The crypto curious are more likely to believe personal debt is normal... and tend to make impulsive purchases.
A YouGov poll has revealed some fascinating differences between Britons who describe themselves as “crypto curious” and “crypto cynical.”
Of those who are intrigued by assets such as Bitcoin, 64% said that they don’t mind taking risks with their money. Meanwhile, among those who have zero interest in embracing crypto, this figure falls to just 20%.
The crypto curious are also far more likely to believe that having some personal debt is normal, and to admit that they tend to make impulsive purchases.
And they are also more likely to have a higher level of disposable income, too. Of those expressing an interest in crypto, 41% have about $700 a month left to spend when all of their essentials are covered — just 19% of crypto cynics have the same.
There were some attributes that both categories had in common. Some 64% of the crypto curious said they don’t really understand how cryptocurrencies work — rising to 74% of those who are cynics.
There also seems to be a significant belief that Bitcoin is a fad — 46% of the crypto curious agree with this statement, while 47% of crypto cynics feel the same.
Yet to Be Convinced
Just 12% of Britons polled by YouGov described themselves as crypto curious, and this suggests that the vast majority of the population are yet to be convinced about the benefits of digital assets.
Indeed, this is a picture that is being played out internationally, too. Last week, hundreds of retirees staged a protest in El Salvador — days before the country plans to adopt Bitcoin as legal tender.
They are concerned that their pensions are going to start being paid out in crypto, and fear that drastic fluctuations in Bitcoin’s value could leave them with diminished spending power.
President Nayib Bukele has been adopting a “take it or leave it” approach — stressing that, if consumers are wary about Bitcoin, they can continue using dollars and live their normal lives.
Trumpeting BTC’s potential to reduce remittance fees for Salvadorans working abroad, he wrote on Twitter:
“If you don't want to, you can always go to the Western Union queue and pay commission. There is no problem.”