Since its 2009 inception, bitcoin has witnessed a steady evolution in terms of its development and adoption. With each passing day, innovations are being unleashed, fueling a new normal for digital currency and the blockchain technology that undergirds it.
Now, a newly released study of 1,000 Americans commissioned by LendEDU offers some interesting insights regarding bitcoin’s present and future role in the U.S. economy. Here is a brief synopsis of the findings:
- LendEDU asked 1,000 Americans the following: “Have you heard of bitcoin?” 78.50 percent of Americans had heard of bitcoin, with that percentage being particularly high among millennials.
- The study also found that younger Americans were more likely to have heard of bitcoin as compared to their older counterparts. 86.67 percent of respondents between the ages of 18 and 24 have heard of bitcoin, while only 75.93 percent of respondents ages 55 and older have heard of bitcoin.
- 78.60 percent of respondents that had heard of bitcoin (786 total respondents). Of those who have heard of Bitcoin, 11 percent of Americans answered that owning bitcoin is illegal in the U.S., while another 48 percent were unsure of Bitcoin’s legality. 41.6 percent knew that owning bitcoin is perfectly compliant with U.S. law.
- Survey results indicated that there is a “dark-web” stigma attached to bitcoin. Most are aware of bitcoin, but associate it with nefarious activity on the web. The name “cryptocurrency” certainly does not help bitcoin’s cause, as it often conjures up the perception that one through its use is evading the government.
- Of those respondents who had heard of bitcoin, only 14 percent had ever owned some; 40 percent were open to the idea in the future; 34 percent were undecided about buying it in the future.
- Asked to reveal their future intentions, 17.18 percent of survey respondents answered that they “plan on investing in bitcoin as an asset for the future.”
- The 786 respondents who previously indicated that they had heard of bitcoin were asked the following: “Would you be open to the idea of using bitcoin for transactions and purchases?” 39.57 percent said that they were open to this while 26.34 percent noted that they weren’t. Further, 34.1 percent were unsure.
- The study found that as Americans got older they were less likely to have ever owned bitcoin or to invest in it in the future. Those between the ages of 25 and 34 were the most likely to utilize bitcoin as an investment asset or be open to using bitcoin for purchases.
As an aside, LendEDU recently discovered that virtual currency complaints are up 5,971 percent in 2017 versus last year. This suggests that as the number of virtual currency users has increased, so too has the volume of complaints.
With governments kicking the can down the road when it comes to dealing with the problem of debt, it is no wonder younger Americans see bitcoin as an attractive investment. The Federal debt will have to be paid or reduced significantly by future generations in the form of higher taxes. Similarly, other governments around the world such as in the UK and Japan also face the same, difficult problem. An exit from the system is offered by bitcoin and other cryptocurrencies which have displayed the advantages of money based on rules and discipline.
In conclusion, this report offers a number of insights informing the future of Bitcoin. On this path forward, the key to boosting bitcoin’s popularity involves ensuring that its safe, legal and viable. With an increased emphasis on a education and understanding, the leading cryptocurrency could realize a huge uptick interest in the future.
The full report and methodology can be found here.