A survey by digital payments company Block Inc. has found that the higher respondents rated their level of cryptocurrency knowledge, the more optimistic they are about the future of bitcoin (BTC).
The Block surveyed more than 9,500 people in the US (2,375), EMEA (4,360) and APAC (2,860) regions in January, making sure to include 100 bitcoin owners in each region for the 2022 Bitcoin Knowledge and Perceptions report.
The report, released on May 31, shows a relationship between optimism and the likelihood of a purchase and compares the results to the respondent’s own level of knowledge.
Of those identified as having expert knowledge of crypto, 41% say they are “very likely” to buy bitcoin in the next 12 months, compared to only 7.9% “without limited knowledge”.
Despite high-income individuals having slightly more optimism for the future of bitcoin than low-income individuals, the low-income countries of Nigeria, India, Vietnam and Argentina reported the highest rates of optimism and the highest claimed levels of cryptocurrency knowledge. informed of.
Education and promotion seems like the key to adoption as the biggest reason not to buy bitcoin (cited by 51% of respondents) was a lack of knowledge. The second most cited reason was the potential risk of theft (32%) and the belief that there was too much volatility in the BTC price (30%), followed in the third.
Low-income nations see utility
The report noted that low-income individuals actually use bitcoin practically, with over 40% responding they are likely to buy it as an easy way to send money or buy goods.
People often consider bitcoin as a way to make money (50%) or to diversify an investment portfolio (30%) when compared to higher income, although purchasing goods indicated around the same amount (39%) was also a reason they Will buy
Respondents from countries reporting high levels of remittance income and low per capita gross domestic product (GDP) rated bitcoin purchases as a good way to send money or buy goods.
The Block reported a strong correlation between countries with high inflation rates, who responded that bitcoin was a “protection against inflation,” with 45% of Argentine respondents using bitcoin, the highest percentage of any country.
related: Accessibility Is The Main Barrier To Crypto Adoption – Here Are The Solutions
As previously reported by Cointelegraph, the crypto adoption rate in Argentina is twice the rate of other countries in the region, with many turning to bitcoin and attempting to hedge against an inflation rate of around 60%. are doing.
Overall and across sectors, bitcoin was the cryptocurrency most respondents knew about, with 88% saying they had heard of it which is double the 43% who said they knew about Ethereum (ETH). I have heard.