Written by: FIMA Plus
The financial crisis of 2008 shook the entire world and revealed flaws in the banking system. However, financial analysts worldwide have noticed a similar trend in recent months. The COVID-19 pandemic has shaken the global economy, resulting in central banks adopting quantitative easing.
As banks struggled with reduced direct contact with clients, the use of cash also declined as people around the world opted for e-payment methods. And while cash payments became more difficult, many began to consider cryptocurrencies as an alternative.
According to a recent survey conducted by The Tokenist, trust in bitcoin has increased since 2017. The survey compared data from 2017 and 2020 and involved 4,852 respondents from 17 countries, noting that trust in bitcoin is on the rise.
On one hand, the percentage of trust decreases with the generation of respondents over 65 years old, while on the other hand, 51% of millennials stated that they trust bitcoin more than banks like Wells Fargo, JPMorgan, and Goldman Sachs. Of the total number of respondents, 47% stated that they trust bitcoin more than large banks (an increase of 29% in the last three years), which could be a result of the recent volatility of large banks’ assets and the increased professionalization of the cryptocurrency sector. Since many companies dealing with cryptocurrencies started operating in 2017, trust in the crypto world was not very high at that time. However, this changed in 2020, and BTC proved to be an important and promising asset for investment.
