The Economist published a report that paints a positive future for cryptocurrency adoption. Survey respondents expect growing demand in the near future.
Economist Impact released the findings of its “Digimentality Report”, which examines consumer trust in digital payments, and the obstacles that prevent digitization of basic monetary functions. It compares data from previous surveys in 2020 and 2021 to provide insight and perspective.
The information was gleaned through a survey of 3,000 consumers that was completed in the early 2022. Half of the respondents were from developed countries such as the United States, United Kingdom and France. Half of the respondents were from developing countries like Brazil, Turkey and South Africa.
Nearly 75 percent of participants had completed tertiary education and used digital payment methods to pay for goods and services. This survey included 150 respondents from corporate treasury management and institutional investors. It provides insight into the general attitude of the conventional financial system regarding the topic.
The consensus among investors that open-source cryptocurrencies such as Bitcoin (BTC), Ether (ETH), are valuable diversifiers in a portfolio, or treasury accounts was a key takeaway.
This view was held by 85 percent of respondents. Nine in ten institutional investors, Corporate treasury survey participants, and nine out of ten corporate treasury survey-takers agreed that the demand for all cryptocurrencies has increased over three years.
Related: Countries to adopt Bitcoin, crypto users will reach 1B by 2023: The Report
According to the report, Web3 and other Metaverse projects could increase this demand. 74% of respondents agreed that nonfungible tokens are an emerging asset that organizations intend to acquire and trade.
Another important focal point was the central bank digital currencies (CBDCs). A growing number of consumers expect their governments or central banks’ to implement a functioning CDBC system by 2025. The survey found that 65 percent of respondents believe CBDCs will replace fiat currencies in their country of operation.
The regulation was identified by respondents as the main obstacle to institutional investors and corporate treasuries using cryptocurrencies. 35% of respondents identified market trust or understanding as the main obstacle to using cryptocurrencies. This is a significant decrease in perception from the 47% of 2021.
This sentiment was echoed by Janet Yellen (U.S. Treasury Secretary), who shared her thoughts on regulation and policy for digital assets in May 2022. She pointed out the barriers that prevent cryptocurrency users from accessing financial education and other technological resources.