Mobile Banking - Cryptocurrency June 2018 ING International Survey

About the ING
International Survey
The ING International Survey aims to gain a
better understanding of how people around the
globe spend, save, invest and feel about money.
It is conducted several times a year, with reports
hosted at www.ezonomics.com/iis. This online
survey was carried out by Ipsos between 26
March and 6 April 2018.
Sampling reflects gender ratios and age
distribution, selecting from pools of possible
respondents furnished by panel providers in
each country. European consumer figures are
an average, weighted to take country
population into account.

15
countries are compared
in this report.

1,000
About 1,000 respondents were surveyed in
each, apart from Luxembourg, with 500.

14,828
is the total sample size
of this report.

Europe divided on best use and future impact of cryptocurrencies
ING reveals attitudes on the rise of digital currencies such as Bitcoin and what they might mean for our money

The ING International Survey reveals how
cryptocurrencies, such as Bitcoin, are perceived in
2018 across Europe, the USA and Australia. We
define cryptocurrency, in part, as a kind of digital
currency not created or secured by the government
but by a network of individuals.
News about cryptocurrency has been in the
headlines through 2017 and 2018. Bitcoin prices
rocketed to $13,860 in December 2017 yet slid back
to $6926 by March 2018 − when the responses to our
survey were collected.
Buying into a trend
So it’s no surprise that two in three (66%) in Europe
have heard of the technology − although higher
shares of males (77%) reply that they have heard of
cryptocurrency than females (55%).
What is a surprise, though, is that younger age
brackets − especially people aged 25-34 or 35-44 −
are not much more likely to agree they have heard
of cryptocurrency than other age groups.
Those who already use their smartphone, tablet or
wearable to bank “on the go” − the mobile bankers of
our survey − are more likely to say they have heard
of cryptocurrency (69%) than those who do not bank
using their mobile device (59%).
Fewer than one in 10 in Europe (9%) at the time of
the survey indicate owning cryptocurrency – with the
smallest fractions in Luxembourg and Belgium.
Figures are similar for the USA and Australia.

One in four (25%) in Europe indicate they expect
to own cryptocurrency at some time in the future –
with the share once again slightly higher among
mobile bankers (31%).
Bitcoin as an investment
We find that only about a third (35%) in Europe agree
Bitcoin is the future of spending online. A similar
share (32%) of respondents agree cryptocurrency is
the future of investing.
Furthermore, responses to specific questions about
whether people would consider investing in
cryptocurrency are lukewarm.
“And many see cryptocurrency as
rather risky. For instance, 46% in
Europe see shares as less risky than
digital currencies such as Bitcoin.”
Nearly three in 10 (29%) Europeans say they would
never invest in cryptocurrency. And many see
cryptocurrency as rather risky. For instance, 46% in
Europe see shares as less risky than digital currencies
such as Bitcoin; 24% say they’re equally risky.
This may be part of why cryptocurrencies seem to
have less appeal for long-term personal finance
activities, such as receiving pay or saving for
university, than one-off transactions.

A minority in Europe indicate they would consider
cryptocurrency as a way to pay for items − like a cup
of coffee (23%), international online purchases (30%),
or children’s university fees (20%).
Interestingly, larger shares in lower per-capita
income countries suggest they might consider
investing or paying in cryptocurrency.
Future impacts?
When looking for information about investing in
cryptocurrency, Europeans are more likely to seek
out specialist websites (27%) or financial advisors
(21%) than input from friends or family (8%).
This may reflect a general feeling that the trend is
complicated or hard to understand and therefore
requires a specialist. If cryptocurrency eventually
goes mainstream, this preference may change.
Jessica Exton, behavioural scientist
Fleur Doidge, editor

Are Europeans betting on Bitcoin?

Few people have invested in cryptocurrencies such as Bitcoin so far − and many
worry about the risks in doing so. The ING International Survey Mobile Banking
2018 asked nearly 15,000 people across Europe, the USA and Australia what they
think of the cryptocurrency opportunity.

Mobile Banking - Cryptocurrency June 2018 ING International Survey