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Dutch Banking Giant ING: Cryptocurrency to More than Double in the Future

Cryptocurrencies got an unanticipated boost recently after a comprehensive study by Dutch banking giant ING that found out that digital currencies are slowly moving towards public acceptance with over a third of respondents claimed that digital currency is the future of spending online. The study was conducted by market research firm Ipsos between March 26 and April 6.

The study themed ‘cracking the code on cryptocurrency.’ was completed in the U.S., Europe and Australia with over 15,000 respondents.  The research revealed that the interest in the cryptocurrency is expected to more than double in the future.

As per the study, only 9 percent of respondents in Europe own any form of cryptocurrency while 25 percent indicated that they anticipate possessing a cryptocurrency.  In the U.S. 8 percent of the surveyed owned cryptocurrencies, however, 21 percent said they expected to hold some in the future. Turkey enjoyed the highest level of crypto ownership with 18 percent the lowest (4 percent) is in Luxembourg

Notably, the most startling findings from the study were that 15 percent of the surveyed said they would consider receiving their wages in bitcoin or other digital currencies, despite their high volatility.

According to the survey, about 66 percent of Europeans respondents had heard of cryptocurrencies compared to 57% in the U. S. The highest percent (70 percent) of cryptocurrency awareness is reported in Australia, while the lowest (38 percent) is in  Belgium.

The research revealed that about 69 percent of the respondents using mobile banking services had heard of cryptocurrencies compared to 59% of respondents who don’t access mobile financial services.

 Europeans preferred specialist’s websites and financial advisors more than family or friends.  According to the survey, 21 percent of European respondents trusted financial advisors while 8 percent favored the input of friends and family

The study from the bank comes at a time when Bitcoin is lingering at its lowest price in 2018 after falling below the $6,000 mark on Sunday, June 24. Researchers have linked the drastic decline in its price following various hacks on the virtual currency exchanges and the underlying regulations.

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