Investor sentiment towards cryptocurrencies is improving, The Economist survey shows

A report published by The Economist paints a bright future for the adoption of cryptocurrencies. Respondents expect growing demand for cryptocurrencies in the near future.

Economist Impact, a brand of The Economist, has published the findings of its Digitization Report, delving into consumer trust in digital payments and barriers preventing the digitization of basic monetary functions. The data obtained compares the results of surveys conducted on the topic in 2020 and 2021, providing a basis for reflection and outlook.

The information comes from a consumer survey of 3,000 consumers conducted in early 2022, half of whom lived in developed economies such as the US, UK, France, South Korea, Australia and Singapore. The other half of respondents were from developing countries, including Brazil, Turkey, Vietnam, South Africa and the Philippines.

About 75% of the participants had a higher education degree or higher and had used various digital payment methods to purchase goods or services. The latter part of the survey, which involved 150 respondents from institutional investors and corporate treasury management departments, provides a sense of the broader traditional financial system's attitude to the issue.

A key takeaway is that investors generally view open-source cryptocurrencies like bitcoin (BTC) or ether (ETH) as diversification tools for investment portfolios or treasury accounts.

Eighty-five percent of respondents shared this view, while nine out of 10 institutional investors and corporate treasury surveyors said demand for all cryptocurrencies, including CBDCs and enterprise blockchains, has increased over the past three years. Increase.

The report states that the rise of Web3 and different metaverse projects may increase this demand. Seventy-four percent of respondents also agreed that non-fungible tokens (NFTs) are an emerging asset class that organizations plan to acquire and trade.

Central bank digital currency (CBDC) is another noteworthy focus, with a growing number of consumers expecting their respective governments or central banks to have a usable CBDC system in place by 2025. Sixty-five percent of executives who participated in the survey believe that CBDCs are likely to replace physical fiat currencies in their countries.

Regulation is considered a major obstacle preventing institutional investors or corporate finances from using cryptocurrencies. Thirty-five percent of respondents cited market trust or a lack of understanding of the field as barriers, a marked drop from 47% in the 2021 study.

This echoes remarks made by U.S. Treasury Secretary Yellen in May 2022 regarding digital asset policy and regulation. She pointed to barriers that limit access to cryptocurrencies, including financial education and technical resources.

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