New research has found that interest in Bitcoin could double in the future despite the fact that the currency fell to its lowest level this year over the weekend.
16% Expect to Own Crypto in the Future
The latest consumer economic report comes from Dutch banking giant ING. It found that one in 10 Europeans currently own cryptocurrency. However, it determined that 16 percent of respondents expect to own digital currency in the future, reports the Independent.
The survey was conducted across 13 countries, with around 15,000 people participating. Of the results, 15 percent indicated that they would consider receiving their salary in cryptocurrencies such as Bitcoin. This is despite fluctuating market prices. Jessica Exton, a behavioral scientist at ING, added:
Based on our survey, ownership of cryptocurrencies could more than double in the future – although we do not know when… The volatility of cryptocurrency carries with it both positives and negatives, on the plus side it can increase awareness but may also mean people view digital money as a relatively risky asset. If cryptocurrency stabilises there may be increased interest.
New Low for Bitcoin
The survey comes at a time when Bitcoin recorded a drop in value over the weekend. Falling to $5,826, it surpassed its previous low of $6,048 on the 6th of February.
Yet, even though the market remains volatile, people are showing more interest. The survey is reflecting an important change in how people view the industry.
This latest survey will no doubt be welcome to many crypto investors, particularly at a time when Bitcoin’s price is struggling to gain traction again. In mid-December, the price of Bitcoin was within touching distance of $20,000. However, fast-forward to the end of June, and it’s down to $6,225, according to CoinMarketCap. The drop in value represents a near 70 percent decline.
According to one trend analysis, Bitcoin’s bad year may continue. The report suggests that the cryptocurrency is on its strongest negative trend since the sell-off this year. Not only that, but one crypto trader believes that Bitcoin’s price hasn’t bottomed yet and that it could sink lower than what it is now.
Earlier this month, Ran Neu-Ner, host of CNBC Africa’s Crypto Trader, said that if Bitcoin goes under $6,250, then the market is going to test $5,900. In his view, the key level to watch is $5,000. As we’ve already seen over the weekend, Bitcoin’s price has already slipped below $5,900.
It remains to be seen whether the price of Bitcoin drops even lower.
Do you think market prices will fall again? Let us know in the comments below.
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