Despite market instability, over the past three years, people have become better at trusting bitcoin and the cryptocurrency industry as a whole.
A comparative analysis of the data from 2017 to April 2020 showed that the number of people who trust Bitcoin more than traditional financial institutions and assets has increased significantly, especially against the backdrop of the COVID-19 pandemic.
Millennials like bitcoin more
Market research company The Tokenist conducted a survey among nearly 5,000 participants in 17 countries. She asked various questions regarding Bitcoin, the current financial situation in the world, people's trust in traditional financial institutions and other aspects.
Comparing this data with several previous studies, starting in 2017, the company found that participants began to trust Bitcoin more. For example, nearly half of respondents would now prefer to have $ 1,000 in BTC instead of bonds, real estate, and gold. Over the past three years, their number has increased by 13%.
If we talk about age groups, then millennials (young people born in the early 1980s and mid-1990s) show the greatest interest in the largest cryptocurrency by market capitalization. Meanwhile, according to another study, older people play an important role in shaping the demand for bitcoin.
“Although confidence in BTC declined slightly in the 65+ age group, among millennials it rose sharply in relation to three asset classes: government bonds, real estate and gold. However, there is a slight increase in confidence in stocks in relation to BTC, ”the study said.
Nevertheless, some investors recommend buying stocks and avoiding gold and bitcoin, motivating this by going to quality amid the economic crisis.
Will the world win from the spread of bitcoin
The Tokenist also asked all participants if Bitcoin is a positive innovation in financial technology. Apparently, this is a very relevant question, especially after indecisive answers in 2017. However, this time a lot more people “completely agree” with the positive influence of BTC.
“The attitude towards BTC is becoming more and more unequivocal and positive: 60% of respondents believe that bitcoin is a positive innovation in financial technologies, while the growth over three years amounted to 27%.
In 2017, 40% of respondents were unable to answer whether this technology is a positive financial innovation. An increase in Bitcoin awareness has convinced many that this is a positive factor. ”
Bitcoin vs banks
One of the most important questions for every Bitcoin supporter is whether BTC will be able to replace traditional financial institutions, such as banks. The 2020 survey also addressed this topic: “if you had to choose which of the following options deserves more trust - Bitcoin or large banks?”
“Over the past three years, confidence in traditional banking institutions has fallen dramatically, which has helped Bitcoin. 47% of respondents trust Bitcoin more than large banks, which is 29% more than in the last three years. ”
Presumably, the increase in confidence in Bitcoin is primarily due to "the recent volatility of assets owned by large banks, as well as an increase in the level of professionalism in the BTC sector."