Despite all-time high

High scepticism about Bitcoin in Germany

Bitcoin coin in the black-red-gold watch pocket of a pair of jeans,
Source: Shutterstock

The majority of the German population is sceptical about Bitcoin. This is the result of a survey by the digital association Bitkom.

Bitcoin has reached a new all-time high at the end of a brilliant crypto year. The current price of the cryptocurrency is 22,780 US dollars, higher than ever before in its history. The digital store of value has thus managed to crack the magic 20,000 mark, which Crypto Genius it had previously failed to reach time and again.

The new record price could be a reflection of the fact that more and more large investors are getting into cryptocurrency, or at least closely following its development. Most recently, One River Digital announced its intention to have a crypto investment volume of one billion US dollars by 2021.

Due to the increasing acceptance of Bitcoin and Co. in the economy, national central banks and the European Central Bank are now also looking into cryptocurrencies and considering their own digital currencies. The ECB is currently running a test phase for the digital euro, which should be completed in March 2021. The institution still wants to wait for further steps.

Bitkom survey reveals scepticism about Bitcoin
Despite this year’s Bitcoin rally, many Germans are still sceptical about the cryptocurrency. This is shown by the latest representative survey on the acceptance of cryptocurrencies by the German digital association Bitkom. According to the survey, only two percent of those over 16 said they had invested in cryptocurrencies. Around one fifth (18 per cent) could imagine investing. The rest of the respondents expressed scepticism about Bitcoin and Co. even though the proportion of those who said they had heard or read something about cryptocurrencies has risen (76 percent).

Specifically, 66 percent of those surveyed thought digital means of payment were too complicated. 55 percent said that cryptocurrencies were more suitable for speculators. Meanwhile, three out of ten participants said that Bitcoin and Co. were a secure alternative to the established monetary system. Among 16 to 29-year-olds, the figure was as high as 43 percent. In addition, one in four considers long-term investments in digital assets to be sensible. 1,004 citizens of the Federal Republic were surveyed.

The survey shows that especially the younger generation is enthusiastic about cryptocurrencies. However, if Bitcoin’s upswing continues, it is quite conceivable that investors in conventional assets will also open up even more to digital assets.

Reader survey at BTC-ECHO
BTC-ECHO is also running a survey until 20 December. Readers can give their opinion on cryptocurrencies. Participants can win guaranteed prizes worth a total of 30,000 euros. The winners will be notified on 21 December. The results of the survey are scheduled to be published in January 2021. Participation is possible here.