Cryptocurrencies Won’t Die in 10 Years but Bitcoin Will Be Overtaken: Euro Poll
By CCN.com: A majority of Europeans believe cryptocurrencies will still be around in ten years time, according to new data. A survey by bitFlyer Europe, a regulated crypto exchange, which polled 10,000 individuals in ten European countries, revealed that 63 percent believe in the staying power of digital currencies.
However, Europeans are less confident about bitcoin. While 63 percent think cryptocurrencies will survive the next decade, only 55 percent think bitcoin will still be around.
Cryptocurrencies Will Still Exist In Ten Years
It seems even the deep crypto bear market hasn’t shaken consumer confidence in digital assets. Despite shedding as much as $700 billion in market capitalization, the average citizen remains upbeat about the crypto market.
Respondents in Norway were most optimistic with 73 percent confidence that cryptocurrencies will still exist in ten years. Even the least optimistic nation, France, still reported a majority support for crypto at 55 percent.
Speaking about the results, bitFlyer COO said:
“These results indicate that the reputation of cryptocurrency has moved beyond hype and become more established. It’s very easy to forget just how new cryptocurrencies still are; we’ve only just celebrated bitcoin’s 10th birthday, so for the majority of consumers to believe in crypto’s future is without a doubt an achievement.”
Asked to make a prediction on the future of crypto, @SunnyStartups predicted: “I think each bitcoin will be worth a million dollars, and I think the time frame is ten years.”#Consensus2018 #BlockchainWeekNYC
— Annaliese Milano (@AnnalieseMilano) May 14, 2018
Bitcoin Will be Overtaken By Other Cryptocurrencies
The most surprising takeaway from the survey is that consumers have less confidence in bitcoin. Only 55 percent of respondents think bitcoin will exist in ten years, compared to the 63 percent conviction in cryptocurrencies as a whole.
This is likely due to the high-profile media hit-pieces on bitcoin. Negative press, including reports of hacks and investment losses, tend to focus around bitcoin rather than other cryptocurrencies. As the first and leading cryptocurrency, it takes the heaviest impact and has numerous negative stereotypes to overcome.
“Bitcoin is a bit like the immortal undead. Every time you think it’s dead and buried, it just kind of jumps back out again.” @EdVanDerWalt weighs in on Bitcoin’s sudden spike https://t.co/neiEu6FbuO pic.twitter.com/MhkkrZtGV5
— Bloomberg (@business) April 2, 2019
It’s also born out of the “bitcoin bad, blockchain good” narrative that seems to prevail in mainstream circles. Bitcoin still has some way to go to shake off its stigma. As Bryant explains:
“The fact that bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility. We of course believe that bitcoin is here to stay, and while we’re encouraged to see the large majority of Europeans think the same, this research shows there is much more to be done to demonstrate to consumers the benefits of and use cases across all cryptocurrencies more widely.”
Willing to Bet On It?
The bitFlyer survey confirms that cryptocurrencies are here to stay over the next decade. And one crypto hedge fund founder is prepared to bet the house on it. As CCN reported, Anthony Pompliano of Morgan Creek Capital is willing to stake a $1 million bet that crypto will outperform the S&P 500 in the next ten years.
Will bitcoin still be around in a decade? As Pompliano reminded us:
“[Bitcoin is] the best performing asset class in the last ten years. It’s outperformed S&P, Dow, Nasdaq, et cetera, during the longest bull run.”
Would you really bet against it for the next ten years?