A UK survey spanning business owner-managers and entrepreneurs in the region revealed a few takeaways of their outlook on bitcoin. A majority of the respondents to the Smith & William Enterprise Index survey that polls entrepreneurs and owner-managers in the UK said bitcoin will fail…
A UK survey spanning business owner-managers and entrepreneurs in the region revealed a few takeaways of their outlook on bitcoin.
A majority of the respondents to the Smith & William Enterprise Index survey that polls entrepreneurs and owner-managers in the UK said bitcoin will fail to become a widely accepted payment method, reports UK publication City AM.
The quarterly survey polls business-owners to gauge their views on industry affairs. 61% of respondents to the poll also said they did not see the cryptocurrency having a “big impact” on the predominant payment methods or major currencies, in the past five years.
Speaking to the publication, Fergus Caheny, partner in investment management at Smith & Williamson stated:
Once heralded as the currency of the future, bitcoin has taken severe hits to its reputation and popularity over recent years.
He further added:
Whilst still having its place, as an international currency and within certain sectors, our respondents thought it would fail to become a widely accepted method of payment.
The somber outlook by UK-based business owners and entrepreneurs toward the cryptofcurrency is surprising, primarily due to the region’s reputation as a leading fintech destination. Prominent government officials and authorities such as UK Chancellor George Osborne and the UK Treasury have backed digital currencies and blockchain innovation.
George Osborne has notably bought bitcoins in the past. In November 2015, Osborne was speaking about digital currencies at the Bank of England (England’s central bank) Open Forum conference, where he stated:
[Digital currencies] may now well play a big part in our financial future.
More recently, the British government was revealed to be considering disbursing research grants using bitcoin or a blockchain-based digital currency.
Contrary to the opinions revealed in the survey, bitcoin has gained further ground in the retail space as an accepted mode of payment. Some prominent examples from the turn of the year include:
Featured image from Shutterstock.
Last modified: January 25, 2020 11:47 PM UTC