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What follows is data and analysis from a survey of American adults regarding general sentiment toward Bitcoin — the survey was conducted online by The Harris Poll, on behalf of Blockchain Capital, from April 23–25, 2019 among 2,029 American adults. The survey was an augmented version of one we ran in October 2017 (we added a few questions). Methodology can be found at the bottom of this post.
For context and because it’s material in considering the results, the survey in October 2017 was conducted in a bull market — Bitcoin was up over 800% YoY — whereas the most recent survey, in April 2019, was conducted in a bear market — price was down roughly 75% from all-time highs.
We suspect that the difference in market environment between the two surveys would have a negative impact on Bitcoin sentiment in the most recent survey. Despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly — dramatically in many cases.
The results highlight that Bitcoin is a demographic mega-trend led by younger age groups. The only area where older demographics matched younger demographics was awareness: Regardless of age, the vast majority of the American population has heard of Bitcoin.
The percentage of people that have heard of Bitcoin rose from 77% in October 2017 to 89% in April 2019.
Awareness of Bitcoin is strong across all age groups — those aged 18–34 have the highest rates of awareness at 90% and those aged 65+ have the lowest at 88%.
Overall, the percentage of people that have not heard of Bitcoin fell by more than half — from 23% in October 2017 to 11% in April 2019.
The percentage of people that are ‘at least somewhat familiar’ with Bitcoin rose by nearly half — from 30% in October 2017 to 43% in April 2019.
Among those aged 18–34, a full 60% described themselves as at least ‘somewhat familiar’ with Bitcoin — up from 42% in October 2017. Relative to older segments of the population, those aged 18–34 are 3x as likely to be at least ‘somewhat familiar’ with Bitcoin as those aged 65 and over.
The natural follow-on question is how perception is affected by rising awareness — as people become more familiar with Bitcoin do they think of it more positively or negatively?
The percentage of people whom ‘strongly’ or ‘somewhat’ agrees that ‘Bitcoin is a positive innovation in financial technology’ rose 9 percentage points — from 34% in October 2017 to 43% in April 2019.
Younger demographics were most inclined to have a positive view of Bitcoin: 59% of those aged 18–34 ‘strongly’ or ‘somewhat’ agree that Bitcoin is a positive innovation in financial technology — up 11 percentage points from October 2017.
But even if an increasing percentage of the population has a positive perception of Bitcoin, does that translate to increased conviction in future adoption?
The percentage of people that ‘strongly’ or ‘somewhat’ agrees that ‘most people will be using Bitcoin in the next 10 years’ rose 5 percentage points — from 28% in October 2017 to 33% in April 2019.
Younger demographics have the most conviction in adoption over the next 10 years: Nearly half (48%) of those aged 18–34 ‘strongly’ or ‘somewhat’ agree that ‘it’s likely most people will be using Bitcoin in the next 10 years’ — up 6 percentage points from October 2017.
Propensity to Purchase
Despite the bear market, the percentage of people that indicated they are ‘very’ or ‘somewhat’ likely to buy Bitcoin in the next 5 years rose by nearly half — from 19% in October 2017 to 27% in April 2019.
Younger demographics appear most inclined to purchase Bitcoin: 42% of those aged 18–34 said they are ‘very’ or ‘somewhat’ likely to purchase Bitcoin in the next 5 years — up 10 percentage points from 32% in October 2017.
It’s also helpful to consider how people think about Bitcoin relative to other investable assets.
When asked which they’d prefer to own $1k of:
o 21% of people said they would prefer Bitcoin to government bonds — up from 18% in October 2017
o 17% of people said they would prefer Bitcoin to stocks — up from 14% in October 2017
o 14% of people said they would prefer Bitcoin to real estate — up from 12% in October 2017
o 12% of people said they would prefer Bitcoin to gold — up from 8% in October 2017
Focusing on those aged 18–34, when asked which they’d prefer to own $1,000 of:
o 30% said they would prefer Bitcoin to government bonds — flat from October 2017
o 27% said they would prefer Bitcoin to stocks — flat from October 2017
o 24% said they would prefer Bitcoin to real estate — up from 22% in October 2017
o 22% said they would prefer Bitcoin to gold — up from 19% in October 2017
Said differently, among those aged 18–34: Nearly 1 in 3 prefers Bitcoin to government bonds, more than 1 in 4 prefers Bitcoin to stocks, nearly 1 in 4 prefers Bitcoin to real estate and more than 1 in 5 prefers Bitcoin to gold.
