Financial institutions are convinced of this: cryptocurrencies will be completely democratized within ten years. And the general public seems to have the same vision, even if they still lack knowledge on the subject.
Most of the financial institutions currently operating in the UK believe that cryptocurrencies will be fully democratized in the next ten years. Nine out of 10 British institutions are convinced of this. Just like 81% of the surveyed French institutions and 82% of German institutions. These are the results of the Crypto Pulse study conducted by Bitstamp.
Financial Institutions Are Convinced Cryptocurrencies Will Be Fully Democratized Within Ten Years
Data sourced from over 250 UK institutions based on a Bitstamp survey of over 28,450 respondents, including 5,450 senior institutional investment strategists and 23,000 retail investors across 23 countries in North America, Latin America, Europe, Africa, Middle East and Asia-Pacific..
From a more holistic perspective, this study also shows that around 70% of institutional respondents in the UK trust crypto products, with 67% of banks, fintech companies and exchanges in the countries actively encouraging their clients to invest in crypto. Globally, 80% believe that cryptocurrencies will replace traditional investments. 70% of institutions already recommend crypto as an investment, and 71% have “high confidence” in crypto as an investment.
And the general public seems to have the same vision, even if there is still a lack of knowledge on the subject.
A survey of over 1,000 UK customers also found that 40% of them would be happy to buy their everyday products online or offline using cryptocurrencies. What’s more, almost half of consumers in the UK are convinced that cryptocurrencies will overtake traditional currencies in the next ten years.
That being said, there is still a lack of obvious education in the UK when it comes to investing in cryptocurrencies, with 45% of non-investors in the country cited as the main reason they don’t. “I don’t know enough.”Only 18% of respondents refuse it, being well informed on this issue.
According to Bitstamp CEO Julian Sawyer, “The adoption of cryptocurrencies and other digital assets is growing at an unprecedented pace. In recent years, cryptocurrencies have moved from the fringes of the financial ecosystem to the center of mainstream investment, and many major global events concern both retail and institutional cryptocurrencies. We have seen an increase in interest since the pandemic and crypto is now making its way into global macroeconomic conversations. Our research shows what we have been advocating for a long time: now is not the time to talk about the survival of digital assets, now it is all about evolution.”