Blockchain may be riding a wave of success, but the digital currency it powers certainly isn’t, as a new survey reveals financial experts have little faith in bitcoin’s future.
A full 95 per cent of finance execs in Germany believe digital currencies will only see niche applications before 2025, according to a survey from German telecoms organisation Bitkom. Another three per cent believe they are posed to disappear entirely.
Just two per cent of those polled think bitcoin and other cryptocurrencies will break into the mainstream as a widely accepted payment method in the next ten years.
The same execs are far more enthusiastic about the blockchain, the underlying distributed ledger technology that powers bitcoin, suggesting it will “accelerate the digitalisation of the finance sector”.
This will come as more unwelcome news for bitcoin enthusiasts, as JPMorgan’s Jamie Dimon recently dismissed bitcoin as a “waste of time” and UBS chief Axel Weber warned it “had no future” at the Bank of England’s Open Forum.
Don’t worry, it’s not all gloom and doom for cryptocurrencies, though. A recent study found bitcoin was likely to become the world’s sixth largest reserve currency by 2030.