40% of Surveyed Lower-income Individuals Want to Use Bitcoin

40% of Surveyed Lower-income Individuals Want to Use Bitcoin

Source: AdobeStock / terovesalainen

40% of Surveyed Lower-income Individuals Want to Use Bitcoin

Bitcoin (BTC) will play a more important role in the payment and remittance industries, according to a report by Jack Dorsey’s Block, Inc. (previously Square), and the more people’s peers possess BTC, the more likely they are to invest.

The research firm Wakefield Research used a survey to compile the report’s conclusions. While conducting interviews with “more than 9,500” adults throughout the globe in the first week of January this year, the research firm made sure to include “100 bitcoin owners per area.”

When it comes to remittances and products and services, lower-income people around the world appreciate the value of bitcoin as a payment system, regardless of where they live.

Moreover half of those with high incomes indicated they intended to invest in BTC to make money, but only slightly more than a third of those with low incomes said the same. According to the survey, 42% of those polled said they would use bitcoin to “purchase goods and services,” while 41% said they would use it “to send money to others.”.

There was also evidence to support the “network effect” theory, which states that people who don’t possess bitcoin but “know someone who does” are “far more likely” to declare they plan to buy bitcoin in the coming year, the authors assert.

It was found that only 40% of Nigerians agreed that BTC was a decent investment to beat inflation, which suggests that the currency’s supposed role as an inflation hedge may have been exaggerated. There were barely one out of ten people in Japan who agreed with this sentiment.

For those who believe in Bitcoin, the image is very clear. People who answered a survey about whether or not they want to invest in bitcoin said that, on average, their “self-assessed understanding of cryptocurrencies” is “the strongest predictor of whether or not they’re likely to acquire bitcoin in the next year.” A mere 23% of those polled said that a lack of clarity in the regulatory environment was holding them back.

More than two out of ten respondents stated that they had not purchased any cryptoassets because they did not know “how to buy” them.

According to the survey, only 7% of the participants indicated they had never heard of a cryptoasset, compared to 88% who said they had heard of Bitcoin.

The report’s authors seemed to have a lot of fun noting that Dorsey’s bitcoin-only mindset has previously been accused of taunting ethereum (ETH) communities.

“Bitcoin has significantly more global awareness than any other cryptocurrency. 43 percent of the population is aware of ethereum, the second most popular cryptocurrency.

In terms of age, the authors found something surprising. While most people assume crypto is a game for teenagers and young adults, the “OK boomer” brigade may want to reconsider their next meme, as the authors point out:

40% of Surveyed Lower-income Individuals Want to Use Bitcoin, Globally, 92.5 percent and 89.2 percent of millennials and baby boomers, respectively, are aware of bitcoin. “

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