Tokenist Report - Post COVID-19, Economic Concerns Cause Trust in Bitcoin to Triple
The economic crisis caused by Covid-19 has undermined trust in traditional assets and financial institutions. Bitcoin is now viewed as a better hedge against market volatility than stocks and U.S government bonds.
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A new survey conducted by market research company The Tokenist shows growing confidence in Bitcoin among all ages and genders, relative to traditional asset classes. This effect was most pronounced in millennials, 45% of whom would now preferentially invest in Bitcoin over stocks, real estate and gold. Another finding provides an explanation for this: 47% of survey respondents trust Bitcoin over major banks, an increase of 29% in the past three years.
The survey gives weight to the growing sentiment amongst cryptocurrency analysts: that the market fluctuations of the past three years are driving increased returns and confidence in Bitcoin as an alternative asset class.
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The survey reveals how attitudes towards Bitcoin have changed since 2017 - during the major crypto bull run - and focuses on millennials, taking an innovative approach. Most surveys of Bitcoin adoption to date have focused on consumer knowledge of the asset class, but not on Bitcoin as a long-term store of wealth. Given the current resurgence of Bitcoin, many of these previous surveys have become obsolete, having been conducted in 2017 or earlier. The Tokenist’s research also looks at the impact volatile market fluctuations - such as the situation caused by the COVID-19 pandemic - on confidence in Bitcoin.
The survey was conducted in April 2020, and is based on responses from 5,421 participants in 24 countries. It used several 2017 surveys on attitudes to Bitcoin as a baseline to assess how attitudes toward the asset have changed in the past three years. It also asked respondents directly how the market fluctuations caused by COVID-19 have impacted their view of Bitcoin.
The results are striking. As trust in traditional banking and financial institutions continues to decline, millennials in particular now see Bitcoin as a legitimate, stable, and potentially lucrative form of investment. This research not only confirms that Bitcoin is now a major part of the investment landscape, but it will also further increase confidence in the asset.
The results of the research indicate that Bitcoin has a bright future, and will likely benefit significantly from the current market crisis. With confidence in traditional investment instruments decreasing, Bitcoin stands poised to offer investors an alternative, long-term store of value.
