Key Findings from the Blocks Bitcoin 2022 Report
The findings are very bullish for Bitcoin long term.
Let’s jump into it!
1) People See Promise in Bitcoin for a More Equitable Economy
People with lower incomes, regardless of where they live in the world, recognize bitcoin’s utility as a payments ecosystem, seeing it as a way to send remittances and buy goods and services.
The gender divide in bitcoin ownership and self-described knowledge is more pronounced in the Americas but less male dominated when looking at the rest of the world.
In many countries, women feel as equally included in the bitcoin community as men.
It’s great to see that both men and women around the world are getting the message the Bitcoin is a great alternative to the current system.
Why do people buy Bitcoin?
The chart below shows that the “potential to make money”, “easy way to send money to others” and “to purchase goods & services” were the top reasons to buy Bitcoin.
Seems logical that most people come to Bitcoin with “potential to make money” and as they learn more, the other categories expand.
2) Education Is Key: Knowledge Feeds Optimism and Participation
The higher people rate their level of knowledge, the more optimistic they are about bitcoin’s future.
People in Nigeria, India, Vietnam, and Argentina have the highest rates of optimism globally about bitcoin’s future.
Lack of bitcoin knowledge is the top reason people don’t buy, followed by concerns related to security, price volatility, and finally an uncertain regulatory landscape globally.
Why are they NOT buying Bitcoin?
Bitcoin is all about education.
51% of people “Don’t know enough about it”.
The data shows that this is the main reason that stops people from participating.
It’s a complex subject with many use cases and nuances to understand enough to help others onboard into Bitcoin.
Hyperbitcoinization will happen over generations as people become more experienced and knowledgeable.
The network effect is real. Globally, those who don’t own bitcoin but know someone who does are much more likely to say they plan on buying bitcoin in the next year.
Network effect is a phenomenon whereby the more people that participate, the greater the value of Bitcoin becomes. The Internet is a great example of the network effect.
In 1997 there was only 140 million people on the internet compared to today in 2022, there are 5 billion people using the internet.
Bitcoin’s network effects are just getting started.
There are only ~140 million Bitcoin uses today, a number that is ready to explore in the next decade. Many experts believe Bitcoin will reach its 1 billion users milestone in half the time than it took for the Internet.
What is Bitcoin’s outlook by country?
This makes sense considering these countries have deep histories of corruption and debt problems.
3) Bitcoin Stands Out Among Cryptocurrencies
People around the world are considerably more aware of bitcoin than any other cryptocurrency.
Globally, millennials and baby boomers have the highest levels of bitcoin awareness.
It’s no surprise that Bitcoin dominates in awareness but a lot of Altcoins still distract users from Bitcoin. Ethereum has the next highest level of awareness at just half the awareness of Bitcoin.
Dogecoin is in 3rd place. Probably because of all the attention Elon Musk has been giving it.
Again this speaks to the lack to understanding of Bitcoin and the more crypto crashes we have, the more that knowledge grows and when knowledge grows, we tend to welcome more Bitcoin Maximalists into the community.
This report data comes from a survey of more than 9,500 nationally representative adults aged 18+ in three regions conducted by Wakefield Research for Block, Inc.
2,375 in the Americas
4,360 in EMEA
2,860 in APAC
Dive into the full details here.
If you have questions or need more clarification, please leave a comment below or come reach me on Twitter @CraigOnBitcoin.
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