Survey Monkey and the Global Blockchain Business Council have teamed up to study American attitudes towards Bitcoin, the world’s most popular cryptocurrency. The study shows that while awareness of virtual currencies is at its peak, the number of people who own it remains low.
Americans more aware yet remain on the sidelines
5,761 adults during the second week of this year were polled on their attitudes towards Bitcoin. One of the partners conducting the study, Survey Monkey, had selected from nearly 3 million people taking surveys on their platform daily and weighed the users’ data for race, age, sex, education, and geography with the use of the Census Bureau’s American Community Survey to reflect the United States’ demographic composition. The estimated effort for the survey is more or less 2 percentage points.
2013 was the last time a survey of a similar scale had been conducted. The firm On Device’s survey done in preparation for a London conference showed that awareness of cryptocurrencies was only at 25%.
By the year 2018, however, Bitcoin awareness has surged and is now twice the number. While the acknowledgement and recognition of Bitcoin is growing, however, the participation still remains low. 6 out of 10 respondents have heard of Bitcoin. There were more than 5,000 participants in the current questionnaire by Survey Monkey and the Global Blockchain Business Council.
Be it on a wallet or exchange, however, the survey states that only 5% of the respondents hold Bitcoin with 21% still currently considering adding it to their portfolios. Most holders are male, white, and under 34 years old. According to an analyst, the results show that 10% of millennials own Bitcoin while older American citizens barely hit 1%.
Those who own Bitcoin are observed to be independent with less than 20% trusting their government more than the Bitcoin network.
Among the holders, a third use Bitcoin to avoid government regulation, with 28% seeing it as a store of value and 68% seeing Bitcoin as a growth investment. There is little-to-no-discussion about Bitcoin as a store of value. Holders usually claim they would purchase more Bitcoin if they had an extra $1,000.
The survey states, “But risk remains as bubbles are in the eye of the beholder. Asked about possible 2018 asset crashes, 38 percent of all Americans (and 41% of Bitcoin owners) see Bitcoin as a bubble poised to pop this year. Some 31 percent say the same about U.S. stocks and 27 percent say so about housing prices.” It also notes that 70% of those who took the survey expect the value of Bitcoin to rise while 10% expect it to die out.