Thursday, 28 June 2018

Bitcoin (BTC) Interest going to Surges Despite Price Implosion Says ING’s Study


Bitcoin sell-off appears to have presented opportunities that investors in Europe don’t want to miss out on.  Just as it has always been the case, it seems investors are planning to take advantage of the recent dip in the price of bitcoin among other cryptocurrencies.
A study conducted by Ipsos for Dutch bank ING indicates that interest in Bitcoin could spike even higher in future. Strong interest is especially expected from Europe as searches related to the cryptocurrency continue to skyrocket.
ING in its study found out that as many as 16% of the 15,000 people surveyed plan to own the cryptocurrency in future. The fact that another 15% of the people indicated their willingness to earn salaries pegged in Bitcoin is a testament to how popular the cryptocurrency is becoming.
The study findings indicate that two-thirds of Europeans, 66%, have an idea of what cryptocurrencies are with males leading the pack at 77%. Turkey, Romania, and Poland citizens lead the pack in Europe when it comes to knowledge about virtual currencies.
Europeans remain the most optimistic when it comes to the future of cryptocurrencies, followed closely by Australians and Americans.  35% of the Europeans surveyed in the study expect cryptocurrency to rally in value over the next 12 months compared to 34% of Americans and 22% of Australians.
Interest and price of the cryptocurrency, in some ways, have a correlation when it comes to Bitcoin. That does not come as a surprise as most people have been waiting on the fringes for the right time to buy the cryptocurrency on the cheap as its prices continue to hit lower lows.
Bitcoin has come under pressure in recent months after rising to record highs of $20,000 early in the year.  Concerns about a potential bubble burst in the sector triggered sell-off wave that has seen cryptocurrencies shed more than 50% in the market.
Concerns about the kind of regulations that could come into being from various jurisdiction have also gone a long way in fuelling the sell-off wave.  Entry of smart money from high profile net worth investors is also believed to have brought about some sanity into an industry that traded on speculation for the better part of last year.
Amidst the implosion, it appears interest in cryptocurrencies, more so Bitcoin, is slowly picking up as it becomes clear virtual currencies could be the currency of the future.  ING expects interest in this asset class to more than double going forward.
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