How well is Bitcoin known? What does the average American believe about Bitcoin? Are they ready to invest in it? People may have general ideas about the answers to these questions, but do they have the data?
By surveying thousands of Americans, we now have a better understanding of Bitcoin’s popularity in America. We researched to see how many Americans know what Bitcoin is, how much it costs and what it does.
Read on to discover what the research unearthed and what this means for the cryptocurrency market.
Since you’re visiting Xcoins, we’re going to assume you know a bit about Bitcoin. Well, this means you’re in the minority.
In a period where Bitcoin reached its all-time high in value, just 5% of Americans could successfully ascertain the worth of 1 Bitcoin. 20% of Americans believed 1 Bitcoin could be purchased for just $100, massively under its current value of $19,249.
What’s more, 22% of Americans have no idea what Bitcoin is, while 19% of this group had never heard of crypto.
What the misunderstanding of value and Bitcoin shows is that there needs to be more of an effort made to help people understand crypto. To do that, we need to look at what demographics are missing out.
40% of men understood how cryptocurrencies worked compared to just 17% of women. When segmenting the data by age, it showed that those aged 55+ were less likely to have heard of cryptocurrency.
However, the over 55 demographic was the most hopeful about its prospects, with 60% believing that crypto had a future.
From Silicon Valley to The Midwest: How Demographics Affect Crypto
The responses also indicated another unsurprising trend across America: there are large disparities depending on location. Westernmost states had the best understanding of Bitcoin, with participants valuing Bitcoin more than $2,000 higher than those in the midwest ($7,944 vs $5,653).
48% of respondents in these Westernmost states, however, did not want to invest in Bitcoin, with 50% stating their mistrust came from a misunderstanding of cryptocurrencies generally.
Some cities also associated Bitcoin with criminal activity higher than average, with San Diego (27%) and Austin (26%) the most likely to make these associations.
The data did upturn one interesting outlier: Texas. Houstonians estimated the value of Bitcoin higher than any other US city at $10,636.81, with 91% of San Antonians aware of the cryptocurrency.
The survey produced substantial evidence that Texas is the most crypto-friendly state, with the following being the most interesting revelations:
However, underpinning this better-than-average knowledge is still a substantial mistrust of cryptocurrencies. Even though Texans are open to Bitcoin’s advantages, 48% don’t want to invest in it, or at least not within the next year.
Furthermore, most Americans have no awareness of cryptocurrencies other than Bitcoin.
The research illustrates that there is still a need for crypto to be better trusted and more understood by the market.
The market needs platforms that deliver cryptocurrency for flat cash safely. This is an area where Xcoins shines – by building a simple and intuitive platform, we’re able to provide Bitcoin to users in a transparent, fast fashion.
By doing so, platforms like Xcoins can help to cultivate better understanding. Greater understanding means more financial freedom for regular people and better services for users.
Crypto may be rapidly expanding, but as the data shows, it’s still an area of financial opportunity. If you’re interested in exchanging crypto, then Bitcoin is a great place to start.