Surveys about citizens’ views on cryptocurrencies are always interesting. The new ING survey reveals a noticeable European discrepancy.
ING publishes public survey on digital coins
First a caveat: surveys are often double-edged. Like statistics, consumer polls require careful reading and interpretation. That applies to studies on public enthusiasm for cryptocurrencies such as Bitcoin and Ethereum as well. Still, the findings about interest in digital currencies are worth noting. In November 2018 we reported on skepticism among German citizens toward crypto after a consumer protection survey. At the end of May a GlobalCoin poll highlighted strong interest in the U.S. for Facebook’s Libra. In this instance, the well-known bank ING asked citizens across 15 countries what they think about Bitcoin and other cryptocurrencies.
Cryptocurrencies face an uphill battle in Austria
The results of the direct bank’s recently published survey are mixed. Respondents included people from two different European states, plus participants from the United States and Australia. Here we focus on some of the most important and perhaps surprising European findings. The survey shows that many people’s current views are far from enthusiastic. However, opinions vary considerably across Europe. About one-fifth of German respondents have a positive view of cryptocurrencies such as Ripple. In Austria that share is only 13 percent, making the country the lowest-ranked in the analysis. Additionally, the share of people who believe coins will be used as payment in the future stands at 17 percent in Austria — three percentage points below last year’s result on the same question. On the other hand, Austria does have a thriving blockchain sector.
More interest in countries with weaker economies?
Support dropped by a similar margin when participants were asked whether Bitcoin, Litecoin and other tokens are suitable as an investment class. In Austria that figure falls to 14 percent. By contrast, countries such as France (24 percent), Italy (28 percent) and Spain (30 percent) show stronger positive responses. Even higher acceptance appears in Romania (44 percent) and Poland (43 percent). The strongest positive sentiment was recorded in Turkey, where 62 percent of respondents view digital currencies favorably. Thirty-six percent of Turkish participants said they could imagine receiving wages in Bitcoin. What can be inferred from these results? While the survey does not prove causation, the pattern suggests that people in economically weaker countries may be more open to cryptocurrencies and therefore more willing to open wallets and invest. Turkey is a clear example, having experienced substantial depreciation of the lira for many months.
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