Historically, the price of Bitcoin has mirrored the level of interest in cryptocurrencies, with the Google search volume correlating to its value. If this keeps holding true, the future could be bright for Bitcoin and other top cryptocurrencies. Research from ING, a Dutch multinational banking and financial services firm, shows that the value of Bitcoin should double in the near future.
ING’s latest consumer report showed that less than 10% of Europeans own any cryptocurrency but nearly 16% expect to own them in the future. 15% of respondents said they would consider receiving their salary in cryptocurrencies. More than 33% of those surveyed believe that cryptocurrency would represent the future of investing as well as online spending. The report was put together after surveying 15,000 people in 13 countries.
Jessica Exton, a behavioural scientist at ING, said,
“Cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest…. 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 stabilizes there may be increased interest.”
Teunis Brosens, Economist of Global Markets at ING, believes cryptocurrency holds the most promise in developing countries that have nascent financial systems.
The report comes out during a heavy bear market with most of the top cryptocurrencies dropping at least 50% from all-time highs. Bitcoin and Ethereum are both currently around 70% off its all-time high, while Ripple and Bitcoin Cash are 85% off its all-time high.
The report lines up with several top analyst who believe cryptocurrencies will return and surpass their former all-time prices with incoming ETFs, crypto-friendly regulations, and institutional cryptocurrency custodians.