Despite the fact that cryptocurrency has been “on the ropes” for much of 2018, its appeal continues to grow, so much so that the amount Americans and Europeans who own crypto is expected to double in the near future, according to a recent extensive survey by ING Group.
According to an extensive study recently carried out by Dutch business and banking multinational ING Group, interest in the nascent technology known as cryptocurrency is expected to double in the US and Europe in the near future. The survey, which covered Austria, Belgium, Czech Republic, France, Germany, Italy, Luxembourg, Netherlands, Poland, Romania, Spain, Turkey, United Kingdom, United States and Australia, revealed that the number of people in those countries who owned Bitcoin, Ethereum, Litecoin etc is set to double.
Considering that 2018 has been an “Annus Horribilis” for the cryptocurrency industry, with the majority of major digital currencies at or close to a 12-month low in valuation, ING’s survey comes as something of a welcome diversion, and one based upon facts and stats.
About The ING Group
The ING Group (Internationale Nederlanden Groep) is a Dutch multinational corporation who specializes in banking and financial services, and whose headquarters are in Amsterdam. The ING Group is a retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services powerhouse, employing 55,000 people, and catering to 38 million customers in 40 countries.
One of the wealthiest banking and finance corporations in Europe, ING bring in €18 billion in annual revenue, and has assets totaling just short of $1 trillion.
It is therefore somewhat surprising that such a traditional banking and finance company would want to carry out such an in-depth cryptocurrency survey, but ING have done just that, and its results are revelatory.
What The ING Survey Reveals
ING employed French global market research specialists Ipsos to carry out their survey/study, which took place between March 26 and April 6 of this year. Among the interesting stats and facts thrown up were:
- Just 9% of Europeans polled owned cryptocurrency, but a further 25% stated that they expected to become crypto owners in the near future.
- Surprisingly, the US fared even worse, and only 8% of Americans polled owned cryptocurrency, while a further 21% said they intended to purchase some in the future.
- In a major upset, it was Turkey who emerged as the most crypto-centric Western nation. Those Turks polled had the highest crypto ownership levels at around 18%. A further 45% expected to own some crypto in the near future.
Crypto/Financial Advice From Specialist Websites
While until recently when it came to money and finance, an individual might seek out the advice of an affluent family member or even the local bank manager, today’s generation are more likely to search for answers via a specialist website.
The ING survey revealed that 27% of Europeans turned to specialist websites for information and advice on investing in cryptocurrency, 21% would seek out a financial advisor, but only 8% would look for advice from family members or friends. As ING survey authors Jessica Exton and Fleur Doidge suggested:
“This may reflect a general feeling that the trend is complicated or hard to understand and therefore requires a specialist. If cryptocurrency eventually goes mainstream, this preference may change.”
Fans Of Mobile Banking More Crypto Savvy, Age Not An Issue – But Sex Is!
Fans of banking via their mobile devices were far more likely to be familiar with cryptocurrency than those who avoided “banking on the go” like the plague. 69% of regular mobile banking users were familiar with cryptocurrencies, 10% more than non-mobile banking users.
Age was not especially relevant when it came to crypto-awareness. While 69% of people polled aged between 25 to 44 were familiar with cryptocurrency, those polled aged 65 and above had an impressive 60% awareness level, suggesting a lucrative future “grey dollar/euro/pound” Bitcoin market.
Surprisingly, on average men were significantly more likely to have heard of cryptocurrency than women, with 77% of males polled crypto-savvy as opposed to a disappointing 55% of females.
Overall, the nation with the highest level of crypto-familiarity was Austria, with 79%, followed by Australia with 70%, while in Belgium just 38% knew what Bitcoin was. In general 66% of Europeans had heard of cryptocurrency, while only 57% of Americans knew what cryptocurrency was.