The biggest increase in preference rate for Bitcoin was relative to gold — perhaps the byproduct of Bitcoin’s growing acceptance as ‘digital gold’.
In total, 9% of the population owns Bitcoin — including 18% of those aged 18–34 and 12% of those aged 35–44.
*Correction: a previous version overstated adoption because it only included responses from survey participants that had “at least heard of any crypto-asset”. For context, the previous (incorrect) figures were: Total (11%), 18–34 (20%), 35–44 (15%), 45–54 (5%), 55–64 (5%), 65+ (2%). My sincere apologies for any confusion this may have caused.*
To help put the millennial proclivity to Bitcoin in perspective: Only 37% of people under 35 are invested in the stock market (source) — so the data point that 18% of those in the same group own Bitcoin is particularly surprising.
Ultimately, Bitcoin is a demographic mega-trend: Younger demographics are leading in terms of Bitcoin awareness, familiarity, perception, conviction, propensity to purchase, and ownership rates.
This survey was conducted online within the United States between April 23–25, 2019 among 2029 adults (aged 18 and over) by The Harris Poll on behalf of Blockchain Capital via its Harris On Demand omnibus product. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, the words “margin of error” are avoided as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in our surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated.
Blockchain Capital, founded in 2013, is one of the oldest and most active venture investors in the blockchain industry and has financed 75+ companies and projects since its inception. Our mission is to help entrepreneurs build world-class companies and projects based on blockchain technology. We invest in both equity and tokens and are a multi-stage investor. Blockchain Capital also pioneered the world’s first ever tokenized investment fund and the blockchain industry’s very first security token, the BCAP, in April of 2017.
Sign-up for our monthly newsletter at the bottom of this site: http://www.blockchaincapital.com/
Thanks to Derek Huse.
All Eyes on Ethereum
One Ether now costs more than US$3000. Did you ever think you’d see the day?
You gotta hand it to the crypto markets: in some ways they’re comically predictable. A month ago, Ethereum was everyone’s favourite whipping boy, a bloated, expensive under-achiever that couldn’t even double its 2017 all-time high. Lol what a weakling.
And with competitors like Cosmos, Solana, Polygon and Polkadot nipping at its heels, perhaps this was the beginning of the end for the network that gave us smart contracts, ICOs, ERC-20 tokens, DeFi, yield farming, NFTs and, to be honest, the entire idea that blockchain was a multi-functional and era-shaping technological breakthrough that you ignored at your peril.
How things have changed. On Monday Ethereum blasted through the US$3000 mark like it was barely there, throwing on an extra 15% while it was at it. The network is now worth a shade under US$400 billion, putting it on par with Mastercard and Walmart, and officially making Vitalik Buterin, the 27-year-old prodigy who created Ethereum, a bona fide billionaire. So, is this how the Flippening begins?
Network to net worth
Due to the speed with which things move in crypto, we tend to underestimate some of the metrics that actually speak to a technology’s success. The new shiny thing is almost always more exciting than some dusty old contraption built in the positively prehistoric year of 2015. Did they even have electricity back then?
But Ethereum stands out from almost all other blockchains in that it’s already being used, at scale, by millions of people and companies. While that may seem like Business 101 – get more customers, be more successful – when it comes to blockchain usage is a particularly powerful factor because of the way it harnesses network effects to improve the value of the system itself. Use it more and the whole system becomes more valuable, both financially and practically, for the network’s users, miners, stakers, investors and developers. Oh, and Vitalik, of course.
How far we’ve come
Ethereum’s issue has always been its inability to scale. If you can’t handle hundreds or even thousands of transactions a second, then you’re not really fit for purpose as a global computer. The result for Ethereum has been a year of increasing network congestion and brutally high transaction fees. Yet the fact that so much continues to be built and transacted on Ethereum tells you exactly how strong these network effects already are.
