are encouraging and instill confidence in the imminent mass adoption of cryptocurrency. In the material compare data from several other surveys — they are not as bright, but also indicate growing confidence in digital assets.
The methodology of the survey The Tokenist and findings of previous studies
In April 2020 The Tokenist interviewed 4852 people aged 18 to 65 years from 17 countries. The researchers asked respondents the same questions as the authors of the studies conducted by the BlockChain Capital, and BankRate eToro in years 2017-2019.
The Survey BlockChain Capital. In October 2017, were interviewed more than 2112 Americans over the age of 18. Most of the data this study used The Tokenist analysts for comparison with the results of the survey, which will be discussed further.
The BankRate Survey. In July 2018, the company interviewed 1,000 Americans 18 years and older. The results showed that only 2% believe bitcoin and cryptocurrencies the best investment, and 32% preferred crypto-assets as shares.
The survey eToro. In April 2019, was interviewed 1,000 Americans aged 20-65 years. The study confirmed the conventional wisdom that Millennials — the target audience of the stock market. 43% of them stated that they have more faith in crypto than in the stock market (among people over 30 years of those only 23%), 71% are ready to invest in cryptography through traditional financial institutions, half of investors consider the opportunity to add digital currency retirement savings.
The authors of this survey refer to a similar study by Provoke Insights, in which 59% of respondents-Americans, including the older generation, said it was ready to invest in cryptocurrencies, if they are offered by traditional financial institutions. As you can see, American private investors have long been considering crypto-currencies as valuable asset, but are willing to invest in it only subject to strict regulation and protection of the state.
The Tokenist analysts recognize that data are not complete. They rightly recognize the fragmentation and incompleteness of all available polls, and why they show such different data. Therefore, an accurate picture of changes in public opinion about bitcoin and cryptocurrencies to is difficult. But experts The Tokenist confident that their data reflect the General trend.
The results of the survey The Tokenist
Let us consider the main results obtained by The analysts Tokenist in the survey.
- In three years increased the number of people who prefer bitcoin to traditional assets. More than 45% of respondents would prefer to have bitcoin instead of stocks, real estate, and gold is 13% more than in 2017. And among the Millennials, the proportion is 92% as compared to 68% previously.
A comparison of the preferences of bitcoin equivalent of $1000 other assets (here and below from left to right in the diagram): government bonds — increased from 18% to 38%, shares decreased from 14% to 12%, real estate rose from 12% to 17%, and gold rose from 8% to 16%. Here and below black data 2017, blue — 2020. Among the Millennials, these data above. Source.
- From 30% to 61% increase in the number of people in varying degrees, familiar with bitcoin, 2% to 6% the number of respondents owning or possessing them. Among Millennials the number of familiar with the PTS people has increased from 42% to 78%, and the owners of the coin — from 4% to 14% (with 44% of Millennials believe that buy MTC over the next five years). Even more strikingly, a 51% increase in the number of people over 65 who are familiar with the PTS. The study authors suggest that this is due to the increasing mention of bitcoin in the media and increased support of coin from trade.
The comparison of the responses to the question «How well are you familiar with bitcoin?». The response options: «own or owned a VTS», «knowledgeable», «somewhat familiar», «something heard,» «never heard of him.» Source.
- From 33% to 60% increase in the number of people who agree that bitcoin is a positive innovation in financial technology.
The comparison of the responses to the question «How much do you agree or disagree with the statement that bitcoin is a positive innovation in financial technology?». Possible answers: «strongly agree», «rather agree», «rather disagree», «disagree», «strongly disagree». Source.
- From 18% to 47% increase in the number of people who trust the PTS more than the big banks. Among the respondents, the Millennials of 51%, and among older people — only 7%. The Tokenist analysts suggest that this increase in confidence in bitcoin caused by the increased adoption of military-technical cooperation and the recent stock market volatility.
The comparison of the responses to the question «What is more secure: bitcoin or the big banks?». Source.
- The belief that bitcoin will become a widely used currency, has increased over the past three years. From 28% to 43% increase in the number of respondents (from 44% to 60% of Millennials) believes that most people will use bitcoin in the next decade. These shifts are probably the result of the increased support the first cryptocurrency among retail companies, primarily large retailers. However, respondents have maintained a prejudice about the nature of the first cryptocurrencies. From 46% to 37% reduction in the number of respondents believing that bitcoin is a bubble. And among the Millennials believe only 24% and among the older generation — 50%.
