The new Block report, “Bitcoin: Knowledge and Perceptions,” is a tour de force. A massive online survey turned into surprising data. The phenomenally-designed publication challenges several assumptions that the public has about bitcoin. Block’s intention with it is to “provide a resource for decision makers to better understand people’s knowledge and perceptions of bitcoin across different geographies, genders, and ages.”
Related Reading | Bitcoin Superfan Jack Dorsey Bids Adios To Twitter Board
About the methodology, Block details:
“The Block Bitcoin Survey was conducted by Wakefield Research among more than 9,500 nationally representative adults aged 18+ in three regions: 2,375 in the Americas, 4,360 in EMEA, and 2,860 in APAC, including an oversample to ensure 100 bitcoin owners per region, between January 10 and January 28, 2022, using an email invitation and an online survey.”
What did Block and Wakefield find out about the world’s perception of bitcoin? We’re going to cut to the chase and tell you exactly that.
As it turns out, “people with below-average income more frequently note using bitcoin as a way to send money and buy goods and services than people with above-average incomes.” High-income people usually turn to bitcoin as an investment, for “diversifying investments, inflation hedge, potential to make money.”
The More You Know🌠 … the more likely you are to buy #Bitcoin. Read more from our latest global Bitcoin study that we partnered on with @WakefieldStats: https://t.co/OhY5qzZXtxpic.twitter.com/A7V8OE4Eg5
— Block (@blocks) May 31, 2022
This is interesting because actually spending bitcoin and creating circular economies around the world is the network’s next frontier. The below-average income people are more sophisticated in their bitcoin use, just as the game theory indicated. To further prove the point, “countries with lower per capita GDP and higher shares of income from remittances have greater rates of people citing purchasing goods and services and sending money as good reasons to buy bitcoin.”
Surprising no one, “the share of people who say that “protection against inflation” is a good reason to buy bitcoin, we see that it is strongly correlated with inflation rates by country, with Argentina leading the pack.”
In any case, bitcoin is the hardest money out there. Its inflation is programmed, predictable, and unalterable. In the uncertainty of the fiat world, everybody and their grandmothers should consider it as an inflation hedge.
Knowledge is power. As it turns out, Block found out that “the gender divide in ownership skews male mostly in the Americas and disappears when controlling for levels of knowledge.” In fact, “the common perceptions of bitcoin as male-dominated are not as stark and disappear completely in many cases.”
It figures. Gender aside, the more you know, the more you like bitcoin. Also, to prove our previous point:
“Interestingly, women also gravitate towards utility-based reasons more than men even after controlling for differences in income. This is not the case with reasons more associated with making money and investing.”
Women use bitcoin more sophisticatedly, it figures.
BTC price chart for 01/06/2022 on Cexio | Source: BTC/USD on TradingView.com
Depending on who you ask, the so-called “Toxic Bitcoin Maximalism” is a disease or an essential part of the bitcoin network. The question in Block’s report was “whether or not they agreed with the statement that the bitcoin community is a select group and not inclusive of people like them.” And, surprisingly, “their income, gender, and age didn’t affect their response.”
Related Reading | Jack Dorsey Focuses On Bitcoin After Stepping Down As Twitter CEO
What did affect their response? The country the respondent was from:
“There is a lot of variation from country to country. People in South Africa, Argentina, and China do not feel excluded from the bitcoin community. Whereas people in India, the UK, and Australia do feel excluded.”
This might be the most interesting statistic so far. It doesn’t lead to an easy conclusion, though. What do those two groups of countries have in common among them? The answer is not immediately apparent.
Keep your eye on Bitcoinist for a deeper look at the effects of knowledge on optimism about the bitcoin network. This, and much more, in the second part of our analysis of Block’s “Bitcoin: Knowledge and Perceptions” report.
Featured Image: Screenshot from the report. | Charts by TradingView
South Korea tightens regulations on crypto exchanges to enhance oversight and consumer protection, aligning with global trends for clearer legal frameworks in the digital asset space. The measures include intensified scrutiny, license renewals, and investigations into alleged violations like OKX's unregistered operation.
JoyGoogle's Gemini AI, formerly known as Bard, received upgrades, but users are cautioned against sharing confidential information due to human review processes. Concerns arise over data privacy as Google collects various user data to enhance its AI capabilities.
MiyukiBitcoin's recent surge to $50,000, driven by renewed investor interest and anticipation of the halving event, highlights its resilience and potential for further gains. Investors navigating the volatile crypto landscape should balance optimism surrounding the halving with caution, as reaching new highs remains uncertain amidst market realities.
WeiliangAhead of Bitcoin's upcoming halving, Litecoin's trading volume decreases, raising concerns among investors about its future performance amidst uncertainties. Meanwhile, KangaMoon disrupts the meme coin space with its innovative play-to-earn model, bridging gaming and social-fi elements, presenting a lucrative investment opportunity with its Stage 1 presale price and promising growth potential upon exchange listing in Q2 2024.
AlexDN404, a new NFT standard, challenges ERC-404 with its innovative approach, offering fractional ownership and potential market liquidity improvements. Amidst Ethereum gas fee surges and the rise of ERC-404 exemplified by Pandora's exponential growth, stakeholders must carefully assess the evolving landscape of NFT standards.
MiyukiThe cyber attack on PlayDapp resulted in the theft of $290 million worth of PLA tokens, highlighting vulnerabilities in decentralized gaming platforms. PlayDapp is actively collaborating with authorities to track the stolen tokens and implement measures to prevent further exploitation, while stakeholders grapple with the impact on user confidence and token value.
WeiliangWeb3Auth has integrated Farcaster into its SDKs, enabling users to authenticate via QR code scanning and granting self-custodial wallets for secure transactions. This integration prioritises user control over digital identities and lays the groundwork for future data read and write capabilities within the Farcaster protocol.
JoySingapore's blockchain sector seeks support from Budget 2024 for talent development and regulatory clarity. Stakeholders advocate for incentives to upskill developers and bolster sustainability initiatives while enhancing regulatory resourcing for digital asset businesses.
JoySphereOne and Rarible collaborate to streamline Web3 gaming and crypto payments, aiming to simplify deployment across multiple blockchains. Their partnership addresses conversion pipeline challenges and enhances accessibility for players.
MiyukiBitcoin surged to $52,079.00, hitting a two-year high driven by the success of U.S. spot bitcoin ETFs. Investor sentiment turned positive as the market cap crossed $1 trillion, with experts anticipating continued growth amidst increased demand and upcoming halving events.
Joy