ING Bank Survey: European Consumers’ Interest in Owning Crypto Likely to Almost Triple in Future

Siamak Masnavi

A recent survey organized by Dutch banking group ING suggests that the percentage of European consumers that own cryptocurrencies is likely to almost triple in the future.

The ING International Survey aims to provide a better understanding of how people around the world spend, save, invest, and feel about money; it is carried out several times a year. This online survey, which focused on cryptocurrencies, was most recently carried between March 26th and April 6th.

14,828 people across 15 countries (about 1,000 per country) were surveyed; these countries were: Austria, Belgium, Czech Republic, France, Germany, Italy, Luxembourg, Netherlands, Poland, Romania, Spain, Turkey, United Kingdom, USA, and Australia. 

However, since 13 out of these 15 countries are in Europe, we are going to focus on the answers given by the European respondents.

It is worth keeping in mind that Bitcoin, which is the oldest and most well-known cryptocurrency, reached almost $20,000 around mid December 2017, but had dropped to about $7,000 around the time this survey was conducted.

Now, let's take a look at some of the more interesting findings from the European consumers:

  • 66% (77% of men and 55% of women) said they had heard about crypto. Perhaps, unsurprisingly, those already using mobile banking are more likely to have heard about crypto than those who don't.
  • 35% said that they thought that crypto was the future of spending online.
  • 32% said they thought that crypto was the future of investment.
  • Only 15% said that they would be willing to receive their take-home pay in crypto.
  • 70% said that they found gold and cash to be less risky than crypto.

The most interesting and surprising finding was that although only 9% of Europeans said that they already "own some cryptocurrency", a much larger number (25%), or one in four, said they "expect to own cryptocurrency in the future."

 

Featured Image Credit: "Bitcoin Crypto Coin Stock Photo" by "Crypto360" via Flickr; licensed under "CC BY 2.0"

Winklevoss Twins: Wall Street Has Been “Asleep at the Wheel” Regarding Bitcoin

Michael LaVere
  • Winklevoss Twins say Wall Street has been "asleep at the wheel" in acting on bitcoin.
  • Retail investors hold an advantage over institutions in the crypto marketplace. 

Cameron and Tyler Winklevoss, who founded the cryptocurrency exchange Gemini, said that Wall Street has been “asleep at the wheel,” in regards to bitcoin in their most recent interview. 

Sleeping on Bitcoin

Speaking with CNN Business on Aug. 22, the Winklevoss Twins explained the value of bitcoin as an investment, while giving their opinion on the risks of the cryptocurrency industry in comparison to the traditional financial sector. 

They were also critical of the established market’s slow acceptance of bitcoin and cryptoassets, claiming that Wall Street has fallen behind in that regard. Tyler Winklevoss argued that retail investors have had the edge of institutions in the market of crypto through their willingness to explore the new asset class. 

He continued, 

“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money. It’s still a retail-driven market, from day one [...] and a lot of people have done really well. Wall Street has been asleep at the wheel.”

In addition, the twins claimed not to be deterred by the high price volatility of bitcoin, and said the risk of missing out was much more compelling, 

“We had to invest because we were afraid of missing out, we couldn't miss out on this future.”

The twins also compared bitcoin to gold, which is becoming a more common financial analogy as investors and analysts view BTC as a digital store of value.