Block Inc published a survey report about the perceptions of and knowledge about Bitcoin.
Block Inc released an intriguing survey report that details how people in different countries and across various demographics vary in their perception of Bitcoin. The company surveyed 9,500 people in 14 countries across the Americas, EMEA, and APAC, including an oversample to ensure 100 bitcoin owners per region.
The main findings?
Let's dive into all three of them.
Lower-income people and nations buy BTC for its utility
On average, people with below-average incomes said they are more likely to buy Bitcoin for utility reasons like remittances (44%) or as a means of payment (42%). Higher-income respondents, though also interested in the utility of Bitcoin (39% buy it as a means of payment), were mainly interested in buying BTC for speculative reasons (50%) or to diversify their portfolio (30%).
Lower-income nations like Nigeria, Vietnam, India, and China are more likely to focus on the utility of Bitcoin. Particularly Argentinians see Bitcoin as an inflation hedge (45%), while less than 20% of respondents from Western nations said the same.
More knowledge makes investment more probable
Interestingly, the more educated a person is about Bitcoin, the likelier they are to invest in it. 78% of people with "fair to expert knowledge" about BTC said they are "somewhat" or "very likely" to purchase it in the next 12 months. Only 28% of those with "limited or no knowledge" said the same.
Another intriguing finding was that lower-income countries are more optimistic about BTC than their richer peers. Nigeria (60%), India (58%), Vietnam (56%), Argentina (55%), and South Africa (52%) all showed fairly high optimism about Bitcoin. Among developed countries, optimism in the US was the highest (29%), while Japan came last (11%).
Finally, those that did not want to buy Bitcoin usually did so for lack of knowledge (51%) or other uncertainty like price volatility (30%) and unclear regulation (29%).
Bitcoin is still the king of crypto
Finally, when asked about their awareness of cryptocurrencies, Bitcoin still reigns supreme. It easily bested Ethereum when it comes to awareness: 88% of respondents knew about BTC compared to only 43% for ETH. Other altcoins like Doge (31%) and BNB (29%) were even further behind.
In short, Bitcoin will likely go nowhere in the near term, considering the support and brand recognition it has in lower-income countries.