One of the obstacles to adopting Bitcoin and other cryptocurrencies remains the lack of knowledge. Forty-seven of the people surveyed believe that their countries will run out of cash within the next few years.
Consulting firm Economist Impact conducted a global study on fear and preferences for Bitcoin (BTC) and other cryptocurrencies. They determined that crypto assets have become a more usual form of digital payment in both developed countries and developing countries.
The survey indicates that respondents prefer Bitcoin and other cryptocurrencies (13%), digital currencies issued by technology and financial companies (12%) and a digital currency issued by the government (9%) to make payments.
John Mitchell, CEO and co-founder of Episode Six, said it is a social step toward digitization. He said that new ways to make transactions would emerge while payments and finance would continue to evolve.
The consulting firm sought to explore how much consumers trust digital payments and determine the obstacles for digital monetary functions to predominate.
Economist Impact surveyed people in the US, the UK, France, South Korea, Australia, Singapore, Brazil, Turkey, Vietnam, South Africa, and the Philippines. They interviewed 3,000 people, including users and investors, in January and February, of who around half (53%) were men and the rest women (47%).
The End of Cash May Be Near in Some Countries
The consulting firm also asked consumers on several continents about their position on the future of cash.
Forty-seven percent of the respondents think their countries will run out of cash within 3 to 5 years. Eighteen percent said their nations would become cashless, as digital payment methods will predominate over physical ones within 1 to 2 years.
Meanwhile, 13% believe that their country will always have cash, a decrease compared to 2020 when 28% had the same position.
Mitchel explained that it is necessary to move toward a cashless society, which has been evident during the pandemic. He considers that the reasons for that are convenience, speed of transactions, inclusivity, and efficiency over fiat money.
Executives Think that Regulations Hamper the Use of Bitcoin
The study not only focused on people who use cryptocurrencies but also included entrepreneurs from various countries.
Forty-one percent of the respondents believe that regulations hamper the adoption of cryptocurrencies for institutional investments or corporate treasury.
However, the report highlights that just 35% of institutions see market confidence or understanding of digital assets as an obstacle, compared to 47% in 2021.
Tobías Adrián, financial advisor and board member of the International Monetary Fund, considers the private sector relevant regarding innovation in digital money. He expressed that he does not think the central bank should be the one defining the technological frontier of payment systems.
Bitcoin and other Cryptocurrencies are Necessary to Businesses
The consultation also suggests that 85% of the investors agree that digital currencies like Bitcoin can help diversify a portfolio or treasury account.
Eighty-seven percent of the respondents agree that establishing an international regulator for digital currencies is necessary.
Some of those surveyed think that Bitcoin and other cryptocurrencies are a currency to settle transactions, while others see them as assets to store value.
In that regard, the study showed that 41% see them as usual currencies, representing an increase of 34% compared to 2021. In addition, 30% of the respondents see them as a combination of digital currency with a valuable asset.
By Alexander Salazar
