The better one understands bitcoin, the more positive one is about the future perspective. This is according to market research by Block Inc. A lack of knowledge therefore appears to be the main barrier to adoption. Low-income groups and people in high-inflation countries appear to be more enthusiastic about bitcoin, rate their knowledge higher and are more application-oriented than higher-income groups.
Block, Twitter founder Jack Dorsey’s bitcoin company, conducted the “Bitcoin: Knowledge and Perceptions” study in March, in collaboration with Wakefield Research. A total of 9,500 people from 14 different countries were surveyed.
Why bitcoin?
The main motivation people cite for buying bitcoin is to make a profit. However, this appears to be especially true for people with higher incomes. People with a lower income are relatively more likely to see bitcoin as a way to send money or buy goods.
This phenomenon is also occurring at the national level. In countries with lower incomes and in countries where people often depend on transfers from abroad, residents more often indicate that they see bitcoin as a means of payment than people from more affluent countries.
Local inflation also seems to have an influence. For example, people from Argentina and Nigeria indicated that they see bitcoin as a way to protect themselves against inflation two to three times more often than people from Western countries. India, South Africa and Vietnam also score high.
gender gap
The alleged ‘gender gap’ between men and women is perhaps less black and white than it seems. In the Americas, men generally rate their knowledge of bitcoin higher than women. In Europe, the Middle East, Africa (EMEA) and Asia-Pacific (APAC), however, things are much more equal and there are more women who rate themselves as experts than men.
Knowledge and perception
There seems to be a correlation between level of knowledge and optimism about the future of bitcoin. The better people think they understand bitcoin, the more inclined they are to want to purchase bitcoin.
At national level, Nigeria, India, Vietnam and Argentina again stand out. In those countries, their level of knowledge is more often estimated to be higher than in other countries. People are also more positive about the future of bitcoin than elsewhere.
Level of knowledge generally seems to be the most important indicator of willingness to buy bitcoin. Of the people who have some knowledge, 41% indicated that they intend to buy bitcoin. This was only 7.9% among the people who indicated that they did not know anything about it.
Reasons not to buy
By far the most frequently cited reason for not wanting to buy bitcoin is a lack of knowledge. This was followed by cybersecurity risks, volatility, regulatory uncertainty and the high share price.
The network effect also plays a role. People who do not know others who own bitcoin are much less likely to buy bitcoin (37%) than people who do know someone who owns bitcoin (73%).
The full Bitcoin: Knowledge and Perceptions report can be viewed on Block’s website.
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