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Survey Shows Europeans Think Crypto Will Last a Decade

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Survey Shows Europeans Think Crypto Will Last a Decade, but Are Less Confident in BTC

According to a recent survey of 10,000 European residents, 63% believe that cryptocurrencies will still be around in 10 years. However, polled respondents were not so confident about bitcoin core (BTC) lasting over the next decade as only 49% of participants believe BTC will be around.

Also read: Researchers Find Hundreds of Ethereum Wallets at Risk Due to Weak Key Pairs

63% of 10,000 Polled Europeans Believe Cryptocurrencies Will Still Exist in 10 Years

Japanese cryptocurrency exchange Bitflyer was recently licensed to operate in the European Union, and on April 24 the company’s European arm published a poll of 10,000 residents from various countries to find out how popular digital currencies are today. The survey was sent to residents from Norway, France, Belgium, Germany, and other regions while the researchers also parsed the responses by country. The biggest question on the survey asked participants if they believe cryptocurrencies will still exist in 10 years. Out of the entire lot of respondents, 63% think cryptos will still be around within the next decade.

Survey Shows Europeans Think Crypto Will Last a Decade, but Are Less Confident in BTC

Residents from Norway seem extremely positive as 73% believe that digital currencies will continue to trend in the future. This is followed by those in Italy, the Netherlands, Poland, Spain, Denmark, and Germany who voted above the 60th percentile. Respondents from Belgium, the U.K., and France showed stronger pessimism (59% or lower) toward cryptocurrencies lasting over the next 10 years. Andy Bryant, COO of Bitflyer Europe, said the poll results indicate that people are looking past the prior cryptocurrency hype and digital assets have 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,” Bryant stated after publishing the poll.

Lack of Confidence in BTC Dominance

As for the coin with the largest market capitalization today, bitcoin core (BTC), Europeans are less confident in its existence going forward. Only 49% of all the European respondents think BTC will exist 10 years from now. When separated by country, Italy (55%), Poland (53%), Spain (51%), the Netherlands (51%), and Norway (50%) expressed the most confidence in BTC. The poll also shows that Denmark (49%), Belgium (45%), the U.K. (43%), and France (40%) are the least optimistic about BTC’s future. Only 7% of all the European respondents believe that BTC will still exist as “an investment” in the next decade.

Survey Shows Europeans Think Crypto Will Last a Decade, but Are Less Confident in BTC

Respondents in Poland are positive BTC will still exist as an investment in the next decade but only 11% of them feel this way. This is followed respectively by Italy (9%), Belgium (9%), Germany (8%), the Netherlands (7%), Norway (6%), Denmark (6%), Spain (6%), France (6%), and the U.K. (4%). The poll indicates that a good portion of Europeans think digital assets will do well in the next 10 years in regard to the cryptoconomy as a whole. On the other hand, respondents showed considerably less optimism in BTC over the next decade, and BTC market dominance is also a good indication of the declining popularity of the digital asset.

Survey Shows Europeans Think Crypto Will Last a Decade, but Are Less Confident in BTC

BTC’s market dominance plummeted after staying above 78% for seven years. The decline took place on March 6, 2017, and BTC dominance has been wavering between 33-56% since Jan. 8, 2018. Furthermore, the Bitflyer poll capturing the opinions of 10,000 unique individuals from various countries across the European Union is a nice data set in regard to the sentiment toward cryptocurrencies in 2019 and beyond.

What do you think about Bitflyer Europe’s poll with 10,000 unique respondents detailing their opinions about BTC and cryptocurrencies going forward? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, Coinmarketcap.com, Coinlib.io, and Bitcoin.com. Survey source: Bitflyer Europe.


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Generation Bitcoin: 90% of Millennials Prefer Crypto to Gold: ETF Expert

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By CCN: The US investing industry stands on the precipice of a dramatic upheaval that could see bitcoin and other cryptocurrency assets replace gold in investor portfolios.

That’s according to Nate Geraci, president of the ETF Store, an independent investment advisor. He revealed in a Bloomberg TV interview that his millennial clients are clamoring to hold bitcoin in their portfolios – if only the SEC would let them.

Crypto in a Landslide: ETF Expert Says Millennials Plan to Kick Gold to the Curb

Responding to a question from Bloomberg analyst Eric Balchunas about whether he would ever invest client funds in a bitcoin ETF, Geraci stunned his fellow panel members when he said that millennial investors overwhelmingly desire to hold bitcoin instead of traditional hedge assets like gold.

How overwhelming? Ninety percent.

“When we talk to our younger clients – we have a core gold allocation in our portfolios, and they’ll ask about that and say, ‘What about crypto?’ And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it’s a landslide. It’s not even close, it’s like 90% prefer bitcoin.”

Geraci’s bold claim was more anecdotal than scientific, but there’s plenty of hard data that demonstrates that younger investors are vastly more comfortable with holding cryptocurrency in their portfolios than investors who grew up in the pre-digital era.

In April, a Harris Poll survey found that 18 to 34-year-olds are “very” or “somewhat” likely to purchase bitcoin within the next five years. That might not seem overwhelming, but consider that only 37% of Americans in that demographic currently own stocks.

Similarly, a February eToro survey found that 43% of millennials trust crypto exchanges more than stock exchanges, even though crypto trading platform hacks dominate the mainstream news cycle.

