This is how the German economy works


Cryptocurrencies divide society. While proponents see Bitcoin and Co. as a beacon of hope for digital change, critics reject it as a criminal tool. The digital association Bitkom put German companies to the test and obtained an opinion barometer.

50/50 – this is roughly how the results of the new survey by the digital association Bitkom can be summarized. The survey captured an opinion of 652 people responsible for digital technologies and blockchain in companies with 50 or more employees, including 101 banks and financial service providers. It dealt with questions about the meaning, development and impact of the crypto-economy. The mood could hardly be more divided. Industry-specific differences in the valuation of crypto currencies are also visible.


A rift through the German economy

Around half of the companies surveyed see crypto currencies as a secure alternative to the established monetary system. Trust is already higher at banks: almost two thirds of financial service providers rate the crypto market as a secure alternative. So it is hardly surprising that the question of whether cryptocurrencies will prove themselves as a long-term investment is more popular with banks. After all, 49 percent of financial service providers recognize the quality of storage in Bitcoin and Co., companies are more skeptical with 39 percent approval.

Following on from this, the follow-up question almost arises: Are cryptocurrencies only for speculators? Yes, say 54 percent of companies, and 46 percent for banks. There are also large deviations when it comes to the purpose of using cryptocurrencies to finance illegal transactions. Around half believe that criminals primarily benefit from cryptocurrencies and their properties through money laundering and terrorist financing. Banks rate the risk potential as lower. Only a third classifies Bitcoin and Co. as a vehicle for illegal monetary transactions.


Cryptocurrencies too complicated?

Above all, the survey revealed one thing: there is great disagreement when it comes to dealing with cryptocurrencies. Approval and rejection are balanced on almost all questions. Only one question is comparatively unanimous: Only 37 percent believe that the prices of crypto currencies will collapse massively in the next few years. Among the banks, 28 percent think such a crash is likely.

Patrick Hansen, Head of Blockchain at the Bitkom digital association, explains the results to BTC-ECHO:

In the course of the ongoing institutionalization of the crypto market, more and more German companies are also dealing with the topic. The picture is very divided. Half of the companies see this as a sensible long-term investment or even an alternative for our monetary system, the other half see above all speculation, complexity or even crime. It is noticeable that banks and financial service providers, which have already dealt with the topic relatively intensively, are much more positive about the crypto market.

However, one question catches the eye. 53 percent of the votes from the corporate group consider cryptocurrencies to be too complicated personally. It is possible that this educational gap explains the dichotomy of the economy towards the crypto-economy. It goes to the survey This way.