German Experts: Cryptocurrencies Won’t Be Popular as Payment Means by 2020

June 18, 2018

In the framework of monthly financial reports the Center for European Economic Research (ZEW) which includes 300 experts from banks, insurance firms and financial divisions of large companies has expressed his view on whether cryptocurrencies will be used for daily payments soon.

Respondents were quite skeptical about possibility of paying for a cup of coffee with crypto in Germany. Only 13% could imagine some general crypto payment option for such products by 2020.

As report says:

“According to the results of the survey, the likelihood that it will be possible to pay for digital products such as music with cryptocurrency in Germany by the end of 2020 currently stands at 23 percent. In comparison, the prognosis for other industrialised countries such as Japan (34 percent) and the US (35 percent) were somewhat more optimistic”.

Only 6% of the respondents believe, by 2020 cryptocurrency will have become a viable payment tool to buy a car in Germany.

Dr. Dominik Rehse, ZEW scientist, explained the results:

“One explanation for our findings could be the expectation that conventional payment methods already largely satisfy the requirements of market participants, while cryptocurrencies – even by the end of 2020 – are seen as still being too technically complex for everyday use or involving excessively high transaction costs”.

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