ETF Would Reduce Crypto Investing Risks

bitcoin etf vaneck bitcoin price

ETF Store President Nate Geraci said that there is rabid demand for a bitcoin ETF, especially among millennials. | Source: Shutterstock

Nate Geraci further pointed to the success of the $1.5 billion Bitcoin Investment Trust (OTC: GBTC) as proof that there is sufficient market demand for a crypto ETF.

He noted that the over-the-counter product regularly trades at a staggering premium to the underlying value of its BTC assets. That’s because GBTC shares fluctuate based on supply and demand, not just the price of bitcoin. An ETF, he said, would flatten that premium and thus reduce investor risk.

“It seems a bit incongruent to me that we have that product out there trading, where investors really could get hurt if they don’t understand that premium, but we don’t have a bitcoin ETF.”

“The demand is there,” he concluded.

SEC Kicks the Bitcoin ETF Can Down the Road

Unfortunately for crypto bulls, millennials aren’t the ones manipulating the levers of the Securities and Exchange Commission (SEC), which holds unilateral authority to approve or deny bitcoin ETF applications.

The SEC, as CCN reported, continues to punt on the issue. Last week, the regulatory agency extended its long trend of delaying ruling on cryptocurrency products when it postponed its decision on the VanEck/SolidX Bitcoin ETF to August 19. Most industry insiders expect the SEC to delay the VanEck/SolidX product again, pushing its final ruling until October 18.

Dave Nadig, the managing director of ETF.com, said that he believes the SEC is still in “information gathering mode” but that there is a “reasonable chance” regulators approve the first bitcoin ETF before the end of 2019.

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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication. 

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication. 

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

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Blockchain Firm Raises $4 Million From Draper’s VC Fund to Provide Uncensorable Domains

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San Francisco-based blockchain domains firm Unstoppable Domains has secured $4 million in a funding round backed by venture capitalist Tim Draper, co-founder Brad Kam told Cointelegraph in an email on May 23.

Following a $730,000 seed round led by investment firm Boost VC, Unstoppable Domains has carried out a Series A round led by venture capital fund Draper Associates. The previous investment was completed in December 2018, a press release notes.

The new investment funds will be used in the company’s mission to provide blockchain-powered uncensorable websites, as well as simple payments in major cryptocurrencies such as bitcoin (BTC), ethereum (ETH), litecoin (LTC) and others.

By bringing blockchain to the domains industry, Unstoppable Domains intends to “spread free speech around the world,” decentralizing domain names and websites that cannot be controlled by a third party, Draper said in the announcement.

Similar to a cryptocurrency stored in a digital wallet, Unstoppable Domains’ websites are stored in a user’s wallet, while the content is stored on the InterPlanetary File System (IPFS) or other decentralized storage networks.

Unstoppable Domains also plans to incorporate blockchain domains with users’ crypto addresses. The company reportedly allows users to replace a wallet’s address with their short domain name that claims to enable simple transactions in crypto.

Recently, electronics supplier Bosch expressed the company’s willingness to take an active position in protecting the openness of the Internet of Things against censorship.

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DeFi exchange Uniswap records $20 million in trades last week

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Ryan Sean Adams, the Founder of cryptoasset investment firm Mythos Capital, revealed via Twitter that Uniswap, a permissionless, peer-to-peer (P2P) crypto exchange protocol, recorded approximately $20 million in trading volume last week.

Adams, a former healthcare professional, also mentioned that Uniswap was created by a single developer and was launched only six months ago.

Uniswap developed by a mechanical engineer

In April 2019, Hayden Adams, the creator of the Ethereum-based Uniswap Exchange protocol, explained how he launched a company dedicated to building decentralized finance (DeFi) products. The mechanical engineering graduate from Stony Brook University also confirmed that Uniswap’s seed round was closed last month.

Fred Ehrsam, a board member at Coinbase and the Co-Founder of Paradigm, a newly launched crypto investment fund backed by Yale University, will reportedly be working with Adams to further develop the Uniswap protocol.

Beginnings as just a “side project”

Per the Uniswap Founder, the DeFi project began as “a side project” and also as a way for him to learn the skills needed to successfully transition from working as a mechanical engineer to a blockchain developer.

After consistently working on various blockchain-based projects, Adams said he began focusing more on P2P protocols which could be audited and were completely open-source, including their front-end development.

Testament to the power of open finance

Acknowledging that the Uniswap protocol could not have been developed without the contributions made by Ethereum co-founder Vitalik Buterin and crypto researcher Karl Floersch, Adams noted that his project is “a testament to the unstoppable power of open finance.”

According to DeFi pulse, there are currently around $15.8 million locked into Uniswap’s contracts. Data from DeFi pulse also shows that the Decentralized Finance ecosystem is presently valued at over $530 million.

Other notable protocols which are now part of the nascent DeFi market include MakerDAO, which is an Ethereum-based P2P lending platform. At present, there are more than $446 million committed to Maker’s contracts.

Bitcoin’s Lightning Network (LN) is also considered part of the DeFi ecosystem and its network capacity currently stands at approximately 1,025 Bitcoin (BTC), an amount valued at $8.1 million at press time.

Filed Under: Analysis, Crypto Exchanges

Omar Faridi

Omar enjoys writing about all topics related to Bitcoin, blockchain, and cryptocurrency. He is most interested in crypto regulations, quantum resistant blockchains, and Ethereum and Bitcoin Core development. His academic background includes an undergraduate degree in computer science from the University of Nevada and a masters of science in psychology from the University of Phoenix. He works as an application developer for the University of Houston and a data storage specialist for Dell EMC.

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