Cryptocurrency has continued to grow in popularity. Investors buy and hoard different cryptocurrencies like Bitcoin to earn a profit in the event of a price hike. However, the asset's value is fully dependent on how much people are willing to trust it and hold it in the long run.
A Google poll conducted by BitFlyer collected the opinions of over 10 thousand people from 10 different countries. The purpose of this poll was to access the level of confidence each country’s citizens have on Bitcoin's future.
Two European countries, Norway and Italy, came out on the top of poll results. 73% of Norwegians and 68% of Italians agreed that the Bitcoin would last the next decade.
France placed last on the list, as most French citizens do not think that cryptocurrencies will still be around in 2029. These poll results collected from Norway, Italy and France reveal an interesting truth about the acceptance of cryptocurrency around the world - that there are huge divergences in its acceptance.
The Opinion About Bitcoin Is Different:
While the majority of people seem to accept cryptocurrencies as a permanent thing, many were not in favor of Bitcoin.
When asked about the existence of Bitcoin after 10 years, only 49 percent of all the participants thought that Bitcoin will last this decade, with Italy still on the top and France on the bottom.
There might be a particular reason behind low confidence in Bitcoin. One of the reasons might be its market volatility which is highlighted every other day on the news. But Bitcoin has been performing really well lately.
Bitcoin also has the highest number of transactions in the crypto market, even greater than all other altcoins combined. These things associated with lower fees and higher market value make Bitcoin a very desirable cryptocurrency, even for beginners.
Crypto As A Mainstream Asset:
Crypto started off as a fad and gained some traction and trust over the years, resulting in the prices going up and down depending on various factors. But now financial experts and governments around the world are discovering the real potential of cryptocurrencies and are directing their financial institutions and major companies to convert to this advanced, foolproof method.
The IMF recently conducted a Twitter poll, in which more than half of the participants said that the cryptocurrencies would become a mainstream asset soon. These type of independent polls are the best bet to find out what genuine public opinion on social media really is. People give their honest opinions on forums like Twitter and Facebook because they aren’t under any external pressure.
Post-2018 Crypto Market:
The crypto market has seen a huge surge during and after the year 2018. This was because more international companies and financial institutions started showing a real interest in cryptocurrency, which led to the recent price hike.
Investors mainly seem to like the decentralized nature of this market. No government can control or tax their cryptocurrency money. But because it’s still not backed by a stronger asset class, the prices of all the cryptocurrencies are volatile and are prone to change within a few minutes.
But now, with more companies adopting the crypto infrastructure, governments accepting this as a potential currency solution, and merchants accepting crypto as a payment, the crypto market is projected to stabilize within a few years.