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Bitcoin (BTC) Gaining More Public Trust Amid Waning Confidence in Banks: Survey

A survey of 4,852 individuals in 17 countries reveals a growing confidence in Bitcoin (BTC) as public trust in financial institutions and traditional assets wanes.

According to The Tokenist, which conducted the poll in April, knowledge and confidence in the leading cryptocurrency has increased over the past three years. More than 45% of those who participated in the survey say they prefer to invest in Bitcoin over stocks, real estate and gold.

The survey also found that 47% of the respondents now trust Bitcoin over big banks, marking a 29% increase since 2017.

Source: The Tokenist

Gains in public trust for Bitcoin are most dramatic among male Millennials. More than half of the respondents in this demographic group say they prefer owning BTC over government bonds.

Confidence in Bitcoin’s future is particularly high among young respondents. The survey shows that 59% of Millennials think that most people will be using the king coin within the next decade.

Traditional banking institutions, on the other hand, see a different trend. Public confidence in assets like stocks and bonds dropped over the past three years. The recent volatility of assets held by big banks and increased professionalization of the crypto industry have likely contributed to the trend. The report says the waning confidence in financial institutions stands to benefit Bitcoin.

“This growing confidence is demonstrated by an enormous increase in public confidence towards BTC as an asset class.”

“Perhaps compounded by the recent COVID-19 market fluctuations, we see the BTC narrative strongly supported whenever central banks print money.”

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