German Finance Suits Don’t See a Big Future for Bitcoin

A representative survey covering a hundred CEOs and board members of financial companies in Germany has shown that financial executives aren’t enthused by bitcoin.

In a survey conducted by the German Association for Information Technology, Telecommunications and New Media or Bitkom — a German trade association and think tank – 95% of those surveyed see digital currencies including Bitcoin will remain in the niche over the next decade.

Furthermore, 2% of the finance executives believe that the cryptocurrency will be an accepted mode of payment, in tandem with existing payment methods. The remaining 3% believe that bitcoin will be completely obsolete in ten years from now.

The results of the survey were revealed in a press release by Bitkom, whose banking and financial services head, Steffen von Blumröder, noted:

It’s possible that Bitcoin as its own currency could remain in the niche but the idea of the blockchain behind [Bitcoin] could [find] its way into our everyday payment [system] and accelerate the digitization of the financial sector. [Roughly translated]

The opinion of financial executives differs to that of a previous survey undertaken by Bitkom earlier this year. Targeting everyday citizens, the summer survey revealed 36% of Germans would be open to acquiring or adopting Bitcoin as a currency. That opinion rose to 53% of those surveyed who were between 14-29 years.

Also read: IMF Director Tells Banks: Do Not Worry about Bitcoin Blockchain

The survey was revealed on December 3, a week ahead of Bitkom’s Hub Conference to be held in Berlin on December 10. The conference will also include those surveyed, with one of the conference subjects including bitcoins, the blockchain and the disruptive changes within the financial sector due to Fintech companies and startups.

Furthermore, three Fintech startups will also present their innovations to those attending the conference. Fintech is among the main topics of discussion and debate in the conference, to which Bitkom recently published a paper on the status quo of Fintech companies and start-ups in Germany.

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