Let’s start the second round”Bitcoin: Knowledge and PerceptionsA new report from The Block based on a massive survey. Yesterday, we started the celebration, among other things, Discussion on income and inclusion As with bitcoin. Today’s topic is knowledge and awareness. Does working and learning about bitcoin make a difference? Is there a connection between knowledge and optimism about networks?
That’s what we’re here to find out, but first. Regarding the methodology, Block says:
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.”
Anyway, let’s get into the already surprising and revealing statistics.
BTC price chart for 06/02/2022 on Gemini | Source: BTC/USD on TradingView.com
On the Block report: wisdom and optimism
knowledge is power. According to the report, “those who are heavily knowledgeable about cryptocurrencies tend to have a positive view of the future of bitcoin.” However, with great power comes great responsibility. Therefore, “nearly a quarter of those who rate their knowledge of cryptocurrencies as “fair to experts” are skeptical about the future of bitcoin.”
Once again, the country from which the respondent is from has become a differentiating factor. “Nigeria, India, Vietnam and Argentina have the highest rates of optimism about the future of bitcoin as well as the highest claim levels of cryptocurrency knowledge more broadly.” This is interesting considering in the first part of the report We learned that Argentina feels included in the bitcoin community while India does not. And here they are both on this optimism list.
The other differentiating factor, of course, is money. “Additionally, high-income people are more optimistic than low-income people (46% versus 37%), and this is true across sectors.” This is not surprising at all, but consider this: “If you remove the people who say they don’t know anything about cryptocurrencies, the optimism gap disappears completely.” ” So, once again, it all comes back to wisdom.
According to the report, the reason for not buying
Education is the key. “Not knowing enough about bitcoin is the most common reason not to buy it, but cybersecurity, price volatility and uncertain regulatory outlook are also commonly cited reasons.” These are all valid reasons, but what the respondents did not pay attention to are the risks of persisting in the traditional system. This is a scary prospect.
In any case, it all comes back to wisdom once again. “Self-rated understanding of one’s cryptocurrency is the strongest predictor of whether they are likely to buy bitcoin in the next year or not.” It basically means that education removes all the fears and doubts of the people regarding bitcoin. It doesn’t specifically say so, but come on. Education is the key and cures fear.
On the Block Report: Awareness
To no one’s surprise, bitcoin is the undisputed king. According to the report, “awareness of bitcoin is higher than that of any other cryptocurrency globally – so far – with 88% of adults exclusively having heard of bitcoin.” The bitcoin brand is already a monster, and the message and image continues to spread throughout the known universe. At this point in time, it is difficult to name 20 big brands across the globe.
Of course, ETH is in second place. “The cryptocurrency with the next highest level of awareness is Ethereum, which is in second place at 43%.” Note that, even with the DeFi and NFT booms, Bitcoin awareness is more than double that of Ethereum.
This is for a bitcoinist analysis of the block.”Bitcoin: Knowledge and Perceptions” report. See original document for additional data, aesthetically pleasing design and useful graphics.
Featured Image: screenshot from Block's report | Charts by TradingView