Research and communication platform The Tokenist conducted a study that shows that today's society is increasingly trusting Bitcoin, while belief in traditional financial systems is decreasing considerably over the years.
Un report made by the platform The Tokenist reveals that the Millennial generation and the new generations increasingly trust Bitcoin, instead of traditional financial systems, assets and investments. According to the platform, the current economic crisis caused by COVID-19 and the desperate measures that central banks are beginning to implement to cope with the situation, further drive the adoption of cryptocurrency in society.
Similarly, The Tokenist points out that the economic crisis previously experienced in 2008 caused by the explosion of the mortgage bubble in the United States, sparked the need to implement this new decentralized financial system; he also argues that the subsequent consequences of this global crisis also had a great influence on the adoption of Bitcoin.
For today's society, where the need for this optional system is evident, Bitcoin represents a great option as an exchange system and as a store of value. In the study carried out, The Tokenist shows that Bitcoin represents an alternative to traditional assets for a large part of society, which is currently constantly growing.
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Confidence in Bitcoin is growing according to The Tokenist
In its recent report, The Tokenist points out that the study conducted dates back to 2017, when the platform conducted surveys in several countries to find out the perception of users and society in general regarding Bitcoin. However, The Tokenist also pointed out that this data was already obsolete for its report, so in April of this year it conducted a new survey in 17 countries where it interviewed more than 4.800 people.
Initially, the research and communication platform focused on determining the level of knowledge that the population has regarding the cryptocurrency, but in its most recent survey it also focused its work on understanding the impact of volatile market fluctuations on Bitcoin. Therefore, The Tokenist's recent study highlights both society's knowledge of Bitcoin and the level of acceptance that this cryptocurrency has as a long-term store of value.
“Given the rapid emergence of Bitcoin, many of these surveys have also become outdated, having been conducted in 2017. Furthermore, little research has been conducted on the impact of volatile market fluctuations, such as the situation caused by the COVID-19 pandemic, on confidence in Bitcoin. Our research seeks to address this knowledge gap.”
The Tokenist thus took advantage of both studies carried out in later years and the recent survey conducted in April to make a comparison of the attitudes and appreciation that society maintains towards Bitcoin in the current economic crisis.
Study details
Bitcoin as a financial asset and safe haven
Current data shows that there is further growth in the adoption and acceptance of Bitcoin as a means of payment and store of value. The Tokenist reveals that 47% of the population surveyed trust Bitcoin more than traditional banks, and who would use cryptocurrency as an investment vehicle or safe haven instead of stocks, gold or real estate.
Source: The Tokenist
“The results are striking. We found increased awareness and growing confidence in Bitcoin among all age and gender groups surveyed.”
This growth represents a 29% increase in Bitcoin confidence levels compared to surveys conducted during 2017. Referring to this analysis, The Tokenist notes that:
“This data indicates that Bitcoin has a bright future and will likely benefit significantly from the current market crisis. With confidence in traditional investment instruments declining, Bitcoin is poised to offer investors an alternative store of value in the long term.”
Knowledge and perception about Bitcoin
Likewise, the study also revealed that 61% of respondents now know more about Bitcoin; while 60% believe that Bitcoin It is a positive technological innovation for society. Similarly, 43% of respondents believe that in the near future, 5 to 10 years, the majority of the world's population will use Bitcoin on a massive scale.
Source: The Tokenist
Referring to these results, The Tokenist notes that:
“There are two dramatic shifts visible in this data. One is among male millennials, who are now 20% more likely to be very familiar with BTC, and 7% more likely to own it. The most striking finding, however, is the 51% increase in the number of people over 65 who are now familiar with BTC.”
This study shows that people have taken a much more positive position towards this cryptocurrency.
Similarly, the data also reveals that around 27% of people surveyed would sell their bitcoins immediately if they owned any. Meanwhile, more than a third of the population would keep them as a long-term investment. A result that demonstrates the level of importance that Bitcoin has in today's society as a store of value.
The study also reveals that only 24% of respondents believe that Bitcoin could be an economic bubble.
Trust in Bitcoin or traditional banks?
In reference to this, the study reveals that trust in traditional systems and large banks has decreased considerably compared to the survey conducted in 2017. Now 47% of the people surveyed answered that they trust Bitcoin more than large private banks.
Source: The Tokenist
“There has been a significant loss of trust in traditional banking institutions over the past three years, and Bitcoin has benefited from this. 47% of respondents trust Bitcoin over big banks, up from 29% over the past three years.”
Despite these results, it cannot be denied that traditional banking still has quite a lot of support. However, Bitcoin is becoming increasingly popular among the population. This popularity may lead to Bitcoin being adopted en masse as a secure, transparent and reliable store of value in the long term.
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