In General, the authors of the survey along with its results as «striking».
«We found an increased awareness and growing confidence in bitcoin among all respondents age and gender groups. This effect was most pronounced among the respondents-the millennial…», — the document says.
The Tokenist analysts believe that the growth of interest and trust to bitcoins on the part of Americans contributed to the crisis caused by the pandemic COVID-19, and unprecedented measures of support of economy from the Federal reserve (fed). States hard to survive the impact of the virus: the unemployment rate rose from 3.5% in February (the minimum value for half a century) to 15% in April (a record performance since the great depression).
A bear market does not reduce the credibility of bitcoin
The Tokenist data are in good agreement with the data of the survey the Harris Poll. Analysts polled Americans in October 2017 and April 2019 and compared the performance. Here’s how to increase the number of respondents and their attitude towards cryptocurrencies for two years:
- Awareness of bitcoin has risen from 77% to 89%;
- From 2% to 11% increase in the number of owners of MTC;
- From 34% to 43% increase in the number of respondents who believe bitcoin is a positive financial innovation;
- From 28% to 33% increase in the number of those who believe that bitcoin will be widely disseminated within the next 10 years;
- From 19% to 27% increase in the number of respondents who believed that the buy bitcoin in the next five years.
Given that the first survey was conducted during a bull market, and the second on the bear, researchers were sure to note the decline in the credibility of bitcoin. However, despite a long bearish period, positive sentiment towards bitcoin in the United States has increased significantly in all age groups. But most of all, awareness of bitcoin and the willingness to invest in it increased among people aged 18 to 34 years.
Europeans are wary of cryptocurrencies
In 2018 ING Group, a Dutch financial conglomerate, interviewed nearly 15,000 people in the United States, Europe and Australia:
- 55% of respondents had heard or were familiar with bitcoin, up to 10% have owned or own cryptocurrency (in Turkey — up to 18%).
- 35% of Europeans believed that cryptocurrencies are the future of money.
- 25% were going to buy cryptocurrency in the future.
- 23% were willing to use them in everyday spending.
The majority preferred the traditional digital assets, 30% would never have invested in the cryptocurrency.
The research ING Group, conducted in August 2019, and will cover 12 countries, noted the weakening of people’s faith in cryptocurrency. The least trusted bitcoin Austrian residents — only 13% against 20% in 2018, despite the fact that the country has ranked first in awareness of the first cryptocurrency. Only respondents from Turkey, Poland and Romania have maintained optimism about the digital assets. So, in Turkey, 62% of respondents are confident in the successful development of bitcoin and 30% are willing to receive it as salary.
Statistics of respondents by country who believe in cryptocurrency, according to ING Group. Source.
Exchange bitFlyer Europe interviewed 10,000 Europeans from 10 countries in 2019 and 2020. During the year the number of people who believe that the cryptocurrency is not going anywhere for the next 10 years increased from 63% to 66%. While in the long term existence of bitcoin believe only 49% and use it for investment only 7%.
Statistics of respondents by country who believe in the existence of a cryptocurrency for the next 10 years, according bitFlyer Europe for 2019 and 2020. Source.
Cryptocurrencies in Russia is still unpopular
As for Russia, there is growing awareness about cryptocurrency, but they’re still unpopular.
In July 2017, according to the National Agency for Financial Studies (NAFI), in Russia, only 28% of respondents heard something about cryptocurrency. 38% of respondents considered their purchase a good investment, and among the Millennials of these people 52%, and among University graduates — 44%. 39% considered digital assets unreliable purchase, 47% believed that cryptocurrencies are just a fad or a temporary phenomenon, but 31% saw them as the future of money. 48% believed that the ban cryptocurrencies is not necessary.
In 2018, the survey conducted by private research holding «ROMIR» showed that some idea about the digital asset is already at 44% of the respondents, but can you explain what that is only 13% (48% of whom are under the age of 31 years) and are ready to buy — 11% already own asset — 2%. The survey revealed a relationship between age and income of the respondents and their trust in cryptocurrency: the younger and wealthy the respondents, the more he was inclined to trust them. The study authors noted that the Russians, despite the increase awareness, continue to keep in relation to digital assets an unfortunate skepticism.
