New Survey Shows 80% Of Americans Have Heard Of Bitcoin, 48% Millennials Like Crypto As Primary Use
A few years ago, bitcoin was a niche tech toy for nerds. Today, bitcoin has grown to become a household name.
The vast majority of people in the developed world have heard of bitcoin. That idea was reinforced this past week with the release of a survey from YouGov.
That survey indicated that 79% of Americans have heard of bitcoin. Additionally, nearly half of millennials wish to invest in bitcoin.
The online survey collected information from 2 million respondents across the United States. You can view the full study here. YouGov is an international online-based market research company headquartered in London.
Some of the most interesting facts gathered from the survey include:
- 79% of Americans are familiar with at least one kind of cryptocurrency
- 71% of Americans have heard of bitcoin
- The next-leading cryptocurrency is Ether/Ethereum, with 13% of Americans claiming they’ve heard of it
- Men are significantly more likely than women to report hearing about a cryptocurrency: 27% of women claim they have not heard of any cryptocurrency, while 16% of men chose the same answer
- Litecoin was the third most recognizable cryptocurrency, with 18% of men reportedly knowing about Litecoin and 5% of women
- Despite the widespread acknowledgement of bitcoin, few respondents were directly involved with the world’s largest cryptocurrency; of those who had heard of bitcoin, 87% have had no interaction with it, which means they haven’t bought, sold, or mined bitcoin
- Approximately half (49%) of respondents said they were “Glad I didn’t buy bitcoin earlier, and I don’t plan to buy it”; 15%, meanwhile, wished they “had bought bitcoin earlier, but I feel like it’s too late now”
- Relatively few people have any immediate plans to buy bitcoin, according to the survey, despite the fact that over one third (36%) of respondents believe cryptocurrency will become widely accepted
- Cryptocurrencies continue to have a stigma associated with illegal transactions, with 25% of respondents claiming that they believe most cryptocurrency transactions are for illegal purposes; an additional 19% said cryptocurrencies were used equally for legal and illegal purposes, with 17% reporting that cryptocurrencies were used more for legal than illegal purposes
- Among millennials, approximately half are interested in cryptocurrency: 48% reported being interested in cryptocurrency, with 50% claiming they were not interested
- A narrow majority of respondents (57%) said they would not be interested in converting into crypto away from the US Dollar, with one third (36%) claiming they would be interested in converting the majority of their funds to cryptocurrency
Overall, this study provides one of the best views of public opinion towards cryptocurrency. With 2 million respondents, the YouGov survey was bigger than most other crypto surveys to date. You can take the survey results in an optimistic or pessimistic way. Optimists will point to the fact that 36% of respondents would be interested in switching their funds to crypto, for example, while pessimists will mention that 50% of respondents had no interest in cryptocurrency.
It’s also important to note that YouGov is an online data analytics company. That means the results are inevitably skewed towards representing people who are already on the internet. 79% of respondents reported knowing about bitcoin, for example, but those respondents are all connected to the internet. If we were to take a more representative study of America as a whole, it seems unlikely that 4 in 5 would have heard of bitcoin.
While the crypto landscape changes, we’re still a long ways away from widespread adoption of cryptocurrencies as a unit of account. This survey, however, shows that the public is interested in crypto – or at least aware of it.