Analysis of “Bitcoin: knowledge and perceptions” of Block Pt 2.- Awareness
Let’s kick off the second round of “Bitcoin: Knowledge and Insights,” a new Block report based on a massive survey. Yesterday, we kicked off the festivities by discussing, among other things, bitcoin-related revenue and inclusion. Today’s topics are knowledge and awareness. Does doing the work and learning about bitcoin make a difference? Is there a relationship between knowledge and optimism about the network?
That’s what we’re here to find out, but first. On the methodology, Block says:
“The Block Bitcoin survey was conducted by Wakefield Research among more than 9,500 nationally representative adults over the age of 18 in 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.
Anyway, let’s get into the surprising and revealing statistics.
BTC Price Chart for 2022-02-06 on Gemini | Source: BTC/USD on TradingView.com
Table of Contents:
- Block Report on: Knowledge and Optimism
- Reasons not to buy, according to the report
- Block Report on: Awareness
Block Report on: Knowledge and Optimism
Knowledge is power. According to the report, “people familiar with cryptocurrencies have a predominantly positive view of the future of bitcoin.” However, with great power comes great responsibility. Thus, “nearly a quarter of those who rate their knowledge of cryptocurrencies as ‘fair to expert’ remain skeptical about the future of bitcoin.”
Again, the country of origin of the respondent turns out to be the differentiating factor. “Nigeria, India, Vietnam, and Argentina have the highest rates of optimism about the future of bitcoin, as well as the highest levels of knowledge about cryptocurrencies in general.” This is interesting, given that in the first half of the report we learned that Argentina felt included in the bitcoin community, while India did not. And here they are, both on this optimism list.
The other differentiating factor, of course, is money. “Also, high-income people are more optimistic than low-income people (46% vs. 37%), and this is true across all regions.” He’s not surprising at all, but consider this: “That optimism gap completely disappears if you remove those who say they don’t know anything about cryptocurrencies.” So, again, it all comes down to knowledge.
Reasons not to buy, according to the report
Education is the key. “Not knowing enough about bitcoin is by far the most common reason not to buy it, but cybersecurity, price volatility, and an uncertain regulatory outlook are also commonly cited reasons.” These are all valid reasons, but what respondents don’t seem to consider are the risks of staying in the traditional system. It is a terrifying prospect.
In any case, it all comes down to knowledge once again. “Someone’s self-assessed understanding of cryptocurrencies is the strongest predictor of whether or not they are likely to buy bitcoin in the next year.” Basically, this means that education cures everyone’s fears and doubts about bitcoin. It doesn’t say that specifically, but come on. Education is the key and cures fears.
Block Report on: Awareness
Not in vain, bitcoin is the undisputed king. According to the report, “Awareness of bitcoin is higher than any other cryptocurrency in the world by far, with 88% of adults surveyed having heard of bitcoin specifically.” The bitcoin brand is already a monster, and the message and image continues to spread throughout the known universe. At this point, it’s hard to name 20 of the world’s biggest brands.
Of course, ETH retains second place. “The cryptocurrency with the highest level of awareness is Ethereum, a distant second at 43%. Keep in mind that even with the DeFi and NFT booms, awareness of bitcoin is more than double that of Ethereum.
That’s it for Bitcoinist’s analysis of Block’s “Bitcoin: Knowledge and Insights” report. Please refer to the original document for additional data, aesthetic design, and helpful graphics.
Featured Image: Block Report Screenshot | Charts by TradingView
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