Saturday, July 2, 2022

People who know about bitcoin are more likely to support it: Survey

The Takeaway:

Block questioned over 9,500 people worldwide for its 2022 Bitcoin research, which found that more optimistic people had a higher self-reported level of knowledge of the cryptocurrency.

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.

Bitcoin's Outlook by Country
Bitcoin’s Outlook by Country

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.

Remittance and appeal of Bitcoin
Remittance and appeal of Bitcoin

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.

Relationship Between Inflation Rates and Attitudes Towards Bitcoin
Relationship Between Inflation Rates and Attitudes Towards Bitcoin

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).

Which cryptocurrencies are more popular
Which cryptocurrencies are more popular

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. 

Knowledge of Bitcoin gender-wise
Knowledge of Bitcoin gender-wise

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Glenn Harper
Glenn Harper
Glenn has only two interests: Bitcoin and Aviation. After completing his graduation from San Diego State University in 2006, Glenn started working in the airlines and aviation industry. Aviation was his only passion before he came to know about bitcoin in 2012 after which he decided to dedicate 8 hours of his day for aviation and 8 hours for learning and writing about bitcoin and the technology behind it. Glenn lives with his wife and a 7-year-old son who mines ethereum on his computer and is also quite passionate about cryptocurrencies.

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