German financial executives are pessimistic about Bitcoin: 95% believe that Bitcoin cannot enter the mainstream market

A new survey released by the German telecommunications trade group shows that most financial executives are not interested in Bitcoin and are not optimistic about its development prospects.

The survey was conducted by the German Information Technology Association's research institute, Telecommunications and New Media (Bitkom), and included 77 CEO-level people in the German financial industry and 25 board members of financial companies.

According to CoinDesk’s report on the survey, 95% of respondents believe that digital currencies such as Bitcoin will remain a niche market in the next 10 years. Only 2% of respondents believe that Bitcoin will become a widely accepted payment method, and the remaining 3% believe that Bitcoin will disappear from the world by 2025.

According to a survey reported by local German media (roughly translated by Google), Internet currencies such as Bitcoin will remain a niche in Germany in the next 10 years. 95% of financial experts say that this cryptocurrency will only survive for 10 years, even if it tries its best to survive. Only 2% believe that Bitcoin will become a recognized supplement to existing payment systems. 3% believe that Bitcoin will completely disappear by 2025.

Steffen, a financial expert at Bitkom, said:

“The underlying technology of Bitcoin, blockchain technology, can record transaction data and has the characteristics of decentralization and transparency. Currently, banks and financial companies are very interested in this technology.”

“While Bitcoin may remain a niche currency, the blockchain technology behind it will become integrated into our everyday payment methods and help accelerate the digitization of the financial industry.”

“The blockchain is not a database managed by a central authority, but is managed by all participants in the system, and all transactions are included in the blockchain.”

The report said that although the latest survey shows that German financial executives are not optimistic about Bitcoin, Bitcoin is still widely popular among the German people. This summer, Bitkom conducted a survey on Bitcoin among the German people. The results showed that 36% of consumers are willing or interested in buying Bitcoin, and among young people aged 14-29, the number of people willing to buy Bitcoin is as high as 53%.

The release of this latest survey comes at the upcoming meeting of the German telecommunications trade organization, which will be held in Berlin on December 10, with the theme of "Facing the challenges of digitalization in the financial industry". It is worth noting that the participants of this conference also include startups from the Bitcoin and blockchain industries. According to reports, there will be three Fintech startups presenting their innovative technologies at the conference. In this regard, Bitkom has just released a survey report on the "current status of Fintech development in Germany".

Compiled by: printemps
Source: Babbitt Information (http://www.8btc.com/germany-finance-ceo-bitcoin)