Fun

Covid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017

News Feed - 2020-05-19 11:05:53

Covid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017


The market research organization, The Tokenist, recently published a report called “Comparing Public Bitcoin Adoption Rates in 2020 vs 2017.” The study’s findings give a comprehensive look at the cryptocurrency ecosystem between 2017 and now. The researchers’ survey shows that since the post-Covid-19 economy is setting in, trust in bitcoin has grown 29% in the past three years.Faith In Traditional Banks and Financial Incumbents Is Waning


A recently published study from the crypto think tank, The Tokenist, details that there is a growing trust in bitcoin over traditional investments like gold, stocks, and real estate. The market researchers leveraged a survey that was taken in April 2020 (5,421 participants in 24 countries) and collated several surveys from 2017 as well. The Tokenist utilized these polls to see how attitudes and perceptions have changed since the price fluctuations and the impact of Covid-19.


“Faith in large financial institutions has been steadily waning for more than a decade and the COVID-19 pandemic has only accelerated this process,” the report highlights. “Bitcoin, itself developed in the years after the 2008 market crash as an alternative to traditional assets, stands to be a major beneficiary of this trend.”


47% of the Poll’s Respondents Trust Bitcoin Over Big Banks


The Tokenist also leveraged surveys from the company’s mailing list and another that saw 4,852 participants in 17 countries. According to the study’s findings, The Tokenist researchers have found that there is a trend of individuals with “positive sentiment regarding BTC as a long term store of value.”




The findings note that over 45% of respondents preferred Bitcoin rather than stocks, real estate, and gold, and “61% of the total respondents (and 78% of millennials) are now somewhat familiar with BTC, and 14% of millennials have owned the asset.” The report continued:47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years. 43% of respondents, and 59% of millennials, feel that most people will be using Bitcoin within the next decade. In 2020, 44% of millennials report that they are likely to buy BTC in the next five years. More than one in three millennials would hold onto Bitcoin they are given, while a slightly smaller number (27%) would immediately sell it. 39% of male millennials now have no problem with the intangible nature of BTC, and a quarter of millennials as a whole report the same attitude.




The report finds that the attitude toward BTC, in general, is more positive and optimism has increased by 27% during the last three years. “60% of respondents felt that Bitcoin is a positive innovation in financial technology,” The Tokenist’s report concludes. “Increased familiarity with Bitcoin has convinced many that it is a positive force,” the paper’s authors added.


What do you think about The Tokenist’s researchers’ surveys and findings? Let us know in the comments below.Grayscale Buys 33% of All Bitcoin Mined in Last Three MonthsNEWS | 4 hours agoEconomists Predict Worst Recession Ever for India Amid Lockdown ExtensionNEWS | 17 hours agoTags in this story2008 market crash, 2017, 2020, banks, big banks, Bitcoin, Bitcoin Asset, BTC, Coronavirus, COVID-19, Cryptocurrency, Digital Assets, financial incumbent, Millennials, Poll, report, Research, respondents, store of value, Survey, The Tokenist


Image Credits: Shutterstock, Pixabay, Wiki Commons, The TokenistPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

Bitfarms adds board member to deter Riot Platforms takeover
Arijit Sarkar48 minutes agoBitfarms adds board member to deter Riot Platforms takeoverDespite initially planning to buy all Bitfarms’ shares at $2.30 per share, Riot withdrew the offer, stating that cooperating with Bi
Demand for UST Keeps Rising, Luna Foundation Guard to Burn 4.2 Million LUNA From Treasury
Demand for UST Keeps Rising, Luna Foundation Guard to Burn 4.2 Million LUNA From Treasury The Luna Foundation Guard (LFG), a nonprofit organization, has announced new measures to k
Ether notches second-biggest hodler buying day in history
Ciaran Lyons6 hours agoEther notches second-biggest hodler buying day in historyDemand for Ether from long-term holders rocketed on June 12 as the price fell below $3,500, just before the SEC’s Gary Gensler gave a fore
Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 as Sentiment in Crypto Remains Bearish
Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 as Sentiment in Crypto Remains Bearish Bitcoin started the week trading below $19,000, as recent economic pressures continue
Rakesh Upadhyay7 hours agoPrice analysis 9/20: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATICBitcoin and other cryptocurrencies are likely to witness a pick up in volatility following the Fed’s rate decision on Se
Bitcoin drops below $54K as crypto liquidations near $665M
Jesse Coghlan5 hours agoBitcoin drops below $54K as crypto liquidations near $665MAround $222 million in long Bitcoin positions were liquidated in the past 24 hours, with the price of BTC hitting its lowest point since F
The Many Facts Pointing to Cypherpunk Len Sassaman Being Satoshi Nakamoto
The Many Facts Pointing to Cypherpunk Len Sassaman Being Satoshi Nakamoto Satoshi Nakamoto, the creator of Bitcoin, has always been a mysterious character and a
Bitcoin Network Braces for Notable Difficulty Increase in 3 Days
Bitcoin Network Braces for Notable Difficulty Increase in 3 Days Bitcoin’s mining difficulty, the measure of how difficult it is to find a new block and add it to the blockc
2 on-chain metrics suggest Bitcoin at its ‘best moment to buy’
Ciaran Lyons2 hours ago2 on-chain metrics suggest Bitcoin at its ‘best moment to buy’One crypto analyst says Bitcoin has just undergone one of the “healthiest market resets” he has seen in a long time.1635 Total
Tom Mitchelhill6 hours agoCoinbase open sources code for layer-2 network BaseLayer-2 network Base has announced the open sourcing of its code repositories and smart contracts as part of its quest to build “in the open.
The Tell Tale Signs of a Scam Crypto Website: Bitcoin-Up.Live
The Tell Tale Signs of a Scam Crypto Website: Bitcoin-Up.LiveFrom late March 2020, when the global pandemic Covid-19 paralysed many economies, the appeal of cryptocurrencies has gro
Bitcoin Completes Retest Phase: Only One Thing Left For A $110,000 Price By December
Este artículo también está disponible en español. The Bitcoin price action was marked by ups and downsin the just concluded week, serving as a reminder of the volatile na