A recent survey shows that despite the fall from its all times high and the ensuing bear market, Bitcoin is proving to be more popular than ever.
The survey conducted by Harris Poll, on behalf of Blockchain Capital, sampled 2052 American adults regarding their general sentiment toward Bitcoin. It was an augmented version of a similar survey ran in October 2017 during the epic bull run.
To the surprise of Blockchain Capital's Spencer Bogart, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase, and ownership all increased significantly . This was especially among younger age groups.
The increase in Bitcoin's popularity, even at a time when it is down almost 75% from its all-time high, makes it a "demographic mega-trend," according to Bogart.
Taken from April 23rd–25th, 2019, the survey shows that the number of American adults that have heard of Bitcoin is at 89%. This is up from 77% during the bull market conditions of October 2017.
The data shows a 12% average increase in awareness across the board, while the percentage of people that have not heard of Bitcoin fell by more than half . This was from 23% in October 2017 to 11% in April 2019.
American adults who ‘strongly’ or ‘somewhat’ agree that ‘Bitcoin is a positive innovation in financial technology’ lifted 9% from the 2017 survey.
The percentage of people that ‘strongly’ or ‘somewhat’ agree that ‘most people will be using Bitcoin in the next 10 years’ increased 5%. This rasied from 28% in October 2017 to 33% in April 2019.
Despite the bear market conditions throughout last year, the percentage of people that are ‘very’ or ‘somewhat’ likely to buy Bitcoin in the next 5 years increased by 8% from the prior survey.
18-34 year olds were the most likely to purchase Bitcoin with 42% saying they were 'very likely' to do so within 5 years.
Another Interesting Insight
Also revealing is the amount of those surveyed who would purchase Bitcoin over other more-seasoned assets.
When asked which they’d prefer to own $1k of:
o 21% of people said they would prefer Bitcoin to government bonds — up from 18% in October 2017
o 17% of people said they would prefer Bitcoin to stocks — up from 14% in October 2017
o 14% of people said they would prefer Bitcoin to real estate — up from 12% in October 2017
o 12% of people said they would prefer Bitcoin to gold — up from 8% in October 2017
The surge in "awareness of", "positivity towards", and "willingness to purchase Bitcoin" is a clear sign that this emerging asset is successfully defending its value thesis. It also sheds light on Bitcoin forming a clear path towards further adoption!
As the infrastructure and financialization phase of cryptocurrency begins to run its course, more and more people will become aware of the technology. We will also see its potential impact on economic life around the world!