Bitcoin Gains More Public Trust Amidst Banks Losing Confidence
Despite the global crisis, Bitcoin has been gaining interest this year, and more people are seeing an investment opportunity in the digital asset.
As you know by now, the king coin fell in price back in March and it traded below $4k, but now, for more than a month the price has been consolidating above $9k.
Confidence in BTC is growing
There’s a survey of 4,852 individuals in 17 countries that reveals growing confidence in Bitcoin (BTC) as public trust in financial institutions and traditional assets wanes.
According to The Tokenist, which conducted the poll back in April, knowledge, and confidence in BTC increased over the past three years.
Over 45% of the people who took part in the survey say that they prefer to invest in Bitcoin overstocks, real estate, and gold as well.
As reported by the online publication the Daily Hodl: “The survey also found that 47% of the respondents now trust Bitcoin over big banks, marking a 29% increase since 2017.”
The report also highlighted the fact that the gains in public trust in BTC is higher among male Millenials and more than half of the respondents said that they prefer owning BTC over government bonds.
Millennials trust Bitcoin
According to the survey, “59% of Millennials think that most people will be using the king coin within the next decade,” as cited by the Daily Hodl.
Traditional banking institutions, on the other hand, are seeing a different trend and public confidence in assets such as stocks and bonds dropped over the past three years.
The recent volatility of the assets held by big banks and boosted professionalization of the crypto industry have likely contributed to this trend.
Here’s what the report says:
“This growing confidence is demonstrated by an enormous increase in public confidence towards BTC as an asset class.”
According to the notes, “Perhaps compounded by the recent COVID-19 market fluctuations, we see the BTC narrative strongly supported whenever central banks print money.”
We recommend that you check out the complete report.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.