Survey: Nearly a Quarter of Brits Believe Cryptocurrency is the Future of Money
Cryptocurrency remains a curious subject for a majority of Britons as shown in a recent survey report released by ING — a Dutch-based banking group. Elsewhere in Europe, the survey reveals a significant crypto apathy as most respondents chose cash over digital currencies. Places like Turkey, however, show a massive level of interest in cryptocurrencies amid the continued decline of their fiat currency.
Crypto Education Low, Cash is Still King
According to the report titled “From cash to crypto: the money revolution,” only 21 percent of Britons think cryptos can replace cash. One reason for this low percentage of belief in the value proposition of crypto might lie in the lack of crypto education.
Commenting on the matter, Jessica Exton, a behavioral scientist at ING remarked:
“People aren’t clamoring to understand the details of how cryptocurrencies work, or even what they are. While small groups are enthusiastic about their future use of cryptocurrencies, everyday relevance and demonstrated benefits will be key to turning the crypto curiosity into a true money revolution.”
Several crypto proponents like billionaire venture capitalist and Twitter’s Jack Dorsey have said cryptos need to become easier to use. While the survey showed the UK being behind Europe based on willingness to adopt cryptocurrency, the report does state that cash is still the firm favorite of many in the region.
More than half of the respondents in Europe said they would prefer cash for everything from micropayments to rent and utility bills.
Even more telling, about 66 percent of respondents disagreed with the idea of integrating money transmission and social media. This revelation is yet another example of distrust Europe has for the involvement of companies like Facebook in the financial market.
Massive Cryptocurrency Adoption in Turkey
The ING survey did also present further evidence for the significant increase in cryptocurrency adoption in Turkey. At 62 percent, the country had the highest level of positive attitude towards cryptos in keeping with previous ING surveys.
Part of the appeal of crypto in Turkey appears due to the difficulty in obtaining forex amid a currency situation that continues to worsen. There are even fears that the government may institute strict capital controls making access to forex even more difficult.