Business Wire

bitFlyer: Confidence in cryptocurrency increases across European populations year-on-year despite ongoing coronavirus crisis

Share

bitFlyer Europe, the European arm of the world’s largest bitcoin exchange by trading volumes[1], has today released the results of its annual Crypto-Confidence Index. Built from a consumer poll of 10,000 respondents across 10 countries in Europe, this is the second year of the index which demonstrates the levels of confidence in European populations that digital financial assets will continue to exist in 10 years’ time.

With the poll to create the Crypto-Confidence-Index taking place annually in March, this year’s survey was conducted during the continuing height of the 2020 COVID-19 pandemic outbreak - a time during which the value of assets both traditional and novel has been unstable. Despite this, confidence in cryptocurrencies across Europe has increased 3% versus the 2019 results, and in nine out of the ten countries polled.

Perhaps even more surprisingly Italy, amongst the countries hardest hit by the novel coronavirus in March 2020, was found to be leading the pack when it comes to the most optimistic countries confident in the future of cryptocurrency, with almost three-quarters (72%) believing they will still exist in some form in 10 years’ time. Italy is closely tailed by the Netherlands and Poland, 70% of the populations of which believe in a future for digital financial assets.

Looking at the UK specifically, it is the only country other than Norway in which population confidence in the future of cryptocurrencies decreased versus 2019. It is worth noting, however, that the decrease is by only 1%, and well over half (56%) of the population still believe that digital currencies will exist in some form by 2030. This increases to 61% when looking at the 18-44 age group specifically.

In addition to asking respondents whether they believe bitcoin will still exist, the study also dug deeper to uncover what consumers think the real use cases for bitcoin will be in future and how cryptocurrencies will solidify their place within their respective market. The results show the majority are still very much uncertain.

Almost 1 in 10 (9%) of Europeans believe bitcoin will be fully ingrained into society as a form of currency in 10 years’ time versus 8% in 2019, whilst 9% believe it will be used as a security or investment versus 7% last year.

Interestingly, Italy is also the country in which the biggest proportion of the population (12%) believes that cryptocurrencies will one day be used as mainstream currency, a 2% increase on the 10% of the Italian population who believed this to be the case last year. Italy has a 2% clear lead on any other country in believing in this purpose for digital currencies, with 10% of Polish respondents also believing that this could be the case. Conversely, only 5% of UK respondents believe in the potential of cryptocurrencies as mainstream currencies.

Overwhelmingly, however, Europeans are uncertain as to how cryptocurrencies might be utilised in the future, despite confidence in their continued existence. A quarter (25%) of respondents answered that they were certain that cryptocurrencies would still exist, but had no idea how they would be used, with this response being up 2% from 2019.

Andy Bryant, COO at bitFlyer Europe, said: “It is pleasing to see these results that indicate a slow but steady progression of cryptocurrencies into the mainstream consciousness. Although we might look at this as an achievement for digital currencies in spite of the challenging economic times we are facing, it is also worth considering that this may well be partly because of these times.

“It is interesting to see that countries like Italy which have been hit hard by the COVID-19 crisis are expressing more faith than ever in cryptocurrencies. As people face economic hardship, we can expect populations to seek alternatives to traditional financial systems. This is an important time for the crypto industry to demonstrate how cryptocurrencies and associated concepts such as decentralised finance can provide attractive alternatives or even substitutes for incumbent economic models, as we battle unprecedented financial times globally and look for novel solutions.”

Tables of results

Table 1: the percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time based on March 2020 poll:

1

Italy

72%

2=

Poland

70%

2=

Netherlands

70%

3

Spain

68%

4

Norway

67%

5=

Denmark

66%

6=

Germany

64%

6=

Belgium

64%

7

France

60%

8

UK

56%

 

Europe

66%

Table 2: the percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time based on March 2019 poll:

1

Norway

73%

2

Italy

68%

3=

Netherlands

67%

3=

Poland

67%

4

Spain

66%

5=

Denmark

63%

5=

Germany

63%

6

Belgium

59%

7

UK

57%

8

France

55%

 

Europe

63%

ENDS

Methodology

To create the annual bitFlyer Europe Crypto-Confidence-Index, surveys were conducted via Google Surveys, with the following question and response options posed to a pool of 1,000 people in each of the 10 countries: Belgium, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, UK.

