A survey of 4,885 people in 17 countries reveals growing confidence in Bitcoin (BTC) as public confidence in financial institutions and traditional assets declines.
According to The Tokenist, which conducted the survey in April, knowledge and confidence in the leading cryptocurrency have increased over the past three years. More than 45% of respondents say they prefer to invest in Bitcoin to stocks, real estate and gold.
The survey also found that 47% of respondents now trust Bitcoin in front of large banks, marking a 29% increase since 2017.
Gaining public trust in Bitcoin is the most dramatic among male millennials. More than half of those surveyed in this demographic group say they prefer to own a BTC over government bonds.
Confidence in the future of Bitcoin is particularly high among young respondents. The survey shows that 59% of millennials believe that most people will use the flagship cryptocurrency in the next decade.
On the other hand, traditional banking institutions see a different trend. Public confidence in assets such as stocks and bonds has declined over the past three years. The recent volatility of assets held by large banks and the increased professionalization of the crypto industry have probably contributed to the trend. The report argues that declining confidence in financial institutions is in favor of Bitcoin.
“This growing faith is demonstrated by a huge increase in public confidence in BTC as an asset class. Perhaps accompanied by recent market fluctuations around COVID-19, we see the BTC scenario being strongly supported when central banks print money. ”