Bitkom: Crypto currencies for majority of Germans only speculative object

For the majority of Germans, crypto currencies are primarily an object of speculation and not a means of payment. This was reported by the IT industry association Bitkom on 8 November with reference to a representative survey carried out on its own behalf.


Too high exchange rate fluctuations for crypto currencies

According to the study, “two thirds (68 percent) had already heard or read about crypto currencies”. However, a clear majority of them (62 percent) complain “that crypto currencies are only for speculators in view of price fluctuations”.

However, the theoretical possibility of being able to pay more easily with crypto currencies in the future is not ruled out by the respondents.

Around one in two respondents stated that “crypto currencies will enable faster (56 percent) and cheaper (51 percent) money transfers and make it much easier to pay even the smallest amounts on the Internet (49 percent)”.

Above all, the rapid development of Bitcoin’s share price has led the population to believe that “crypto currencies are something like gambling, which can quickly make you rich, but can also lose a lot of money,” says Patrick Hansen, Head of Blockchain at Bitkom.


Regular Bitkom surveys on the crypto sector

Bitkom regularly conducts surveys on the subject of blockchain and crypto currencies, which provide a good indication of the current mood in the country regarding this future technology. According to a survey conducted in April of this year, IT managers consider Germany to be mediocre when it comes to blockchain.

In September, Bitkom published a Blockchain Guide as a decision-making aid for companies in order to provide them with an evaluation framework for assessing and evaluating use cases.