People With Least Knowledge Most Positive on Crypto's Future: ING
People with less knowledge about cryptocurrency are the most likely to be positive on its future, according to research from Dutch bank ING.
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People with less knowledge about cryptocurrency are the most likely to be positive on its future, according to new research from Dutch bank ING.
In a survey published Wednesday – which polled around 1,000 people in each of 15 mostly European countries – ING found that, overall, the level of detailed knowledge about crypto is fairly low.
While 74 percent answered correctly that cryptocurrencies are a form of digital money, roughly the same amount (73 percent) said cryptos are run by a centralized body, or didn't know. A small majority were, however, correct when answering questions on volatility and in-store acceptance.
Examining how attitudes vary among the pools of people with varying knowledge of the subject, ING found that the least knowledgeable were the most positive.
The report states:
Respondents with greater knowledge showed more negative sentiment in the survey, with just 32 percent being positive about the future use of cryptos.
"People are wary of cryptocurrencies – a reflection, most probably, of their being new and relatively intricate. The workings of blockchain, the idea of mining for something intangible and storing it in a digital wallet is, after all, novel and unfamiliar for many," ING said in the report.
Of those that knew at least a little about the subject, Turkey was the only nation with a majority of respondents displaying positive attitudes (62 percent). Aside from Romania (44 percent) and Poland (43 percent), most nations had levels of around 30 percent or lower.
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People were roughly equally split in the survey when asked to respond to statements on crypto's role as the future of online spending and investment. Thirty-two percent said it is the future of online spending, down from 35 percent in 2018.
Thirty-five percent expected the value of cryptocurrencies to rise in the next 12 months.
Thumbs up image via Shutterstock; chart via ING