Do you think bitcoin will still exist in 10 years’ time?

  • Yes, in mainstream use as a currency
  • Yes, but as an investment or security
  • Yes, but it will only have niche uses
  • Yes, but no idea how
  • No, but other forms of crypto will exist
  • No, something new will take its place
  • No, all cryptocurrency will not exist

The same question and answer options were used for each country, all translated into the dominant language for each country, with the exception of Belgium, where the question and answers were posed in French. Response options were displayed in random order. The full database of survey results is available upon request.

About bitFlyer EUROPE S.A.

bitFlyer EUROPE S.A. is a wholly-owned subsidiary of bitFlyer, Inc., a leading bitcoin and blockchain company based in Japan. The European office is located in Luxembourg and operates an exchange platform for European traders to buy and sell bitcoin. bitFlyer EUROPE S.A. corporate site: www.bitflyer.com/en-eu/

About bitFlyer, Inc.

bitFlyer, Inc. is the largest bitcoin and blockchain company in Japan. bitFlyer aims to revolutionize the FinTech sector using blockchain technology. Its work includes operation of the bitFlyerintegrated virtual currency platform, in-depth blockchain research, and the R&D of its original blockchain miyabi. bitFlyer, Inc., corporate site: www.bitflyer.com

[1] https://www.coinhills.com/market/exchange/rank-for/btc/

Contact information

Lauren Armour
Tyto PR
Lauren.armour@tytopr.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

New Data from the Phase 3 HELP Study Open-Label Extension Evaluate the Long-Term Safety and Efficacy of TAKHZYRO® (lanadelumab) in Reducing Hereditary Angioedema Attacks6.6.2020 10:05:00 EESTPress release

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced findings from two new interim analyses of data from the Phase 3 HELP (Hereditary Angioedema Long-term Prophylaxis) Study™ Open-label Extension (OLE). The analyses suggest that TAKHZYRO® (lanadelumab) is well-tolerated and can prevent hereditary angioedema (HAE) attacks over an extended treatment period, with sustained and consistent reduction in monthly attack rate across a range of different patient subgroups. The data are being presented at the 2020 European Academy of Allergy and Clinical Immunology (EAACI) Digital Congress. The original Phase 3 HELP Study was conducted in 125 patients aged 12 years and older over 26 weeks, making it the largest randomised, controlled prevention study in HAE, with the longest active treatment duration, to date.1 The HELP Study OLE was designed to evaluate the long-term safety (primary endpoint) and efficacy of TAKHZYRO for up to 2.5 years and was completed in Novemb

Next generation of DataOps, provided by Datalytyx, now available through Snowflake Partner Connect Program!5.6.2020 12:10:00 EESTPress release

Datalytyx today announced an expanded partnership with Snowflake, the Cloud Data Platform, that enables the next generation Datalytyx DataOps for Snowflake platform to be deployed for a 2 week trial on Snowflake. Customers can orchestrate the ingestion of data from many on-premise and cloud platforms via 3rd party data tools, model data easily, automatically test those models as part of their pipelines, launch AI/ML models and enable the consumption of data to deliver immediate stakeholder value. As a great example, in the midst of the Coronavirus pandemic, BOC, the UK market-leading gas supply company for delivery of healthcare oxygen, has faced unprecedented demand, from equipping Nightingale hospitals to delivering O2 cylinders in homes. Datalytyx have deployed their DataOps for Snowflake platform to help BOC manage their cylinder stock and logistics data, for all types of gases, to increase production efficiency and provide best-in-class customer service. “Datalytyx said they could

