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Let’s begin the second spherical of “Bitcoin: Knowledge and Perceptions,” a brand new report by Block primarily based on an enormous survey. Yesterday, we kicked off the festivities by, amongst different issues, discussing income and inclusion as associated to bitcoin. Today’s matters are data and consciousness. Does doing the work and studying about bitcoin make a distinction? Is there a relationship between data and optimism in regards to the community? 

That’s what we’re right here to seek out out, however first. About the methodology, Block says:

“The Block Bitcoin Survey was conducted by Wakefield Research among more than 9,500 nationally representative adults aged 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 January 28, 2022, using an email invitation and an online survey.”

Anyway, let’s get into the shocking and revealing statistics already.

BTC value chart for 06/02/2022 on Gemini | Source: BTC/USD on TradingView.com

Block’s Report On: Knowledge and Optimism

Knowledge is energy. As per the report, “people who have knowledge about cryptocurrencies overwhelmingly have a positive outlook about bitcoin’s future.” However, with nice energy comes nice duty. So, “nearly a quarter of those who rate their knowledge of cryptocurrencies as “fair to expert” stay skeptical of bitcoin’s future.” 

Once once more, the nation the respondent is from seems to be the differentiating issue. “Nigeria, India, Vietnam, and Argentina have the highest rates of optimism about bitcoin’s future as well as the highest claimed levels of cryptocurrency knowledge more broadly.” That’s fascinating, contemplating in the first half of the report we discovered that Argentina feels included within the bitcoin group whereas India doesn’t. And right here they’re, each on this optimism record.

The different differentiating issue, after all, is cash. “Additionally, higher-income people are more optimistic than lower-income people (46% vs. 37%), and this is true in every region.” This is in no way shocking, however think about this: “that optimism gap disappears completely if you remove those who say they don’t know anything about cryptocurrencies.” So, as soon as once more, all of it comes again to data.

Reasons For Not Buying, According To The Report

Education is the important thing. “Not knowing enough about bitcoin is far and away the most common reason not to buy it, but cybersecurity, price volatility, and an uncertain regulatory outlook are also commonly cited reasons.” Those are all truthful causes, however, what respondents don’t appear to be considering are the dangers of remaining concerned with the normal system. That’s the true scary prospect.  

In any case, all of it comes again to data as soon as once more. “Someone’s self-assessed understanding of cryptocurrencies is the strongest predictor of whether or not they’re likely to buy bitcoin in the next year.” That principally signifies that training cures the entire folks’s fears and doubts about bitcoin. It doesn’t particularly say that, however come on. Education is the important thing and cures fears.

Block’s Report On: Awareness

Surprising nobody, bitcoin is the undisputed king. According to the report, “awareness of bitcoin is higher than that of any other cryptocurrency globally — by far — with 88% of adults surveyed having heard of bitcoin specifically.” The bitcoin model is already a monster, and the message and picture hold spreading everywhere in the recognized universe. At this level, it’s laborious to call 20 greater worldwide manufacturers.

Of course, ETH retains second place. “The cryptocurrency with the next highest level of awareness is Ethereum, a distant second at 43%.” Notice that, even with the DeFi and NFT booms, bitcoin consciousness is greater than double that of Ethereum.

That’s it for Bitcoinist evaluation of Block’s “Bitcoin: Knowledge and Perceptions” report. Check the unique doc for further information, aesthetically pleasing design, and helpful graphics. 

Featured Image: screenshot from Block's report | Charts by TradingView