new block reportBitcoin: Knowledge and Perceptions“is a tour de force. A massive online survey turned in astonishing data. The groundbreakingly designed publication challenges many of the public’s perceptions about bitcoin. With it the intention of the block is to provide “different geographies for decision-makers.” , aims to provide a resource to better understand people’s knowledge and perceptions of bitcoin across genders and ages.”
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About the methodology, block description:
The BlockBitcoin survey was conducted by Wakefield Research among more than 9,500 nationally representative adults aged 18+ in three regions: 2,375 in the US, 4,360 in EMEA and 2,860 in APAC, in order to ensure 100 bitcoin owners per region. Includes an oversampled for January 10 and January 28, 2022 using an email invitation and an online survey.”
What did Block and Wakefield find about the world’s perception of bitcoin? We’re going to follow up and tell you exactly that.
On the Block Report: Earnings
As it turns out, “people with below-average incomes note using bitcoin more often 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 “diversified investment, inflation hedge, ability to make money”.
The more you know… the more likely you are to buy #bitcoin, Read more from our latest global bitcoin study we partnered with @WakefieldStats: https://t.co/OhY5qzZXtx pic.twitter.com/A7V8OE4Eg5
– block (@block) 31 May 2022
This is interesting because actually spending bitcoins and creating a worldwide circular economy is the next frontier of the network. As Game Theory hints, people with lower-than-average income tend to be more sophisticated in their bitcoin use. To further prove the point, “countries that have low per capita GDP and high shares of income from remittances tend to rate people as good reasons to purchase goods and services and buy bitcoin as money.” send.”
Bitcoin: Knowledge and Perceptions: Inflation
Surprising no one, “for those 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. Its inflation is programmed, predictable and irreversible. In the uncertainty of the fiat currency world, everyone and their grandparents should understand it as a hedge against inflation.
The Block reports on: Gender
knowledge is power. As it turns out, Block found that “the gender divide in ownership mostly skews male in America and disappears when controlling for knowledge levels.” In fact, “the general perception of bitcoin as male-dominated is not as rigid and in many cases disappears altogether.”
He marks. Gender aside, the more you know, the more you like bitcoin. Also, to prove our previous point:
“Interestingly, women are more attracted to utility-based causes than men, even after controlling for the income gap. Not so with reasons associated with making and investing money.”
Statistics show that women use bitcoin more sophisticatedly.
BTC price chart for 01/06/2022 on Cexio | Source: BTC/USD on TradingView.com
Bitcoin: Knowledge and Perceptions: Inclusion
Depending on who you ask, so-called “toxic bitcoin maximalism” is a disease or an essential part of the bitcoin network. The question in The Block’s report was “do they agree with the statement that the bitcoin community is a selective group and does not consist of people like them.” And, surprisingly, “their income, gender and age did not affect their response.”
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What influenced their response? The respondent was from the country:
“There is a lot of variation from country to country. People in South Africa, Argentina and China do not feel isolated from the bitcoin community. While people in India, UK and Australia feel excluded.”
This may be the most interesting statistic ever. However, it does not lead to an easy conclusion. What do those two groups of countries have in common? The answer is not immediately visible.
Keep your eye on Bitcoinist for an in-depth look at the effects of knowledge on optimism about the bitcoin network. This, and much more, in the second part of our analysis of the block “Bitcoin: Knowledge and Perceptions“Report good.
Featured Image: Screenshot from the report. | Charts by TradingView