Pegasus Development AG: Green Light for Multiple Production Sites Worldwide5.6.2020 10:27:00 EESTPress release

Announcement: Expansion of the Pegastril-Nuevo production facility Under the leadership of board member Roberto Spano, the management of Pegasus Development AG has decided to further expand Pegastril-Nuevo production facilities. New production facilities will be set up at several locations across the world and the site in Turkey is being expanded. These investments will also create new jobs. The takeover and expansion of the following production facilities are planned in all 20 countries of Latin America, as well as France, Spain, Portugal, Greece, Cyprus, Nigeria, Ethiopia, Uganda, Tanzania, Mozambique, Angola, Mauritius, Guinea-Bissau, Cape Verde, São Tome, and Mongolia. The demand for disinfectants has skyrocketed as a result of the coronavirus. Especially high revenues are expected from products which are based on vegetable surfactants and are alcohol-free, such as Nuevo. This was the decisive factor in the management's decision to further expand the quantity and range of Nuevo pro

IDEMIA and BBVA Partner to Launch Spain’s First Payment Card Made of Recycled PVC5.6.2020 10:00:00 EESTPress release

IDEMIA, the global leader in Augmented Identity, is supplying the very first cards made out of recycled plastics in Spain to BBVA. The bank will first distribute the cards to their Spanish customers with a BBVA Youth Account in June 2020. This new payment card is a strong commitment from BBVA to contributing to the United Nations Sustainable Development Goals for the fight against climate change. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200605005037/en/ (Graphic: Business Wire) Each year, approximately 6 billion plastic payment cards are produced according to the 2018 Nilson Report1. In the context of the United Nations Sustainable Development Goals and the Paris Agreement, IDEMIA’s cutting-edge technology has been selected by BBVA, one of the largest banks in Spain, to migrate part of its existing first-use PVC cards to innovative recycled PVC cards. By the end of the year BBVA will enable more than half a million Spa

In COVID-19, Pudu Robotics Provides Non-contact Delivery Service in Hundreds of Hospitals Worldwide5.6.2020 10:00:00 EESTPress release

During COVID-19, hundreds of Pudu Robotics’ robot Pudubot is offering delivery service in hospitals worldwide. This non-contact delivery service by Pudubot helps avoid the spread of virus. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200605005095/en/ (Photo: Business Wire) After the outbreak of COVID-19, the pandemic with the characteristic of human-to-human transmission, a large number of hospitals and restaurants are seeking help from Pudu Robotics out of an urgent need for non-contact delivery. Pudu Robotics responded positively by devoting robots to several hospitals in Seoul, South Korea, Beijing, China, Wuhan, China and so on. Because Pudu Robotics’ robots are fully automatic, they can achieve the delivery process all by themselves, which reduces contact between people and effectively prevents the spread of the virus. Pudubot is equipped with multi-sensor and positioning and navigation technology. With large-capacity

EIT Digital: Strengthening European Digital Infrastructure and Data Sovereignty5.6.2020 07:00:00 EESTPress release

Recent discussions around access to 5G technology and COVID-19 contact tracing apps highlight the need for European digital sovereignty. In its latest policy perspective report on ‘European Digital Infrastructure- and Data Sovereignty’, EIT Digital offers a concrete scenario-based framework for digital policy development. The study provides an overview of policy motivations, trends, instruments, and the roles of various actors in defining the perception of and perspectives for Europe’s digital sovereignty. “What becomes clear is that we need coordinated action between the policy shapers at European and national levels and the makers from business and industry to create a sovereign European digital reality. Key are policies that enhance innovation and respect European values and rights while creating equal economic opportunity for all actors,” says EIT Digital CEO Willem Jonker. EIT Digital collaborated with the Digital Enlightenment Forum to execute the report. The study supports the d

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom