A survey by digital payments company Block Inc. has found that the higher respondents rate their own level of knowledge about cryptocurrencies, the more optimistic they are about the future of bitcoin (BTC).
Block surveyed over 9,500 people from the Americas (2,375), EMEA (4,360), and APAC (2,860) regions in January, making sure to include 100 bitcoin owners in each region. for their 2022 Bitcoin Knowledge and Perception Report.
The report, published on Tuesday, shows a correlation between optimism and the probability of purchase, and compares the result with the level of knowledge self-identified by the respondents..
Of those who identified themselves as having a fair to expert knowledge of cryptocurrencies, 41% say they are “very likely” to buy Bitcoin in the next 12 months, compared to just 7.9% of those with “limited knowledge.” or null”.
Although higher income individuals are slightly more optimistic about the future of bitcoin than lower income individuals, the lowest-income countries, Nigeria, India, Vietnam, and Argentina, reported the highest rates of optimism and the highest levels of cryptocurrency awareness.
Education and promotion seem to be the key to adoption, as cited by 51% of respondents, who said they did not buy bitcoin due to 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 countries see the utility
The report details that people with lower incomes use bitcoin practically, with more than 40% saying they are more likely to buy it as an easy way to send money or buy goods.
Compared, people with higher incomes more often consider bitcoin as a way to earn money (50%) or to diversify an investment portfolio (30%). However, roughly the same number (39%) said buying goods was also a reason they would buy BTC.
Respondents from countries reporting a higher level of remittance income and lower gross domestic product (GDP) per capita are more likely to cite buying bitcoin as a good way to send money or buy goods.
Block also reported a strong correlation between countries with high inflation rates with those who responded that bitcoin was an “inflation hedge.”: 45% of Argentine respondents use bitcoin in this way, the highest percentage of any country.
As Cointelegraph previously reported, Cryptocurrency adoption in Argentina is double the rate of other countries in the region: many turn to bitcoin trying to hedge against an inflation rate of almost 60%.
Overall and across all regions, bitcoin was the most knowledgeable cryptocurrency among respondents, with 88% saying they had heard of itwhich is double the 43% who say they have heard of Ether (ETH).
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