Banking Giant ING Bullish on Bitcoin

Dutch banking giant ING has released an economic report that shows more than a third of people (of those surveyed) think cryptocurrency is the future of online commerce, with a similar proportion indicating that they also think it is the future of investing.

ING’s Bitcoin Optimism

The report found one in ten Europeans are currently in possession of cryptocurrency, and a large sixteen percent of people expect at some point in the future they will own them.

As the price of Bitcoin tends to reflect people’s interest in the cryptocurrency closely , this suggests despite the current downturn, the price could soon see an uptick. Great news for BTC holders, who are currently sitting through another of the characteristic declines, the pioneer cryptocurrency having slipped over 70 percent from highs in late December.

The report, which surveyed nearly 15,000 people across 13 countries, indicates that bit by bit, cryptocurrencies are creeping into mainstream consciousness, with more and more people becoming aware of, and expecting to one day use, the likes of Bitcoin, Ethereum, and Ripple.

As for those who already know about the technology, the research indicates that, unsurprisingly,   two out of every three people (66 percent) in Europe have heard of the technology, and higher numbers of males report an awareness (77 percent) than females (55 percent).

Interesting Survey Results

Age, however, was found not to be much of a factor, and the results indicate that younger age brackets and older age brackets all have a similar likelihood of having heard about cryptocurrency, with there being little difference between all age groups.

Another surprising finding was that around 15 percent of those surveyed said they would actually consider being paid in bitcoin.

Jessica Exton, a behavioral scientist at ING, said:

“Cryptocurrency remains an abstract investment for many” there may be “more appetite for digital currencies than some might suggest […] On our survey, ownership of cryptocurrencies could more than double in the future – although we do not know when… The volatility of cryptocurrency carries with it both positives and negatives, on the plus side it can increase awareness but may also mean people view digital money as a relatively risky asset. If cryptocurrency stabilizes there may be increased interest.”

(Source: ING Survey)

Teunis Brosens, an economist of global markets at ING, also commented on the survey, stating that cryptocurrency holds “the most promise in countries where the traditional financial system is less efficient.”

“We find the Dutch, with a efficient and cheap domestic payment system, are most skeptical about the future of digital currencies,” he continued.