In a report titled “Bitcoin: Knowledge and Attitudes,” Block Inc. and Wakefield Research sought to better understand attitudes and uses around the mother of cryptocurrencies. This survey, conducted in 14 countries around the world and gathering more than 9,500 participants, aims to highlight the main trends around the number 1 cryptocurrency on the market.
Here are the key lessons. Through this, we will see the reasons why people invest or do not want to invest in Bitcoin and more broadly, in the digital asset market.
Bitcoin: Different uses depending on the standard of living
The survey also shows that the interest and vision of Bitcoin is differentiated by income. For people with above average incomes, Bitcoin is mostly made as investment instrument.
Often, digital assets can diversify a portfolio consisting of real estate or even stocks. The survey also suggests that certain clichés die hard. So for some investors, Bitcoin today remains a tool to protect against inflation. A difficult posture to hold, when we know the high volatility across the crypto market. We will come back to it.
For the most modest families, we tend to spend more on the usefulness of Bitcoin. Therefore, among the reasons to buy Bitcoin, there are more significant practical reasons, compared to above-average income. Bitcoin is used instead as way to pay. Indeed, on this aspect, digital assets offer international transfer solutions at lower costs compared to traditional market players such as Western Union.
This is especially true given that El Salvador legislated in 2021 to recognize Bitcoin as a legal currency. Because much of the country’s financial resources come from remittances from its diaspora.
The following diagram shows these main reasons:
Ignorance, the biggest fear around Bitcoin
If the first part deals with the reasons for the investment, this one is intended to be presented the main fears around Bitcoin. Fear that could extend to the entire crypto market as well. For 51% of respondents, it is the ignorance of Bitcoin above all else that puts them under pressure not to invest. 32% of respondents also broadly emphasize security risks.
For 30% of respondents, it is another reason that keeps them away from Bitcoin high volatility. At this point, it is difficult to prove them wrong about the factual elements. Remember that for 6 months, the price of Bitcoin lost more than 50% of its value.
Apart from these 4 main reasons, here is a list of the main points made by survey respondents:
- 27% consider the asset to be too expensive
- 22% do not know how to buy it, which may also be related to the 51% who know too little about Bitcoin
- 18% see no interesting use for Bitcoin
- 14% highlight the excessive impact on the environment around BTC
- 14% do not want to invest in Bitcoin because it is too long an investment
- 10% prefer other digital assets like Ethereum
Whatever, Opinion on Bitcoin is still very divided today. A recent report from Reuters also highlighted that the main concerns about Bitcoin were based on its potential impact on financial stability, but also on the inability of governments to protect the most vulnerable customers and investors. This last point reiterates the problem of regulation. An issue that remains particularly prickly and also divides the crypto sphere.
Bitcoin: Differences in attitudes between men and women?
The report also focuses on the Bitcoin outlook among men and women. And at this point, Bitcoin women seem to appreciate more of its uses than men. So, according to the report, 47% of women consider buying goods and services a good reason to buy Bitcoin compared to 34% among men. Similarly, if 27% of men consider the prospect of using Bitcoin to send money, this is the proportion 47% among women.
Conversely, men seem to focus more on the financial and speculative potential around Bitcoin. At these points, the parallelism between men and women connects this between the wealthiest families and those whose incomes are below average.
What about the future of Bitcoin?
This survey also allowed respondents to be asked about it the future of bitcoin. And there is plenty of evidence again. So with two key parameters it is possible to (generally) classify optimists and pessimists:
- The amount of information
- age
So the more respondents considered themselves “crypto-currency experts”, the more optimistic their view of Bitcoin was. Likewise, it used to be the youth hope parameter. In fact, millennials had a much more optimistic overall trend than baby boomers. A result confirmed by other surveys such as the study conducted by IFOP in France on the crypto attitude of the French.
In any case, if you believe in Bitcoin and want to invest, online exchanges or brokers allow you to do so safely. In this regard, we especially recommend the services of the Crypto.com platform
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