A recent report released by ING reveals that Europe is witnessing a considerable collapse in cryptocurrency adoption.
Barring a few European countries, which include Turkey, Poland, and Romania, cryptocurrencies are unable to make an impression on the people of Europe.
The study takes into account twelve countries from Europe as well as the United States and Australia. Not only did the survey respondents expressed incredulity but also regarded cryptocurrencies, including Bitcoin, with wariness when questioned over their potentiality in transforming economies in the near future.
Is cryptocurrency adoption biting the dust?
Among the nations that have demonstrated lack of heed towards Bitcoin and its potential impact on the financial systems, the sentiments in Austria have taken the maximum hit. With a meager thirteen percent (13%) of survey takers, as opposed to twenty percent (20%) last year, responding in favor of Bitcoin and significant cryptocurrency adoption in the foreseeable future, the country shows manifest indifference towards cryptocurrencies in general.
What is more perplexing is the fact that Bitcoin’s overall framework is primarily guided by the economic theory developed in Austria during the latter half of the 19th century. Moreover, the study also suggests that the cultural heart of Europe is home to the most number of people conversant with Bitcoin and other cryptocurrencies when compared with other European Union nations.
While a significant amount of apprehensions could be chalked up to the growing number of cryptocurrency scams in the region, countries like Turkey, Romania, and Poland show that Bitcoin can still bring in the big bucks when needed. In fact, around thirty-six percent (36%) of the population acknowledged that they receive wages in Bitcoins.
Volatility is the biggest challenge
The overall dampening interest in cryptocurrency space can be attributed to its unpredictable price moves and erratic emotions influencing its markets. Although the long term investments dominate the impact of fluctuations, the everyday price variations in the market are too significant to ignore.
That said, it is impossible to conclude a study that involves relatively smaller European countries. Secondly, not many have genuinely assimilated the concept of decentralized economy and its potential benefits.
As a result, the survey may not be the accurate identifier of cryptocurrency sentiments in Europe, but it does paint a somewhat indifferent attitude towards the cryptocurrency community at large.