Given the growing interest in crypto adoption as legal tender, it is not surprising that many participants want to legalize bitcoin. The level of support for crypto was clear in a new survey conducted by The Economist.
The purpose of this survey is to know the number of people who want their governments to legalize crypto. The number of respondents was 3,000, and the results showed that 37% of the transactions wanted a valid bitcoin and other crypto.
Another aspect of the survey looked at the support for CBDCs. The result also showed 37% support for governments to issue financial products. One of the things the researchers aimed to discover was whether other countries could follow in El Salvador’s footsteps in legalizing crypto.
survey results in detail
Many participants came from developed and developing economies. The developed countries in the survey were Singapore, US, South Korea, UK and Australia. The developing economies were the Philippines, Brazil, South Africa, Turkey and Vietnam. The idea was to determine how the people of these countries view the crypto industry.
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Following the survey, The Economist found that 37% of respondents wanted their government to declare crypto as legal tender. Furthermore, these groups expressed their support if such a move became a reality. However, 43% of the respondents said they were not in support or against the proposal, while 18% outrightly rejected the move.
The survey also focused on finding support for a CBDC launch. Of the participants, 37% said that the issuance of such a product would facilitate crypto adoption. But 19% of participants see it as a mistake.
Some participants were also asked to state their views on non-fungible tokens. Of those asked, 60% said that they can buy, sell or hold NFTs. But 7% of them said they would not.
Another branch of crypto surveyed was decentralized finance. Of those surveyed, 34% supported DeFi, saying they would use its application for all their financial transactions, whether personal or professional. But 17% said they do not want to participate in the DeFi sector.
The last section surveyed was about digital settlements. The researchers found that 13% of respondents have already used crypto for settlement, while 18% said they expect a cashless nation in a few years.
Americans want bitcoin as legal tender
Another survey by YouGov revealed that many US residents expect the government to make bitcoin legal tender.
Notably, all residents of the West were in favor of the potential law, while those in the Midwest were outraged by such an idea. Also, respondents in the age group of 25 to 34 are excited about fiat BTC, while respondents over 55 years of age and women do not want it.
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It is not surprising to find this level of support for crypto legalization. Since the adoption by El Salvador, other countries are also showing interest in following suit.
Featured image from Pexels, chart from TradingView.com