Early this year, approximately 5,671 American citizens were polled on their views and attitude towards bitcoins. One of the firms carrying out the survey, Survey monkey, selects survey participants from a pool of three million individuals who take the firm’s polls on a daily basis. As for methodology, Survey Monkey weights data on age, race, sex, geography, and education. Survey Monkey uses data from the Census Bureau’s American Community Survey to determine the demographic composition of the United States. The survey has an estimated model error of plus or minus 2%. According to the survey, bitcoin’s popularity is high in the United States.
Bitcoin’s Popularity high in America; 60% Of Americans Have Heard of Bitcoin
The last time a study on such a scale was conducted was in 2013 in preparation for the London conference. During this time, bitcoin’s popularity globally was at 25%. As most people would put it, Bitcoin was still in its infancy explaining its low popularity. Bitcoin was earning sufficient media attention in America despite having a low popularity index.
2018 marks bitcoin’s 8th year on the market. Despite being available for less than a decade, bitcoin’s popularity has more than doubled according to the survey carried out by Survey Monkey and Global Blockchain Business Council. There is a high discrepancy on the number of Americans participating in or facilitating bitcoin transactions in comparison to the coin’s awareness.
More Trust Bitcoin Than Government
The survey reveals that at least six in ten Americans are aware or have heard of bitcoin, this is a significant improvement from 2013’s 33%. A large number of the American public are aware of what bitcoin is, only a fraction owns it either in a wallet or an exchange. The January survey reveals that just 5% of Americans hold the cryptocurrency. 21% of the individuals who hold/have bitcoins are planning to add it to their investment portfolio.
Most of the bitcoin holders in America are white male citizens under the age of 34 years. Its worth noting that more than 10% of millennials own bitcoins while older citizens barely break the 1% mark. Additionally, less than 20% of individuals using bitcoin trust their government more than bitcoin’s blockchain network.