There’s also an increasing focus on three major changes to the Ethereum network due to arrive before the end of the year:
- EIP-1559: Lifts one of DeFi’s major innovations in the field of ‘tokenomics’ by implementing a token burn system on every transaction. You use the Ethereum network, you burn some ETH, never to be seen again.
- Optimism: due for a full launch in July, the Optimism sidechain should significantly improve the speed of Ethereum by leveraging largely incomprehensible processes such as ZK-Rollups and Sharding. It’s already being used by the Synthetix protocol, where it has saved users over $10 million dollars in transaction fees.
- Ethereum 2.0: This is the big one, Ethereum’s transition from Proof-of-Work to Proof-of-Stake. It’s been coming for years, but the importance of the change cannot be overstated. Already more than 4 million Ethereum are being staked on the Ethereum 2.0 contract, offering an insight into how much ETH might fall out of circulation once the entire thing goes live (potentially in November).
In short, Ethereum is just getting started. The price might seem gaspingly high right now, but remember that Ethereum isn’t trying to be Walmart or Mastercard. It wants to be the thing that Walmart and Mastercard are built on – and that’s a prospect worth having a stake in.
CARBON: A perfect avenue for showcasing talent
Creative professionals sometimes find themselves figuring out where to showcase their creations and profit from them.
It’s a tough situation to be in. But with CARBON, the dilemma is lessened.
CARBON creates an avenue that gives creators both a place to show off their talents and a chance to earn money.
CARBON features an ecosystem of a global scale that integrates open finance, fashion, art, music, and non-fungible tokens (NFTs).
One of its objectives is to enable a community that can inspire, support, and reward professionals.
What the CARBON marketplace looks like
As what an ideal marketplace should be, CARBON has a lot to offer, helping emerging brands and artists have a shot even at the highest levels of competition they have to deal with.
Items related to fashion, art pieces, music, and digital assets such as NFTs are offered in the CARBON marketplace. A dedicated team will carefully select these products.
The market will also see exclusive collaborations featuring various artists and brands for physical commodities and digital items that will be dropped on a weekly basis.
As for its audience, they should prepare for a diverse experience brought by a market evolving into a global ecosystem.
CARBON was founded by Chad Pickard who also acts as its Chief Executive Officer (CEO). It is an open finance wallet and super ecosystem that is built for the whole world of fashion, art, music, and culture while also integrating digital assets through NFT offerings.
It has its native token, the $GEMS, and its wallet integrates Neobank functions like the financial technology company Revolut and a non-custodial smart wallet for decentralized finance (DeFi) and cryptocurrencies.
This integration allows users to hold fiat (government-backed) and digital currencies as well as NFTs in a single platform.
The wallet is linked to the market, giving users the ability to directly select items that they desire.
CARBON doesn’t just work as a marketplace where purchases can be made, but also as an avenue where professional creators get to showcase their talents and inspire others to promote their own. It provides them with a winning environment.
How Tokenplace can help crypto traders get the best buy and sell prices
Any seasoned crypto trader knows that the price of a digital currency can vary across different exchanges worldwide.
Thus, one of the basic strategies for investing in digital currencies is to scout for the best buy or sell price and that’s where Tokenplace comes in.
Access to different crypto exchanges via one platform
To take full advantage of the price variance across exchanges, some traders often resort to opening accounts on different platforms. But Tokenplace eliminates this need because the platform allows one to access different exchanges worldwide.
This means that a user will only need his Tokenplace account and password to gain access to the entire crypto market. This is a lot simpler compared to having to main multiple accounts and passwords for other exchanges for different trading pairs.
Tokenplace is basically an online trading platform and exchange aggregator. With its automated order-splitting, orders are automatically broken up to ensure that traders get the best price for every coin they want to trade.
Easy to use and features-packed trading terminal
Tokenplace is also very appealing to newer investors because it is very easy to use. For instance, users will only need to access a single window for their deposits, withdrawals, trading, and exchanging.
The platform can be accessed from both desktop and mobile devices. Tokenplace’s onboarding and one-time registration process are also one of the quickest in the industry.
Tokenplace uses advanced algorithms for its multi-exchange order splitting feature. With this high-tech tool, users can get the best buy and sell price every time they trade.
IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.
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