A few months back, some of my work proximity associates thought it would be interesting to run a wide-reaching, sweeping Bitcoin survey to learn more about the demographics, user behaviors and general perceptions of this hotly debated digital thingamabob.
Over Memorial Day weekend Block – the parent company of two prominent Bitcoin businesses, Cash App and Spiral – published a report titled “Bitcoin: Knowledge and Perceptions” with Wakefield Research.
Yeah, yeah, yeah.
Keep in mind we don’t have access to the survey itself, and so there might be implicit bias in the framing of the survey questions.
The findings related to income levels, while interesting, aren’t as pronounced as the other two.
The geography bit that’s tied to the income/wealth bit manifests itself when you consider the percentage of respondents who would buy bitcoin to buy things plotted against the per-capita gross domestic product of the country they live in.
Bitcoin as “digital cash” is the original use case, but as discussed in previous newsletters, that’s just narrative.
The report presents a map that shows the percentage of respondents who agreed with the notion that the Bitcoin community is not inclusive of people like them.
1) India’s historically tough stance on crypto has soured sentiment on Bitcoin, or 2) the Bitcoin community’s toxic maximalism culture that shows itself on social media platforms has soured Indian sentiment on Bitcoin.
On the last page of the report, Block made an innocuous claim: Bitcoin is the best-known cryptocurrency.
In all, the report is high level and should be shared widely.
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