A new survey finds that nearly 75% of a pool of top European economists do not think cryptocurrencies such as Bitcoin are, or will become, a threat to the stability of the financial system.
The latest survey from the London-based Center for Macroeconomics didn’t ask whether the Bitcoin or cryptocurrency markets were in a bubble, though many economists and commentators believe they are. Instead, the survey asked whether they were a systemic risk, and whether they should be more tightly regulated.
73% of respondents disagreed or strongly disagreed with the idea that cryptocurrencies threaten the financial system, or could become a threat in the “next couple of years.” That rebuts surprising claims by a Deutsche Bank economist earlier this month that a Bitcoin crash was a major risk for markets in 2018
.Of the nearly fifty respondents, including researchers at universities including Oxford and University College London, most downplayed the risk simply based on the total market value of cryptocurrencies, which all together are still worth only about $600 billion, or about 20% more than Facebook.
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