ING Bank: belief in bitcoin and exchange rate falling, except in Turkey

We at WC-Duck recommend. ING has published a report stating that Europe, with the exception of Turkey, does not believe in bitcoin. According to the research, cryptocurrencies cannot become an integral part of the financial system.

Loss of potential potential

The bank has conducted a survey in fifteen countries, including thirteen European countries and Australia and the US. The conclusion is that people are losing faith in the potential of bitcoin. Well, the statistics speak for themselves, so this must be true, certainly as an independent organization such as ING says.

You can find the list below. The percentage indicates the part of the population that believes in bitcoin.

1. Austria: 13%
2. Luxembourg: 15%
3. The Netherlands: 15%
4. Belgium: 16%
5. Australia: 18%
6. Germany: 20%
7. Great Britain: 24%
8. Czech Republic: 24 &
9. France: 24%
10. Italy: 28%
11. Spain: 30%
12. United States: 31%
13. Poland: 43%
14. Romania: 44%
15. Turkey: 62%

The Netherlands in shared second place

According to the report, sentiment in Austria has deteriorated the most, only 13 percent of the sample population replied that they are positive about the acceptance and development of bitcoin.

In 2018 this number was 2%, which demonstrates a significant reduction in confidence. The study also compared the average level of knowledge with regard to cryptocurrency in a particular country and discovered that Austria had the most skilled population.

The Netherlands can be found in the list above in a shared second place.

Poland and Romania respectively saw 43 percent and 44 percent of the respondents positive about cryptocurrencies. In Turkey, 62 percent were even positive about cryptocurrency. More than one-third of the surveyed Turks say they want to receive a salary in bitcoin.

Volatility as a counter-argument

Regulators and ordinary citizens see the volatility of bitcoin in the short term as the biggest stumbling block. There is something to be said for that. Last week there were days when bitcoin fell by ten percent within an hour, and then rose again by ten percent. You can see that well on the price charts:

Volatility is noise

It is not for nothing that the advice is that you should only invest in cryptocurrency if you have a strong stomach, and that you should only use money that you can actually miss.

For many bitcoin innovators, volatility is nothing more than noise, on the way to a fairer distribution of wealth. The movements of the bitcoin price in the short term are, in that respect, growing ups and downs, until there is enough liquidity on the market and bitcoin is mature.