The more you know about Bitcoin, the more optimistic you are: Block survey

Block Inc. conducted a survey to find that respondents were more confident about Bitcoin’s future if they rated their level of cryptocurrency knowledge.

Block surveyed over 9,500 people in the Americas (2.375), EMEA (4.360) and APAC (2.860) regions in January. This ensured that 100 Bitcoin owners were included in each region’s 2022 Bitcoin Knowledge and Perceptions report.

The report was released on May 31 and shows a correlation between optimism, the likelihood of buying and was compared with the respondents’ self-identified level of knowledge.

41% of those who identify as having fair-to-expert knowledge of crypto say they are “very likely” or “very likely to buy Bitcoin within the next 12 month, compared with 7.9% of those who have “limited to none knowledge.”

Although people with higher incomes are more optimistic about Bitcoin’s future than those with lower incomes, lower-income countries like Nigeria, India and Vietnam reported the highest levels of optimism and highest claims of cryptocurrency knowledge.

Source: Block Inc. Bitcoin Knowledge and Perceptions Report, 2022

Adoption is possible through education and promotion. 51% of respondents cited lack of knowledge as the main reason they didn’t buy Bitcoin. The potential risk of theft (32%), and perceptions that BTC has too much volatility (30%) were the second most popular reasons.

Utility is more attractive to lower income countries

This report shows that people with lower incomes use Bitcoin almost daily, with over 40% saying they are most likely to use it to send money or buy goods.

Higher income people tend to view Bitcoin as a way to make more money (50%) and diversify their investment portfolio (30%). However, around the same percentage (39%) indicated that they would also buy goods.

Respondents who came from countries with higher incomes through remittances, and lower per capita gross domestic product (GDP), were more likely than others to mention Bitcoin purchases as a good way of sending money or purchasing goods.

Source: Block Inc. Bitcoin Knowledge and Perceptions Report, 2022

Block also found a strong correlation between high inflation rates and those who replied that Bitcoin was a “protection from inflation”. This is the highest percentage of any country, with 45% of Argentinian respondents using Bitcoin in this manner.

Related: Accessibility is the biggest barrier to adoption of crypto — Here are the solutions

Cointelegraph previously reported that Argentina has twice the rate of crypto adoption than other countries in the region. Many are turning to Bitcoin to hedge against an inflation rate of almost 60%.

Source: Block Inc. Bitcoin Knowledge and Perceptions Report, 2022

Bitcoin was the most well-known cryptocurrency across all regions. 88% of respondents said they had heard of Bitcoin, which is twice the number of Ethereum (ETH) users.