Emerging countries led by Nigeria have the highest optimism regarding the future of bitcoin, a survey by Block has determined.
In the survey, it was found that:
- 60% of Nigerians say they are “optimistic” about the future of the cryptocurrency
- 32% are skeptical
Joining Nigeria in crypto optimism include:
- South Africa
all with over half of respondents saying they were optimistic.
3 broad conclusions were made in the survey of 9,500 people in 14 countries:
- People see promise in bitcoin for a more equitable economy
- Knowledge feeds optimism and participation
- Bitcoin is the most popular among cryptocurrencies
To highlight the first point, the survey found that lower income bitcoin owners look at the cryptocurrency more as a means to send money to others, to purchase goods and services, and to invest.
However, high income users are much more interested in the cryptocurrency as a means to invest.
Furthermore, in Nigeria and Argentina, at least 40% of respondents reported that they had bitcoin to protect against inflation. This correlates with the two countries having the highest rates of inflation among the countries surveyed.
On the point of optimism, while emerging countries have the most optimism in the cryptocurrency’s future, ‘higher-income people are more optimistic than lower-income people (46% vs. 37%), and this is true in every region.’
Again, we see not knowing enough about bitcoin as, far and away, the most common reason not to buy it, but other commonly cited reasons include:
- Price volatility
- Uncertain regulatory outlook
Finally, people are more aware about bitcoin at 88% awareness, while 43% of respondents were familiar with Ethereum.
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