In early 2019, according to the information resource «Uncatalog» about cryptocurrency already heard 70% of the respondents, 23% were well acquainted with it. Among respondents with an income of 70 000 rubles per month, this share was 37%, and among earn up to 10 000 rubles is only 15%. 54% of those who know about the crypto currency ready to store savings in them, but 49% of them — a small amount, and only 5% of all savings. 14% of respondents had experience of trading digital currencies, 10% — owned by them at the time of the survey. As a temporary phenomenon of the digital assets took 36%, the same considered them unprotected method of investment, 21% regarded them as fraudulent the pyramid, 13% — as a means of money laundering. 65% believed that crypto-currencies will not be included in daily life, 70% do not believe that they are able to replace Fiat money. It is encouraging that at the same time, 29% believed that the crypto-assets provide independence from banks and the state, 27% believed their future monetary system.
According to «Kaspersky Lab», in the beginning of last year only 37% of Russians knew what cryptocurrency is, though not everyone understood how it works. 42% of our compatriots have not used crypto-assets, and was not going to do it in the future. Only 6% have ever owned cryptomelane.
However, according to all-Russia centre of studying of public opinion (VTSIOM) in April 2019 what is a bitcoin know 59% of Russians, 18% had heard the term. Among people up to 24 years with higher education and inhabitants of capital whom there are up to 75%. However, the actual knowledge of the PTS remain weak. Unfortunately, the popularity of cryptocurrencies in Russia is not yet won: 65% of respondents believe the investment in VTS is a bad idea (recall that according to the NAFI in 2017 this figure was only 39%), buying coin only 2%.
Data for 2020 yet. But, judging by the trends, most Russians still belong to the cryptocurrencies with suspicion and ill know them.
Institutionally recognized cryptocurrency assets
In 2017 institutionalism did not pay much attention to digital assets. It is noteworthy that, according to the survey brokerage firm Triad Securities held in November 2017, 39% of institutional traders thought the bitcoin bubble which will inevitably burst. But the development of the market has changed — the interest of the largest investors in crypto-currencies is steadily growing.
So, according to a recent Fidelity survey, Digital Assets, crypto units of Fidelity Investments, held from November 2019-March 2020:
- 80% of the 774 respondents of American and European investors believe the cryptocurrency attractive asset for investment;
- 60% believe that digital assets can be in their portfolios;
- Currently they invested 27% of investors from the US and 45% of investors from Europe.
It is noteworthy that 25% of European investors have a positive attitude to the fact that some digital assets are free from state intervention, while among American investors of those only 10%. The survey, conducted by Fidelity in the previous year (not including European investors), showing that the cryptocurrency was considered attractive and about 80% of the investors surveyed, 47% believed that they should be in their portfolios, but they had only 22%.
In 2018 Fidelity surveyed 905 institutional investors from 25 countries and 80% of them expressed the hope that by 2025, the blockchain and similar technologies will dramatically change the industry.
Unlike regular users, and far from cryptomeria people change the relationship of institucionales to digital currencies to follow much easier. Over the past three years for them appeared a regulated market, and developing infrastructure: financial company in the race to launch platforms and services for institucionales appeared custodial services, in pursuit of the company’s clients are fighting for the main role of the Prime broker industry, the volume of institutional investments grow in the market many reliable ways to purchase MTC, has repeatedly raised the issue about the launch of a crypto-ETF.
Themselves institutional investors no longer consider bitcoin as a bubble — now it is a tool of portfolio diversification during the crisis, and hedging inflation.
The data are encouraging with respect to the mass adoption of cryptocurrency. Young people under 30 and people with higher education and stable income is the most loyal and interested audience of digital assets. As addressing regulatory issues and coming to the stock market traditional financial companies, they will use crypto-currencies and invest in them more.
It is also important that faith in the traditional financial system weakens for over 10 years, and pandemic COVID-19 only accelerated this process. Bitcoin emerged in the Wake of disappointment in the banking system, as well as other cryptocurrencies may become the main beneficiaries of this trend.
But more eloquent about the growth of confidence in the cryptocurrency, says the number of users.
The chart shows the number of users wallets Blockchain.com (in millions) worldwide from the third quarter of 2016 to the first quarter of 2020, according Statista.com. Source.