While cryptocurrency is seeing acceptance around the world, it has not seen universal adoption quite yet and opinions are still mixed about it from everyday people who are skeptical about its use to powerful business people who have called it an outright scam. However, it is important that these opinions be properly studied to determine where crypto is on the world stage and where it needs to go.

This was done through an online survey by ING, a banking giant and was published August 14, 2019. The survey shows that there are mixed results around the world and depending on nationality, some people are more skeptical of cryptocurrency than others with Austrians being ranked the most skeptical about bitcoin and cryptocurrencies in general from 15 countries surveyed.

The Results of the Survey

The survey shows that Austrians are generally conservative with their investments and are particularly skeptical about cryptocurrency as only 13 percent of the respondents saw cryptocurrencies in a positive manner. Unfortunately, this is not a one-off event as their opinions have actually gotten more skeptical in the last year. This year saw 17 percent of Austrians state that cryptocurrency is the future of digital payments but the figure last year was 20 percent. 

Also, 14 percent of Austrians believe that crypto is a significant form of investment compared to 17 percent last year. Also, despite several parts of the world and several firms moving their payments into the cryptocurrency, only 5 percent of Austrians would consider having their salaries paid in bitcoin. These results, however, are not due to ignorance from their part as the survey states are Austrians know more about cryptocurrencies than most nations but try to avoid as much risk and volatility as possible.

Skepticism about cryptocurrency wasn’t limited to Austrians and out of the 13 European countries including Australia and the United States who were surveyed, most are more skeptical about cryptocurrency this year than they were last year and the only exceptions were Turkey, Poland, and Romania. It should be kept in mind that Turkey recently had a political crisis and during these times of crisis, citizens often flavor towards cryptocurrencies as a means of storing their wealth should the traditional financial system prove reliable.

40 percent of Polish people and 44 percent of Romanian people were positive about cryptocurrency while 62 percent of those in Turkey were crypto positive and 36 percent said they would be happy to be paid in bitcoin. This sort of survey helps to shed light on the disparity in crypto-related opinions and also show where crypto has taken a stronghold and the ways in which more work needs to be done.

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