New research has come out from the ING Group Bank based in the Netherlands which suggests that those who have less knowledge of cryptocurrency and blockchain are more likely to be bullish on its future.
The survey, published today (18th September), saw about a thousand people from different countries in Europe get involved. With ING finding that the level of detailed knowledge about crypto pretty underwhelming.
So here are the results:
74 percent answered correctly in that cryptocurrencies are a form of digital finance and the roughly the same amount said that cryptocurrencies are run by a kind of centralised body.
Looking into attitudes that vary among the pools of people with varying knowledge of the subject, ING found that the least knowledgeable persons were more positive when it came to crypto.
The report says:
“Of the 13% in Europe who could correctly identify one of the five statements as either true or false, and therefore were labelled as having low knowledge, most either had a high (43%) or medium (37%) attitude towards the future of cryptocurrencies. This was almost identical for those who could correctly identify two or three out of the five statements, demonstrating medium knowledge.”
On the other side of the survey, people who were a bit more clued up with crypto had a more negative sentiment with just over thirty percent being bullish on the future of this emerging asset class.
In the report, ING said:
“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.”
It will be interesting to see what this means for the actual future of cryptocurrencies. Are more people inclined to take a pessimistic view on the future if they are aware of all the factors surrounding a situation - in this case, crypto?
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