Research and credibility survey company Edelman is shedding some light on the crypto space, as the firm indicates a growing trust in digital assets. Recently, the firm released its 2020 Edelman Trust Barometer Report, where it revealed that the global attitude and perception towards cryptocurrencies had improved markedly.
How the Report Was Compiled
Edelman’s cryptocurrency edition, is a document based on a survey of over 34,000 respondents from countries all over the world. The firm has been publishing its report for more than 20 years, examining the trends that influence and show people’s trust in four social sectors – government, business, media houses, and NGOs.
This firm conducted this particular survey in 2019, examining 26 markets in total. Each of the 26 markets had about 1,150 respondents each, for the general online population segment of the respondents. For the “informed public” segment of the audience, the U.S. and China had 500 respondents, while other markets had 200 respondents each.
Per the survey, the “informed public” segment represents 17% of the global population. The people chosen for this category met four categories: they were between 25 and 64 years, college-educated, and were part of the top 25 percent in terms of household income per age group. They also had considerable levels of information consumption and engagement with media platforms.
As it showed, 48 percent of the respondents trust cryptocurrencies, although only 35 percent of them believe that cryptocurrency will turn out good.
China Set for Blockchain Growth as Blockchain Trust Reaches 80 Percent
So far, China has all but led the global government conversations on cryptocurrency policy. The most populous nation on Earth has held a significant lead in the crypto mining industry, and while the government has cracked down on exchanges, it still holds a controlling presence. Even more, the country is getting ready to issue its own Central Bank Digital Currency.
Edelman, however, predicts that things will get even better for the economic powerhouse. Per the survey, 81 percent of respondents from the Chinese market said they trust blockchain. Whereas, 62 percent said they believed blockchain would have a substantial impact in the world.
However, it’s not only China that has recorded immense growths in public attitude towards cryptocurrency. Trust in crypto from both Mexico and Argentina surged by 20 percent over the 2019 results. Meanwhile, 17 countries saw the trust level increases by at least 10 percent, while five countries got gains over 5 percent.
As the survey showed, only three countries in the world have declining trust in crypto – Saudi Arabia, the United States, and the United Kingdom.
Nevertheless, it is essential to note that global trust is up 11 percent. Deidre Campbell, the Chairman of the Financial Services Sector at Edelman, explained that the research shows that crypto has grown so far in its consideration as a substitute currency. Speaking with industry news source CoinDesk, he pointed out that many people seeing crypto as an option to hedge against inflation of their local currencies is also one of the reasons the industry has grown in positive global sentiment.
Furthermore, he noted that it was no coincidence that crypto got even more attention from the anticipation of the imminent Bitcoin halving. This event is even more evident at a time when other physical currencies could see more printing and a drop in value.