Some Encouraging Bitcoin & Crypto Numbers
Amid sagging crypto market prices, it’s heartening for enthusiasts to receive survey data like that recently released by Yougov Omnibus. Their findings concluded, “By far, the most well-known cryptocurrency among Americans is Bitcoin, with 71% of people saying they’ve heard of it. The next best-known is Ether/Ethereum, with 13% saying they have heard of it. Overall, men are more likely than women to have heard of almost every kind of cryptocurrency. About three in ten (27%) women say they have not heard of any cryptocurrency, compared to only 16% of men who chose the same answer.”
Yougov is a London-based internet market research firm. For nearly two decades, it has mostly been known for its UK political acumen, but of late has taken on a more international scope. It largely employs online methodology, involving surveying users based on demography. It can draw from as many as 5 million people across the globe, with nearly ⅕ of those from the UK alone. Since not everyone uses the internet, even in 2018, the company is sometimes criticized for a lack of boots on the ground, as it were. Though for cryptocurrency it does seem to be a tight way to gather attitudes. Poll analysis specialists Fivethirtyeight graded Yougov a “B”, having called nearly 90% of political races without bias. Since 2007 they’ve gobbled up US research firms in Palo Alto, CA, Princeton, NJ, Connecticut, and Portland.
The less than enthusiastic deeper dive within the present crypto survey shows that even though Americans have heard of bitcoin, “87% have had no interaction with it, meaning they haven’t bought, sold, or mined it. About half (49%) in this group say ‘I’m glad I didn’t buy Bitcoin earlier, and I don’t plan to buy it,’ while 15% say ‘I wish I had bought Bitcoin earlier, but I feel like it’s too late now.’ About one in five (21%) people between 35 and 54 chose this response, while only 11% of people 55 and up did,” Yougov detailed.
Half Empty, Half Full
On a slightly more positive note, “more than one-third (36%) of people think that cryptocurrencies will become widely accepted as a means of transaction for legal purchases within the next 10 years. Millennials (44%) are the most likely of any age group to say cryptocurrency will be widely accepted. About one-third (34%) of Gen X’ers and 29% of baby boomers agreed,” which could bode very well for both the immediate and longer term future.
There is still a stigma when it comes to cryptcurrencies, a battle enthusiasts have been waging against since decentralized money’s founding nearly a decade ago. “One quarter (25%) say they think cryptocurrencies are used more for illegal purchases rather than legal ones,” Yougov stresses.”Only 17% think they’re used more for legal purchases, and 19% think cryptocurrencies are equally used for legal and illegal purchases. Hispanic Americans are particularly likely to believe that cryptocurrencies are mostly used for legal purchases.”
On a cup half empty, cup half full tone, the survey reveals, “Of the people who believe that cryptocurrencies will become widely accepted, over one-third (36%) say they would be interested in converting to primarily using a cryptocurrency rather than the US dollar. However, a majority (57%) say they would not be interested in converting away from the US dollar. Millennials are almost equally split between being interested (48%) and not interested (50%).”
ls the future bright for cryptocurrencies? Let us know in the comments section below.