As per the survey titled: ‘Bitcoin: Knowledge and Perceptions’ conducted by digital payment firm Block Inc., the more the respondents knew about Bitcoin, the more positive they were about Bitcoin’s future ( BTC ).
In January, Block polled over 9,500 people from the America ( 2,375 ), Europe, the Middle East and Africa ( 4,360 ), and Asia Pacific ( 2,860 ) areas, ensuring that 100 Bitcoin owners were represented in each location for its 2022 Bitcoin Awareness and Perceptions Report.
The survey, which was issued on Tuesday, found a link between confidence and the probability of purchasing and a correlation between the result and the respondent’s self-identified level of expertise.
41 % of those who said they had “fair to expert” knowledge of crypto believe they’re “very likely” to buy Bitcoin in the next year, compared to 7.9 % of those who said they had “limited to no knowledge.”
Although higher-income people are slightly more optimistic about Bitcoin’s future than lower-income people, Nigeria, India, Vietnam, and Argentina reported the greatest rates of optimism and claimed levels of cryptocurrency expertise.
Education and promotion appear to be the most important factors in adoption, as 51 % of respondents identified a lack of information as the primary reason for not purchasing Bitcoin. The possibility of theft was the second most important issue ( 32 % ), followed by the notion that BTC has too many price fluctuations ( 30 % ).
Lower-income countries recognize the value
According to the survey, people with lower incomes utilize Bitcoin in practice, with more than 40 % saying they’re most likely to purchase it as a convenient way to move money or buy things.
On the other hand, higher-income persons are more likely to see Bitcoin as a chance to generate money ( 50 % ) or diversify their investment portfolio ( 30 % ). Around the same percentage ( 39 % ) indicated that acquiring items was also why they would buy.
Respondents from countries with higher remittance income but lower per-capita GDP were more likely to mention Bitcoin as a viable option to transmit money or buy things.
High inflation places prefer Bitcoin.
Block also discovered a strong link between nations with high inflation rates and those who said Bitcoin was a “protection against inflation,” with 45 % of Argentinian respondents — the largest percentage of any country — utilizing Bitcoin.
Argentina has double the pace of adoption compared to other countries in the region, with many people resorting to Bitcoin to protect themselves against an over 60 % inflation rate.
Overall and across geographies, Bitcoin was the most well-known cryptocurrency, with 88 % of respondents indicating they’d heard of it, more than twice as much as the 43 % who said they’d known of Ether (ETH).
No gender gap in knowledge of Bitcoin
As per the survey, there was no gender divide amongst the people who claimed they knew about Bitcoin and owned it.