Recent research has shown that the giant crypto, Bitcoin (BTC), is now more understood as well as accepted by Americans than it was during the 2017 bull market. Surprised? Data doesn’t lie.
A survey conducted online by The Harris Poll on behalf of Blockchain Capital asked a series of questions among 2,029 American adults from April 23-25, 2019. The recent study happened to be the follow up to a similar survey that was conducted in October 2017 during which the prices were on the rise and the market sentiment in overall was completely different.
The Cure Spreading Across the US
The survey was divided into different categories, and the first category was asking the participants whether they had heard of BTC. Interestingly, a whopping 89% were positive that they heard about it which was 11% more than the previous research which recorded 77%.
What makes it even more interesting is the fact that there is a massive difference in terms of the timeline the tests were made. Precisely, Bitcoin was up more than 800% in 2017 whereas the recent survey was conducted in a bear market with the price down roughly by 75% from the all-time high.
Familiarity
Another key aspect that was tested is the familiarity of the crypto giant. The participants were given a series of responses to the question of how familiar they were with bitcoin among them being: never heard of it, heard of it but not familiar, somewhat familiar, very familiar, and I own or have owned bitcoin.
Those at least somewhat familiar increased from 30 percent in 2017 to 43 percent in the recent research. Those aged 18-34 were represented with 60% as those somewhat familiar which is an increase from 42% in 2017.
Perception
The next aspect was about those who either strongly or somewhat agree to the fact that bitcoin indeed is a positive innovation in financial technology. Also, there was an increase as 43% of them agreed, an increase from 34% in October 2017. The younger demographics had a more positive view about bitcoin which may suggest an increased future adoption of bitcoin.
Conviction
33% of people strongly or somewhat agree that in the next 10 years most people will be using bitcoin. The number represents an increase from 28% who had a similar feel in 2017.
Besides, it’s still the younger demographics with the most conviction in the adoption.
Propensity to Purchase
Despite the bear market, those that indicated to be very or somewhat likely to purchase Bitcoin (BTC) in the next 5 years rose from 19% in 2017 to 27% in April 2019.
The individuals aged 18-34 are 42% more inclined to purchase with others showing preference of bitcoin to government bonds or stocks in the future.
In total, 11% of the US population owns bitcoin which includes 20% aged 18-34 and 15% aged 35-44.
Younger Generation Championing the Revolution
The survey clearly indicates that the ‘younger’ generation has more knowledge of being familiar with or accepting bitcoin.
It makes sense that Millennials like Bitcoin most:
1) found their way through 2008 crisis as young adults
2) grew up with P2P (BitTorrent, Limewire)
3) digitally native & familiar with open source (Linux, Wikipedia)
5) first investments in zero interest rate environment https://t.co/bQQLmwFk0u
— Michiel Lescrauwaet (@MLescrauwaet) April 30, 2019
In fact, Bogart himself states that bitcoin is a demographic mega-trend with younger demographics leading in almost all aspects regarding awareness, perception, familiarity, propensity to purchase, conviction and ownership. All the same, it looks like the crypto world is slowly but steadily gaining adoption, and who knows what the next 10 years has in store for us?
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
