Ron Paul Survey: So Far, Half Would Choose Bitcoin Over Gold
Is Bitcoin the new digital gold? That’s actually very hard to say for sure, especially when the token has recently seen its lowest point in the year yesterday but, according to a recent survey made the former U. S. congressman Ron Paul, Bitcoin is a likely alternative to gold. The survey will continue until the end of November 16 and can be found here.
The former U. S. lawmaker is well known for defending cryptocurrencies and, until the time of this report, over 80,000 people had answered his survey. The survey was as follows: someone would gift you $10,000 USD but you would only be able to cash out the money 10 years. How would you store it?
51% of the responses affirmed that they would rather turn it into Bitcoin while about 38% said that they would rather use old-school gold. 9% thought about using 10-year Treasury Bonds and only 2% would receive in Federal Reserve Notes.
Bitcoin Is Popular But You Should Not Trust Twitter Surveys Too Much
While some crypto media outlets affirmed that this proved how crypto was a popular alternative to gold and affirmed that they had a much larger sample than traditional surveys, in fact, most of these people were dead wrong.
Social media surveys are a lot less trustworthy than the ones made by big survey companies. Why? Because anyone can vote and you can vote even twice with two profiles. Also, people generally tend to have the same opinion as of the person who created the surveys, which generally made them make a point on the internet.
For instance, the Bitcoinist has reported that “Paul’s timing provides a sharp contrast with the cryptocurrency naysayers who continue to pour cold water on the market’s chances” and cited the European Central Bank board member Benoir Couere as an example of people who were the naysayers.
However, this proves very little, only that the followers of Ron Paul like Bitcoin. It shows something, that much is the truth, as the pools might have backfired if the anti-Bitcoin sentiment was very strong, but this is only an indication that the Bitcoin community online is still going strong.
Always remember that there’s no harm in using social media surveys as a basis for feeling the “sentiment” of a certain area, but this is hardly scientific evidence and that is also important to bear in mind.