Explaining why people are buying and NOT buying Bitcoin [BTC]
Bitcoin and cryptocurrencies have been at the center of financial markets in 2022. Extreme volatile trends coupled with aggressive development in the Web 3 space have caught the eyes of many. To further study these trends, Block Inc. recently published a report detailing a survey of 9,500 people across major continents.
Block Inc. partnered with Wakefield Research to publish the report titled “Bitcoin: Knowledge and Perception.” The report talks about the retail trends of Bitcoin perception in 14 countries across the world. According to the same, most people consider Bitcoin as a means for payment, among other uses.
The most common reason for buying Bitcoin across all income groups is simply to make money. However, the study has helped understand other trends in Bitcoin utility among individuals. People with above-average incomes are likely to purchase Bitcoin with cash excesses since they use it for diversification and protection from inflation.
On the other hand, lower income groups usually buy Bitcoin for sending money and purchasing goods and services. Hence, they recognize the utility of Bitcoin more than other high-income groups.
Source: Bitcoin:Knowledge and Perception
Despite the many advantages being offered, people still have reservations against owning Bitcoin. A lack of Bitcoin knowledge is the most common reason why people don’t buy it.
It is followed by cybersecurity, price volatility, and regulatory uncertainties as the primary reasons.
Source: Bitcoin:Knowledge and Perception
As per the report, there is no gender divide between people that own Bitcoin and see themselves as experts. Women, on the other hand, tend to buy Bitcoin for its utilities, when compared to men.
Source: Bitcoin:Knowledge and Perception
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