In a recent survey conducted by the European division of Bitcoin exchange, bitFlyer, at least 66% of participants believe that Bitcoin and the altcoins will still be around by the end of the current decade while 25% are uncertain about the future of cryptocurrencies.
More confidence in cryptocurrencies
The survey, which covered a total of 10,000 Europeans from different countries in Europe, is bitFlyer’s second annual Crypto-Confidence Index poll.
According to the findings, a 3% response increment was recorded compared to the last survey conducted last year. This increment, according to the exchange, is an indication that people are having more confidence in cryptocurrencies, a development which is commendable despite the COVID-19.
The effects of the novel Coronavirus pandemic on the global economy have been huge, with speculations that it might result in a recession bigger than the Great Depression of 1929 to 1933.
The crypto industry wasn’t left out of the backlash of the COVID-19 outbreak. In March, Bitcoin lost almost 40% of its value in a single day, falling to as low as $3700. However, the cryptocurrency has recovered from the loss and now posting gains at the time of writing.
Looking closely at the impact of the pandemic, the worst-hit European country was Italy with 204K confirmed cases and 27,682 deaths. Surprisingly the country has the highest number of crypto believers with 72% of the participants saying they believe that crypto will still be around in ten years’ time. In Spain, 68% of the participants also held the same opinion.
Respondents from the Netherlands and Poland were quite bullish on digital assets, as 70% of the surveyed people said that cryptocurrencies will still be available even after the current decade.
As per the findings, participants in the UK were the least confident in digital currencies, with only 56% believing that blockchain-based currencies will survive after the next ten years.