Survey: 76% of Americans Oppose the Idea of US Govt. Replacing Paper Money with Digital Money

How well does American understand money? is the question Genesis Mining tries to find the answer in its latest survey.

29% Believe the US Dollar is Backed by Gold

The survey revealed that out of the 1,000 Americans surveyed on September 17th, 2019, 29% of the participants believe that gold still backs the US dollar.

As Federal Reserve Bank of Richmond clarifies, this hasn’t been the case for a long time as “The United States officially ended its adherence to the gold standard,” in 1973.

“What is the US dollar backed by?”

In 1909, the US moved to the gold standard, making gold and silver legal tender in the United States. But to fight severe deflation in 1933 President Roosevelt implemented several acts that suspended the gold standard.

How do Americans feel about Digital Money?

Cash has been the king about 70 years back but now credit cards and debit cards have become a norm.

Digital money is surely the way of the world now as evident from the 67% that would rather make purchases with debit or credit cards. 30% rarely use cash while 37% use it just one or two times per week.

“Who decides if and when more US dollars should be created?”

But in the age of digital evolution how exactly the Americans feel about the digital money in general?

76% of people think the government should continue to use paper money and digital money instead of choosing one over the other.

Only 13% of the respondents said yes to the US government to eliminate paper cash and make all money digital.

The report concludes:

One thing we believe in deeply is that the more people understand about money, the less radical ideas such as cryptocurrencies will seem. It’s up to the blockchain and cryptocurrency communities to ensure that happens.