Millennials are the users that show the most confidence in Bitcoin. Half of the people over 65 years old believe that Bitcoin is a financial bubble.
The Tokenist team conducted a survey to ascertain the current level of confidence in Bitcoin.
In the consultation, the users had to answer whether they would rather buy USD 1,000 worth of Bitcoin or USD 1,000 worth of government bonds, stocks, real estate, or gold; whether they agreed with the statement that Bitcoin is a financial bubble; and to what extent they agree or disagree with the assertion that Bitcoin is a positive financial technological innovation.
The survey results showed that there is a significant increase in confidence in Bitcoin. More than 45% of the people surveyed prefer Bitcoin to traditional assets like stocks or gold. Sixty-eight percent of the respondents are familiar with Bitcoin. As for the millennials surveyed, 78% are aware of the cryptocurrency and 14% have had Bitcoin at some point.
Sixty percent of the respondents feel that Bitcoin is a positive financial technological innovation. People’s sentiment on Bitcoin as a financial technological innovation has had a 27 percent increase in the last 3 years.
On the other hand, 47% of the respondents prefer Bitcoin to big banks, representing a 29 percent increase from 2017. Forty-three percent of the respondents, and fifty-nine percent of the millennials, said that in the next decade most people will use Bitcoin. Additionally, 44% of the millennials said that they will probably buy BTC in the coming years.
More than 1 in 3 millennials would hold onto Bitcoin if someone gave it to them, while 27% would sell the asset immediately. Thirty-nine percent of male millennials have no issues with Bitcoin’s intangibility, while twenty-five percent of millennials overall show the same attitude. Only 24% of the millennial respondents think that Bitcoin is a bubble, while 50% of the people over 65 years old think the same.
Bitcoin Is Increasingly Attractive
The methodology used by the team consisted of a survey of 4,852 people in 17 countries. They used questions drawn from the 3 most cited BTC confidence surveys: eToro in April 2019, BlockChain Capital in October 2017, and BankRate in July 2018.
They surveyed Google Surveys, and the sample consisted of 4,111 participants in total. The ages of the respondents were between 18 and 65 years old. More than 45% of the answers fell in the range of 25 and 35 years old, while only 17% were rated as millennial women.
A survey by Bitflyer Europe also revealed that users in Europe increasingly trust Bitcoin. Through the crypto-confidence index, a survey that has been conducted since 2019, the Bitflyer team was able to demonstrate the increase in interest in Bitcoin in most of several European countries.
On the other hand, Edelman, a US public relations and marketing consulting firm, published a survey on user confidence in cryptocurrencies. According to the results, among the 34,000 respondents, around 76% said that they knew very little about Bitcoin and blockchain. This led the Edelman team to say that it is necessary to inform the population more about Bitcoin to create more confidence.
By Alexander Salazar