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Crypto And Its Fascination In Future- ING Bank Analysis

“Cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest,” said Jessica Exton, a behavioral scientist at ING.

Indubitably the kickstart that has laid by bitcoin through the massive and disruptive technology is behind the beginning of digital currencies which has become an important part of many of our lives in terms of financial gains and security. In every one hour, there is a new speculation over it; which is another reason why people are getting more inclined towards it. With the ongoing development in government regulations, technical improvisation, and launching of a new range of products for investments people are taking interest towards it. And why wouldn’t individuals want to use a currency that can transfer payment anywhere in the world in minutes with low transaction fees?As opposed to the current mainstream systemsthat we are using: taking several days to reach the receiver, with higher currency and transfer fees? Also, with decentralized currencies, we can effectively control and look after the money, without relying on banks.

On behalf of Dutch banking giantING Bank, a research firm, IPSOS, has conducted a survey on how cryptocurrencies are perceived across Europe, Australia and the U.S., which reveals that one in ten Europeans currently own some form of cryptocurrency and the interest towards the same and the technology empowering it is expected to double in the future.

Jessica Exton further stated, “Based on our survey, ownership of cryptocurrencies could more than double in the future – although we do not know when… The volatility of cryptocurrency carries with it both positives and negatives, on the plus side it can increase awareness but may also mean people view digital money as a relatively risky asset. If cryptocurrency stabilizes there may be increased interest.”

The survey, which was conducted across 13 countries including Europe, Australia, and the U.S.,revealed an abrupt variation in people’s attitude despite the instability and massive volatility in bitcoin and other altcoins, like ethereum and ripple. Respondents of the survey expressed their first preference of accepting salaries in the form of bitcoin and other cryptos instead of fiat currency. Approximately 66 percent of Europeans have heard of cryptocurrency, of which 77 percent are men and 55 percent are women; 35 percent agreed that crypto is the “future of spending online,” while 35 percent said it will increase in value in the following 12 months.

In comparison with other, safer sources of investments such as real estate, bonds, mutual funds, fiat currency or a plethora of stock market products, investing in cryptocurrency is still considered by many to bea huge risk.Still respondents are ready to buy in with the help of professional advisors, specialists in market analysis.

In the early phase of June, consulting firm Capgemini found in its World Wealth Report 2018 that inclination in cryptocurrencies has remarkably grown among high-net-worth individuals. According to the report, nearly one-third of surveyed individuals voiced high interest in cryptocurrencies. Including millennial and institutional investors, with 70 percent of respondents under 40, expressed the prominence of having professional wealth managers to handle their secured portfolios.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,936.11 0.01 % 0.67 % 10.03 %
Ethereum146.14 0.20 % 0.82 % 20.85 %
XRP0.316 0.33 % 0.59 % 6.21 %
Litecoin48.78 0.24 % 0.47 % 14.87 %
Bitcoin Cash142.01 0.19 % 0.48 % 17.64 %