Bit­coin not as pop­u­lar as cash in the U.S: Deutsche Bank

AMBCrypto Weekly - - News -

Ac­cord­ing to a re­cent sur­vey by Deutsche Bank, dig­i­tal pay­ments, in­clud­ing cryp­tocur­ren­cies, would see rapid growth over the next ten years. How­ever, the same re­port also as­serted that cash would never truly go out of the pic­ture. It should be noted, how­ever, that this re­port runs con­trary to the bank’s pre­vi­ous sur­vey which had re­vealed that “Bit­coin and other cryp­tocur­ren­cies could even­tu­ally re­place the es­tab­lished fiat cur­rency sys­tem by 2030.”

3,600 cus­tomers across the US, UK, China, Ger­many, France, and Italy par­tic­i­pated in the sur­vey, with fore­cast trends in cash, on­line, mo­bile, crypto, and blockchain be­ing ex­plored in the sur­vey. Among the sam­pled clients, 33% con­sid­ered cash to be the most prefer­able means of pay­ment. The sur­vey also found that 69% of the United States’ pop­u­la­tion chose cash over other forms of pay­ments.

Un­der the section ti­tled, ‘The Fu­ture of Cryp­tocur­ren­cies,” the re­port clar­i­fied that cryp­tocur­ren­cies are still in the stage of early adop­tion, adding that there is a need for many more ex­per­i­ments. That said, the re­port also noted that some stores in the United States have al­ready started ac­cept­ing cryp­tocur­ren­cies as a pay­ment method.

The re­port added, “Al­though the num­ber of stores is small, the growth trend is no­tice­able among on­line travel book­ing plat­forms such as CheapAir, and through re­tail­ers such as Newegg and the telecom­mu­ni­ca­tions com­pany AT&T.”

Ac­cord­ing to the at­tached chart in­cluded in Deutsche bank’s re­port, pay­ments made via Bit­coin have taken off over the years. “Look­ing ahead, it may not be sur­pris­ing if a new and main­stream cryp­tocur­rency were to un­ex­pect­edly emerge,” the re­port noted.

On the other hand, the re­port also sug­gested that many are skep­ti­cal about dig­i­tal currencies, cit­ing the huge en­ergy needs and the reg­u­la­tory hur­dles faced by Bit­coin and Face­book’s Li­bra.

The re­port also stated that:

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