According to a recent report from The Economist Group and crypto platform Crypto.com, only 17.9% of people expect BTC to become a legal tender within three years.
Survey responses were collected from 3,000 people between January and February 2022. 50% of survey respondents live in developed countries such as the USA, UK, France, South Korea, Australia and Singapore, while others live in developing countries such as Brazil, Turkey, Vietnam, South Africa and the Philippines.
"I expect my country's government or central bank to make Bitcoin or other cryptocurrencies the official means of payment within the next three years." In response to the statement, approximately 36.6% of the respondents said absolutely yes or partially yes, 43.4% neither agree nor disagree, and 17.9% partially or completely disagree with this statement.
A smaller 36.5% of respondents said they expect their country's governments or central banks to issue a central bank digital currency (CBDC) within the next three years. Only 18.6% are unsure whether such a thing will happen, while 43.4% neither agree nor disagree.
According to the report, almost two-thirds (65%) of executives from the surveyed groups thought CBDCs were likely to replace physical currency in their country, compared to 56% last year.
Respondents were similarly positive about non-fungible tokens (NFTs), with 60.1% saying they strongly or partially agreed that they "can buy, hold or sell such assets in the next three years". Only 7.5% do not think so.
According to the report, cryptocurrencies remain the most widely used form of payment since 13% of respondents use it, followed by digital currencies issued by technology and finance companies with 12% and digital currencies issued by the government with 9%.
The survey revealed that the biggest barrier to greater adoption is similar to the barriers to various digital currencies, with only minor differences. Lack of information, a barrier to greater adoption for open source digital currencies like BTC, fell from 51% to 22% year-on-year. The main hurdle currently being seen is the need to create a secure form of digital identity, cited by 24.3% of respondents this year compared to 13% last year. As for CBDCs, there are barriers such as lack of education (27%), technical literacy (27%) and inequality of access (27%), according to the survey.