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1/ I just published ‘Bitcoin is a Demographic Mega-Trend: Data Analysis’
Which features results from a survey of American adults regarding Bitcoin awareness, familiarity, perception, conviction, propensity to purchase, and actual ownership
medium.com/@Bitcom21/bitc…
Which features results from a survey of American adults regarding Bitcoin awareness, familiarity, perception, conviction, propensity to purchase, and actual ownership
medium.com/@Bitcom21/bitc…
2/ Background: The survey was conducted by Harris Poll, on behalf of Blockchain Capital, from April 23-25 2019. A representative sample of 2,052 American adults participated in the survey which was an augmented version of a similar survey we ran in October 2017
3/ Takeaways: Despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly
The results highlight that Bitcoin is a demographic mega-trend led by younger age groups.
The results highlight that Bitcoin is a demographic mega-trend led by younger age groups.
4/ Awareness:
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 – awareness was the only area where older demographics matched younger demographics
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 – awareness was the only area where older demographics matched younger demographics
5/ Familiarity:
The percentage of people ‘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 April 2019
The percentage of people ‘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 April 2019
6/ Perception
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.
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.
7/ Perception (cont’d):
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.
Does this increased familiarity translate to increased conviction in future adoption?
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.
Does this increased familiarity translate to increased conviction in future adoption?
7/ Conviction:
The % of people that ‘strongly’ or ‘somewhat’ agree 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—including 48% of those aged 18-34.
The % of people that ‘strongly’ or ‘somewhat’ agree 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—including 48% of those aged 18-34.
8/ Conviction (cont’d):
If a surprisingly high portion of the population thinks most people will be using Bitcoin in the next decade, does this translate to an increased propensity to purchase Bitcoin?
If a surprisingly high portion of the population thinks most people will be using Bitcoin in the next decade, does this translate to an increased propensity to purchase Bitcoin?
9/ 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—including 42% of those aged 18-34.
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—including 42% of those aged 18-34.
10/ Preferences:
When asked which they’d prefer to own $1k of:
21% prefer BTC to government bonds — up from 18% in Oct 17
17% prefer BTC to stocks — up from 14% in Oct 17
14% prefer BTC to real estate — up from 12% in Oct 2017
12% prefer BTC to gold — up from 8% in Oct 17
When asked which they’d prefer to own $1k of:
21% prefer BTC to government bonds — up from 18% in Oct 17
17% prefer BTC to stocks — up from 14% in Oct 17
14% prefer BTC to real estate — up from 12% in Oct 2017
12% prefer BTC to gold — up from 8% in Oct 17
11/ Preferences (cont’d):
Focusing on 18-34 group, when asked which they’d prefer to own $1k of:
30% prefer BTC to government bonds
27% prefer BTC to stocks
24% prefer BTC to real estate
22% prefer BTC to gold
Focusing on 18-34 group, when asked which they’d prefer to own $1k of:
30% prefer BTC to government bonds
27% prefer BTC to stocks
24% prefer BTC to real estate
22% prefer BTC to gold
12/ Preferences (cont’d):
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 &
More than 1 in 5 prefers Bitcoin to gold.
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 &
More than 1 in 5 prefers Bitcoin to gold.
13/ Ownership:
In total, 11% of the population owns Bitcoin — including 20% of those aged 18–34 and 15% of those aged 35–44.
In total, 11% of the population owns Bitcoin — including 20% of those aged 18–34 and 15% of those aged 35–44.
14/ Ownership (cont’d):
To help put the millennial proclivity to Bitcoin in perspective: Only 37% of people under 35 are invested in the stock market— so the data point that 20% of those in the same group own Bitcoin is particularly surprising
Source: cnbc.com/2018/05/16/gal…
To help put the millennial proclivity to Bitcoin in perspective: Only 37% of people under 35 are invested in the stock market— so the data point that 20% of those in the same group own Bitcoin is particularly surprising
Source: cnbc.com/2018/05/16/gal…
Fin/
Ultimately, Bitcoin is a demographic mega-trend with Younger age groups as the driving force in terms of Bitcoin awareness, familiarity, perception, conviction, propensity to purchase, and ownership rates
Ultimately, Bitcoin is a demographic mega-trend with Younger age groups as the driving force in terms of Bitcoin awareness, familiarity, perception, conviction, propensity to purchase, and ownership rates
By popular request - here's the breakdown of people that responded to the Harris Poll survey.
Will share more interesting results in the coming days/weeks :)
Will share more interesting results in the coming days/weeks :)
Also by popular request - please find survey methodology information in the image below.
FWIW - I issued a correction on this last figure (all other s remain correct). Please see photo below for the accurate figures and explanation of the error.
