This post is also available in: Español
As institutions, companies, and individuals become educated about the blockchain, demand grows. However, as is common with trade, not all countries show equal interest even when considering a global internet-based form of money like bitcoin.
ING conducted an international survey, titled “Cracking the code on cryptocurrency”, the survey recorded a modest percentage of current adoption: 9% in the sample collected in 13 European countries, 7% in Australia and 8% in the United States.
66% of respondents in Europe admit that they have heard or read about cryptocurrency, about half in Australia (57%) and in the United States (70%).
67% of Spanish have heard of cryptocurrency, although only 10% currently have ownership. The survey also revealed that a quarter of Europeans have plans to purchase in the future, in Spain this percentage rises to 32%.
Jessica Exton, a behavioral scientist at ING and survey leader, said of the expectations of adoption:
“In our survey, we asked people if they had cryptocurrency and if they planned to have any in the future. 9% of people in 13 European countries said they already owned cryptocurrency, while 25%, more than twice as many, said they expected to buy it in the future. We don’t ask for the specific time frame, so we don’t know when that adoption will take place.”
Adoption in Europe and the USA
Poland and Austria show the highest exposure in the European countries, with 77% and 79% of people reporting having heard or read about this new technology. Luxembourg (66%) and Spain (67%) are the closest to Europe, while Belgium has the least exposure (38%) and the remaining 12 countries report on average more than 50% having prior exposure
To understand the respondent’s expectations of the future role of Bitcoin (BTC), questions were asked about whether BTC would be “the future of online shopping” and “the future of investment.” The European average of positive responses was 35% and 32%, respectively, while for the Spanish the expectations for these two roles for bitcoin are slightly higher: 38% and 37%, respectively.
According to the 44% of those who know about cryptocurrency but have not acquired any, the biggest deterrent is the perception of complexity.
Similar Studies conducted in the United States show the percentage of adoption is higher. Almost 40% of the millennials surveyed reported owning cryptocurrency, while in the case of Generation X, 24%. Among baby boomers, the percentage of those who decided to buy cryptocurrency is only at 15%. This distinction between age groups is notable, showing cryptocurrencies as a millennial phenomenon. The average millennial is now in their late twenties; they are at an age where they finally have disposable income for investments. It will be interesting to watch this correlation develop in countries around the globe.