Block Survey: Greater awareness and knowledge of Bitcoin leads to more optimism

  • The survey showed that respondents with greater Bitcoin knowledge were more likely to buy in the next 12 months.
  • Also, low-income nations have greater optimism for Bitcoin and see it as a potential inflation hedge.

Jack Dorsey’s digital payments company Block Inc. recently published a Bitcoin report surveying 9,500 people around the world. The survey presents some interesting facts about Bitcoin adopters and users.

In their survey, Block Inc asked all 9,500 respondents to rate themselves on their Bitcoin knowledge. They found out that the higher the respondents rated themselves, the more optimistic about Bitcoin’s future. Block Inc conducted the survey earlier this year in January 2022. It surveyed nearly 9,500 respondents across the Americas (2,375), EMEA (4,360) and APAC (2,860) regions. Block ensured that the survey includes at least 100 Bitcoin owners from each of the three regions.

On Tuesday, May 31, Block Inc. released its 2022 Bitcoin Knowledge and Perceptions Report. The survey shows a correlation between optimism and the likelihood of purchasing. Besides, it also compares the results to the respondents’ self-voted knowledge of Bitcoin.

A 41 percent of the respondents who claimed to have fair to expert knowledge of Bitcoin said that were likely to purchase more in the next 12 months. However, only 7.9 percent of people with “limited to no knowledge” showed interest in buying Bitcoins. Also, the higher-income individuals have greater optimism about buying Bitcoins in comparison to the lower-income individuals.

The survey showed that education and knowledge played a key role in greater Bitcoin adoption. On the other hand, lack of knowledge was the biggest reason for not buying Bitcoins. The potential risk of theft came as the second most reason for not buying Bitcoin. The third-biggest reason for not buying BTC was too much price volatility.

Lower-income nations have greater optimism about Bitcoin

If we see at the demography-wise results of the survey, it is clear that lower-income nations such as India, Nigeria, Argentina, and Vietnam showed high rates of optimism. Interestingly, these regions also have the highest claimed levels of knowledge.

The survey also finds that individuals with lower incomes see Bitcoin more as a utility. A 40 percent of the respondents from the low-income bracket say that they use Bitcoins as an easy way to send money or purchase goods. On the other hand, higher-income people see BTC as a way to diversify their investment portfolio.

The Block Inc. survey also shows that countries having very high inflation rates see Bitcoin as a “protection against inflation”. 45 percent of the respondents from Argentina see Bitcoin as an inflation hedge. This was the highest percentage of any country.

Amid the soaring inflation, crypto adoption in Argentina has also been soaring simultaneously. Some of the crypto market experts think that Bitcoin serves better as a store of value rather than for daily payments. FTX chairman Sam Bankman-Fried recently shared a similar opinion.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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