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Bitcoin Interest Could Still Double, Says Banking Giant as Hype Spells Growth

  • Darryn Pollock
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    Bitcoin hype has shown to play a major role in the growth and prosperity of the digital currency and it needs another boom of interest to get it going.

Bitcoin Interest Could Still Double, Says Banking Giant as Hype Spells Growth

There has been evidence that shows Bitcoin price almost mirrors exactly the interest that is shown in regards to google searches, a metric that makes it easy to predict times in which the price of the cryptocurrency should grow.

This seems to be positive as there is a belief from Dutch banking giant ING that the interest in Bitcoin could yet still double from the position it finds itself in. The highs where Bitcoin found itself in December last year were also coincidentally the same time the Google search for the word were at the highest.

However, that interest has abated, and with that, the price has fallen, but should interest flood back, it could be a case of exponential growth.

Smaller than it seems

Although Bitcoin is seen as a global phenomenon, it is not as well known, or accepted, as many might feel. A consumer economic report from Dutch banking giant ING revealed that fewer than one in 10 Europeans currently own cryptocurrency, however, 16 percent of people expect to own them in the future.

It is a case of gradual growth and adoption from now it seems- the pace at which Bitcoin grew and thus picked up interest in December was unprecedented and probably won’t be seen again.

Surveying nearly 15,000 people across 13 countries, the Dutch bank said the survey reflects a gradual change in attitude towards cryptocurrencies like Bitcoin, Ethereum and Ripple.

Represents the future

Bitcoin may be at a low currently, having just bounced off the bottom of a new low for 2108 from the weekend, however, there is still hope for the future of the digital currency and what it represents.

Of those surveyed, more than a third said that they thought cryptocurrency represented the future of spending online, with a similar share also agreeing that it is the future of investing.

"Cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest," said Jessica Exton, a behavioral scientist at ING.

Cover image via u.today
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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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