Nearly half of American adults know what Bitcoin is,
but few of them trust it enough to invest in it over gold. That’s the finding of a recent survey conducted
online within the United States by Harris Interactive on behalf of financial
platform Yodlee.
The survey, which polled 2,039 adults ages 18 and
older, suggests Americans are still uncertain of its reliability and usefulness
as a mainstream currency. The survey
found that while nearly half (48 percent) of American adults know what Bitcoin
is, trust in the currency among that group is very low. Only 13 percent said they would choose it as
an investment over gold.
Increased knowledge of Bitcoin can correspond to
reduced trust in it, the survey found. People
from America’s Western states are more likely to know about Bitcoin than people
from the South or Midwest (55 percent, compared to 46 percent in the South and
41 percent in the Midwest). Only 7
percent of Westerners who know what Bitcoin is, however, would choose to invest
in Bitcoin over gold – the lowest percentage of any region.
“The financial industry benefits greatly from
disruptive technology, but security is unfortunately a bigger challenge than
some new financial innovators expect.” said Tim O’Brien, Yodlee’s senior vice
president of operations and information security. “Bitcoin has addressed some major
opportunities in the financial system, but the vulnerability of some Bitcoin
exchanges, along with the currency’s overall volatility, are still serious
issues. Bitcoin will be hard for
consumers to understand and trust on a large scale until secure, user-friendly
tools and services emerge to make it as convenient and safe as possible to
use.”
Young adults tend to be the biggest Bitcoin
supporters. Twenty percent of Americans
aged 18-34 who know what Bitcoin is said they would choose to invest in Bitcoin
over gold – making this group over twice as likely as those age 55+ (8%) to do
the same. Young adults aged 18-34 who
know what Bitcoin is are also far more supportive of Bitcoin’s libertarian
values: 39 percent were not in favor of any government being able to regulate Bitcoin,
compared to, 28 percent aged 45-54 and 24 percent aged 55 and older.
Americans’ attitudes about Bitcoin regulation are
equally confused. When asked if any government should be allowed to regulate
Bitcoin, nearly half (45 percent) of Americans who knew about the
cryptocurrency said they were unsure. Of
those with a firm opinion, 44 percent said a government should be allowed to
regulate it and 56 percent said no government should be able to do this.
The survey also revealed a strong male bias in terms
of Bitcoin awareness. When asked if they knew what Bitcoin is, only 35 percent
of women across the country said yes, compared to 63 percent of men. Only 14
percent of men and 10 percent of women preferred Bitcoin as an investment over
gold. The survey found moreover that men
aged 18-34 who know what Bitcoin is are among the biggest Bitcoin fans: 22
percent would choose it over gold and were significantly more likely to say
this than men age 55+. Women aged 55-64
are the most skeptical: only 4 percent would choose it over gold.
Trust in Bitcoin is still quite low across most age
ranges, the survey found. Percentages of people who are aware of Bitcoin and
would choose to invest in Bitcoin over gold:
18-34: 20 percent
35-44: 12 percent
45-54: 13 percent
55-64: 7 percent
65+: 8 percent
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