40% Americans Trust Bitcoin & Cryptocurrencies More Than Facebook’s Libra: Reveals Survey
- Despite less than 10% respondents invested in cryptocurrency, a significant percentage feel less trusting of Libra than of Bitcoin
In a survey of 1,799 US adults, only 5% expressed any level of interest in the Facebook’s proposed cryptocurrency Libra.
This really small group tilts towards a younger generation, with 18 to 24 year olds showing most interest.
Those curious about Libra are heavier Facebook users and had more experience with mobile payment apps like Apple Pay and Venmo.
Can Libra Give Cryptos A Run For Their Money?
If we take a look at the cryptocurrency survey from July, a majority of Americans (79%) have head of Bitcoin and other cryptocurrencies. But most Americans aren’t holding or using them and aren’t planning to.
Overall, 6% of respondents have invested in cryptocurrency, with 3% invested and like it while 3% invested but didn’t like it.
“The surveys show broader interest in cryptocurrency across the board, with 7% interested in investing, compared to Libra alone.”
More Interest In Bitcoin Than Libra Could Be Because Of The Intended Use
The main reason behind the interest in cryptocurrency is using it as a long term investment instead of using it as an actual currency.
Other reasons include short-term investment, independent from governments, easy, fast, safe transactions, and hedge against adverse economic conditions.
Meanwhile, Libra in its white paper revealed that the focus of its cryptocurrency is to use it as a currency to buy and sell goods and send funds, particularly for those living in developing nations with limited or no access to baking.
Another integral factor for the popularity of Bitcoin and crypto is Facebook’s track record of privacy issues. So, it’s not surprising that majority of the respondents do not trust Facebook “at all” with their personal information.
The survey found that 40% of dependants trust Bitcoin and similar cryptocurrencies more than Libra. Only 2% trusted it more while about 20% feel “about the same” level of trust and the remainder being uncertain.
The report points out, how despite being less than 10% of respondents invested in cryptocurrency, a significant percentage feel less trusting of Libra than of Bitcoin.