Block survey: People who know more about Bitcoin are more optimistic

A survey by digital payments firm Block Inc. found that the higher respondents rated their knowledge of cryptocurrencies, the more optimistic they were about the future of bitcoin.

The Block surveyed more than 9,500 people across the Americas (2,375), EMEA (4,360) and Asia Pacific (2,860) in January, making sure to include each region in its 2022 Bitcoin Knowledge and Perception Report of 100 bitcoin holders.

Released on May 31, the report showed a correlation between optimism and purchase likelihood, and compared the results to respondents' self-assessed knowledge levels.

Among those who considered themselves to have some expertise in cryptocurrencies, 41% said they were "very likely" to buy bitcoin in the next 12 months, while among those who were "uninformed" about cryptocurrencies, this was 41%. A proportion of only 7.9%.

Although high-income groups are more optimistic about the future of Bitcoin than low-income groups, low-income countries such as Nigeria, India, Vietnam, and Argentina have the highest levels of optimism and the highest level of knowledge about cryptocurrencies.

Source: Block Inc. 2022 Bitcoin Knowledge and Awareness Report

Education and outreach appear to be key to adoption, as the biggest reason for not buying Bitcoin is lack of knowledge (cited by 51% of respondents). The second biggest reason is the potential risk of theft (32%), and the third reason is that the price of BTC is too volatile (30%).

Low-income countries see utility

The report detailed how low-income people actually use bitcoin, with more than 40 percent of respondents saying they were most likely to use bitcoin as an easy way to send money or buy goods.

In contrast, high-income earners are more likely to view Bitcoin as a way to make money (50%) or to diversify their investment portfolio (30%), but about 39% said that as a commodity purchase is also what they buy A reason for Bitcoin.

Respondents from countries with higher levels of remittance income and lower gross domestic product (GDP) per capita were more likely to buy bitcoin as a good way to send money or buy goods.

Source: Block Inc. 2022 Bitcoin Knowledge and Awareness Report

The Block also reports that there is a strong correlation between countries with high inflation and those who believe Bitcoin is “inflation-proof,” with 45 percent of Argentinian respondents using Bitcoin in this way. It is the highest proportion among all countries.

As previously reported by Cointelegraph, Argentina’s cryptocurrency adoption rate is double that of other countries in the Americas region, with many adopting Bitcoin in an attempt to hedge against nearly 60 percent inflation.

Source: Block Inc. 2022 Bitcoin Knowledge and Awareness Report

Overall, across regions, bitcoin was the cryptocurrency that respondents were most aware of, with 88 percent saying they had heard of bitcoin, while only 43 percent said they had heard of ethereum.

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