A survey from digital payment company Block Inc. has found that the higher respondents rated their own level of cryptocurrency knowledge, the more optimistic they are about the future of Bitcoin (BTC).
Block surveyed more than 9,500 people from the Americas (2,375), EMEA (4,360) and APAC (2,860) regions in January, ensuring to include 100 Bitcoin owners in each region for its 2022 Bitcoin Knowledge and Perceptions Report.
The report, released on May 31, shows a correlation between optimism and the likelihood of purchasing and compared the result with the respondent’s self identified level of knowledge.
Of those who identified as having fair to expert knowledge of crypto 41% say they’re “very likely” to purchase Bitcoin in the next 12 months, compared to just 7.9% of those with “limited to no knowledge.”
Despite higher income individuals having slightly more optimism for Bitcoin’s future than lower income individuals, the lower income countries of Nigeria, India, Vietnam, and Argentina reported the highest rates of optimism and the highest claimed levels of cryptocurrency knowledge.
Education and promotion seems like the key to adoption as the biggest reason (cited by 51% of respondents) for not buying Bitcoin was a lack of knowledge. The second most cited reason was the potential risk of theft (32%) and the perception that BTC had too much price volatility (30%) came in third.
Lower income nations see the utility
The report details that individuals on lower incomes actually use Bitcoin practically, with more than 40% responding they’re most likely to buy it as an easy way to send money or purchase goods.
In comparison higher income people more often consider Bitcoin a way to make money (50%) or to diversify an investment portfolio (30%), however around the same amount (39%) signaled purchasing goods was also a reason they would buy.
Respondents from countries reporting a higher level of income…
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