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

Caribbean Crypto Hotbed: More Than 40 Businesses Accept Bitcoin Cash in Antigua
Caribbean Crypto Hotbed: More Than 40 Businesses Accept Bitcoin Cash in Antigua Cryptocurrencies have been getting quite popular in the Caribbean region and in A
Tom Mitchelhill3 hours agoBitcoin Ordinals team launches nonprofit to grow protocol developmentThe Open Ordinals Institute aims to bolster the protocol’s future development as Ordinals inscriptions hit a milestone of 2
Crypto.com Reveals 483 Accounts Compromised in Recent Hack — $34 Million in Bitcoin, Ether Stolen
Crypto.com Reveals 483 Accounts Compromised in Recent Hack — $34 Million in Bitcoin, Ether Stolen Crypto.com has revealed that 483 user accounts were compromised in the recent ha
Bitcoin NVT Golden Cross Signals ‘Local Bottom’ — What’s Next?
Este artículo también está disponible en español. According to the latest on-chain data, the Bitcoin Network Value to Transactions (NVT) Golden Cross has fallen into a cr
South Korea to Invest $177 Million Directly in Metaverse Platforms
South Korea to Invest $177 Million Directly in Metaverse Platforms The government of South Korea has announced it will start investing in metaverse projects directly. More than $17
Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US
Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US Luxury watch manufacturer TAG Heuer announced it’s introducing online cryptocurrency payments for customers in th
Dow Jones Forecast: Watch Fed Minutes for Proof of Dovish Rebellion
TwitterFacebookLinkedInAs the Dow Jones scrambles to move past last week"s roller-coaster, scrutinize the Fed minutes for proof of a dovish rebellion. | Source: ANDREW CABALLERO-REYNOLDS / AFP
Amid Civil Unrest in China, Gold and Silver Prices Hold Steady — Equity, Crypto Markets Flounder
Amid Civil Unrest in China, Gold and Silver Prices Hold Steady — Equity, Crypto Markets Flounder Reports on Monday detail that the zero-Covid policy protests in China have lowere
Trudeau Criticizes Opponent’s Crypto Advice, Kiyosaki Pushes the Assets Ahead of the ‘Biggest Economic Crash in History’ — Bitcoin.com News Week in Review
Trudeau Criticizes Opponent"s Crypto Advice, Kiyosaki Pushes the Assets Ahead of the "Biggest Economic Crash in History" — Bitcoin.com News Week in Review Canadian Prime Minister
Virtual Land Adjacent to Snoop Dogg’s Sandbox Estate Sells for $450K in Ethereum
Virtual Land Adjacent to Snoop Dogg"s Sandbox Estate Sells for $450K in Ethereum The popular American rapper Snoop Dogg revealed at the end of September that he acquired land in th
EU Regulator Warns About Crypto — Questions Whether Many Will Survive
EU Regulator Warns About Crypto — Questions Whether Many Will Survive European Securities and Markets Authority (ESMA) Chair Verena Ross says that the crypto market crash should
Litecoin Holds Bullish Outlook As the MVRV Ratio Signals Strength – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu