The APAC region isn’t the only continent confident in crypto. Blockchain adoption is expanding in Europe, along with bullish sentiments.
A recent set of studies published by bitcoin exchange bitFlyer, shows a high degree of consumer confidence in cryptocurrencies across Europe. The study polled over 10,000 people across several European countries, and found that approximately 63% of those interviewed believed in the long term potential of cryptocurrency and blockchain technology.
The study also covered public opinion on blockchain use cases. The poll shows that only a small proportion of poll takers had an opinion on what blockchain will be used for, with 8 percent believing that crypto will be a medium of exchange and 7 percent believing that crypto will be an investment or security.
According to bitFlyer’s announcement, Norway is the most optimistic about the future prospects of cryptocurrencies, with nearly three fourths (73%) of respondents bullish on the asset class. Furthermore, every country where citizens were interviewed showed a majority support, with France polling the lowest at 55%.
bitFlyer believes these results show a certain maturity in the market, suggesting that the cryptocurrency space has moved beyond a mere hype cycle, and that the technology is gaining legitimacy as a medium and store of value. Andy Bryant, COO at bitFlyer Europe, said:
“These results indicate that the reputation of cryptocurrency has moved beyond hype and become more established. It’s very easy to forget just how new cryptocurrencies still are; we’ve only just celebrated bitcoin’s 10th birthday, so for the majority of consumers to believe in crypto’s future is without a doubt an achievement.”Andy Bryant, COO at bitFlyer Europe
Also mentioned in the report, Bitcoin seems to garner less support in the European public eye, though still sits near the majority at 49%. This suggests that while Bitcoin may have pioneered the blockchain space, consumers are more confident in the emerging second, third and later generation blockchains. Bryant continued:
“The fact that bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility. We of course believe that bitcoin is here to stay, and while we’re encouraged to see the large majority of Europeans think the same, this research shows there is much more to be done to demonstrate to consumers the benefits of and use cases across all cryptocurrencies more widely.” Andy Bryant, COO at bitFlyer Europe
Despite rising public perception and growing extensive infrastructure, blockchain tech still remains in its infancy. Nonetheless, the level of consumer faith in this new asset class is a promising sign. While it’s impossible to tell what impact blockchain and crypto assets will have, more signs are pointing to the possibility of a worldwide digital revolution.
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