Analysis of «Bitcoin: Knowledge and Perceptions» of Block Part 1.- Income and Inclusion

Block’s new report, “Bitcoin: Knowledge and Insights,” is a tour de force. A massive online survey turned up startling data. The phenomenal design post challenges several assumptions the public has about bitcoin. Block’s intent is “to provide a resource for policymakers to better understand people’s knowledge and perceptions of bitcoin across different geographies, genders, and ages.”

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About the methodology, details of the block:

“The Block Bitcoin survey was conducted by Wakefield Research among more than 9,500 nationally representative adults over the age of 18 across three regions: 2,375 in the Americas, 4,360 in EMEA, and 2,860 in APAC, including an oversample to ensure 100 bitcoin owners per region. , between January 10 and 28, 2022, through an email invitation and an online survey.

What did Block and Wakefield discover about the global perception of bitcoin? We will cut to the chase and tell you exactly that.

Table of Contents:

• Block report on: Income
• Bitcoin: Knowledge and Insights on: Inflation
• Block report on: ***
• Bitcoin: Knowledge and Insights on: Inclusion

Block report on: Income

It turns out that “people with below-average incomes more often note using bitcoin as a way to send money and buy goods and services than people with above-average incomes.” High-income people generally turn to bitcoin as an investment, for “investment diversification, inflation hedging, money-making potential.”

The more you know🌠… the more likely you are to buy #Bitcoin. Learn more about our latest global Bitcoin study we partner with @WakefieldStats at: https://t.co/OhY5qzZXtx pic.twitter.com/A7V8OE4Eg5

— Block (@blocks) May 31, 2022

It’s interesting because spending bitcoins and creating circular economies around the world is the next frontier of the network. People with lower than average incomes are more sophisticated in their use of bitcoin. As indicated by game theory. Additionally, “countries with lower GDP per capita and a higher share of remittance income have higher rates of people citing buying goods and services and sending money as good reasons for buying bitcoin.”

Bitcoin: Knowledge and Insights on: Inflation

Surprisingly, “the proportion of people who say ‘inflation protection’ is a good reason to buy bitcoin, we see is strongly correlated with inflation rates by country, with Argentina leading the way.”

In any case, bitcoin is the hardest money there is. Its inflation is programmed, predictable and unalterable. Everyone and their grandmothers should consider it a hedge against inflation.

Block report on: ***

Knowledge is power. It turns out that Block found that “the gender gap in ownership biases primarily males in the Americas and disappears when controlled for knowledge levels.” In fact, “common perceptions of bitcoin as male-dominated are not so clear cut and in many cases are disappearing altogether.”

Figure. *** aside, the more you know, the more you love bitcoin. Also, to prove our point above:

“Interestingly, women are also more attracted to utility than men, even after controlling for income differences. This is not the case for reasons more associated with making money and investing.

Women use bitcoin in more sophisticated ways, it seems.

BTC price chart for 06/01/2022 on Cexio | Source: BTC/USD on TradingView.com

Bitcoin: Knowledge and Insights on: Inclusion

Depending on who you ask, so-called “toxic bitcoin maximalism” is either a disease or an essential part of the bitcoin network. The question in Block’s report was “whether or not they agree with the statement that the bitcoin community is a select group and does not include people like them.” And surprisingly, “your income, gender, and age did not affect your answer.”

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What affected your answer? Country of origin of the respondent:

“There are many variations from country to country. People in South Africa, Argentina, and China don’t feel left out of the Bitcoin community. While people in India, UK and Australia feel left out.

This is perhaps the most interesting stat to date. This, however, does not lead to an easy conclusion. What do these two groups of countries have in common? The answer is not immediately apparent.

Stay tuned to Bitcoinist for a deeper look at the effects of insight on optimism about the bitcoin network and more, in part two of our analysis of Block’s “Bitcoin: Insights and Insights” report.

Featured Image: Screenshot of the report. | Charts by TradingView

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