ING Study: Cryptocurrency Ownership Expected to Double in Major Countries

Despite falling prices, the future prospects for cryptocurrencies becoming mainstream investments looks bright.  

According to a new study conducted by ING Bank N.V. interest and ownership in cryptocurrency is expected to double in the following countries: Austria, Czech Republic, Luxembourg, Germany, Italy, Netherlands, Poland, Spain, Romania, Spain, Turkey, United States, United Kingdom, and Australia.

The study was conducted between March 26th and April 6th and found that only 9% of Europeans and 8% of Americans currently owned cryptocurrency.  Of the people surveyed that do not own cryptocurrency, 25% of Europeans and 21% of Americans said that they expect to own cryptocurrency in the future. 

The study also concluded that Europeans in specific are divided on the best use and future impact that cryptocurrencies will have. 23% of those surveyed said that they would consider using cryptocurrency to pay for everyday items, like coffee or groceries.  In regard to online purchases, 30% of Europeans surveyed said that they would pay for items purchased online with cryptocurrency.  46% of Europeans said they felt that cryptocurrencies were significantly riskier investments than buying shares of a company.

People residing in lower per capita income countries were more likely to consider making purchases with cryptocurrency, likely due to less robust financial infrastructure and greater rates of inflation with their currencies.  Turkey’s population was the most open to using and purchasing cryptocurrency, with 49% of the surveyed population saying that they expect it to be the future of investments.

Another interesting trend is that people are most likely to turn to specialist websites to gain knowledge about cryptocurrency before investing.

Although interest in cryptocurrencies is stronger than ever across the globe, Google searches for Bitcoin have fallen since the beginning of the year.  Researchers at DataTrek said that this decline is directly related to the price decline.