America Wants to buy Bitcoin 20% adults own it, while 29% willing to buy!

Casdinyard

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Quote from: Flexystar on March 01, 2023, 06:45:01 AM

I am assuming the study was done based on ratio system where they took some number of participants and then factored it to give proper estimates. I am really not sure if we should believe these numbers or not but the study is really positive about Americans loving the Bitcoin.

The number of participants in the group were around 2,202 and study conducted based on the weightage of various factors of US based age group, education system, region etc.

Now this study translated the numbers to approximately 52.3 million Americans adult owning crypto while 75.5 million Americans are willing to buy the crypto in next 12 months.

I not sure if such study is viable or not but going further they also stated that overall 76% people from the American Soil think that Crypto and Blockchain is the future. Considering the fact that they already think current financial system need major changes and also upgrades, they would prefer crypto as their next big thing.

Quote

A national survey commissioned by Coinbase suggests that about 20% of U.S. adults currently own crypto. In addition, 29% of U.S. adults plan to buy or trade crypto in the next 12 months. “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution,” Coinbase said.

Crypto Survey Commissioned by Coinbase
A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14. “The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region,” the market research firm described. “The purpose of this study was to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges.”

Citing the survey results, the Nasdaq-listed cryptocurrency exchange Coinbase, which commissioned the study, commented:

The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution.

Noting that “80% of Americans think the global financial system unfairly favors powerful interests” and “67% of Americans agree that the financial system needs major changes or a complete overhaul,” Coinbase wrote:

The survey found that 80% of respondents believe the current financial system is unfair, with the overwhelming majority expressing frustration with the current financial system and a hunger for change.

The crypto exchange added that the survey further “indicates that most Americans remain optimistic about the future of crypto and understand its potential to be part of the solution to bring about meaningful change to the financial system that would benefit society as a whole.”

Coinbase Survey: 20% of US Adults Currently Own Crypto

If I'm not mistaken America stands today as the de facto leading country in blockchain and cryptocurrency adoption, so it comes to no surprise that when such survey was made a lot of people are into the idea of owning bitcoins, because that's where everything starts, wanting to own a couple bitcoins/crypto. Although I think a couple of factors make this research a little less reliable. In any case, still great to think that America hasn't changed its mind since time immemorial in the early days of bitcoin when you can pay pizza and albums with bitcoins.

Quote from: Haunebu on March 03, 2023, 10:36:10 AM

This isn't something new op. Almost every crypto investor is aware of this fact since ages frankly speaking. One of the best things about Americans is their willingness to try new things in a creative manner.

They love tech which is why they established good relations with countries like Japan etc despite all the bad history between them. This is why many of them truly believe that Satoshi is Japanese.

However, I don't like how their government is trying to regulate and control every aspect of the crypto world.

Exactly. I'm not sure if it's the capitalist in them, but the fact remains that bitcoin is well-received in the country despite US government's efforts to paint it in a bad light, not that bitcoin doesn't come with its own flaws.

Lucius

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Quote from: Synchronice on March 03, 2023, 07:32:35 AM

~snip~

This is about endless possibilities of manipulation, and in fact you don't need any data to justify the results you present to the public - because the respondents are of course anonymous. That's why all such surveys should be taken with a grain of salt.

Quote from: thecodebear on March 03, 2023, 10:34:59 AM

~snip~
Just think, if 20% of US adults owned Bitcoin, Bitcoin would be taken MUCH MUCH more seriously in the US. The population would be making Bitcoin and crypto a political issue and there would be a lot of political pressure to stop the SEC from taking negative actions against crypto and also for congress to start making positive laws to promote and safeguard bitcoin usage. But because it's actually probably more like 1-2% that own Bitcon and maybe 3-4% that own any crypto, and probably half of those people only have a little bit, we don't see any of that happening.

From what I see from the US media, I conclude that the average American has a pretty good idea about Bitcoin, because it is actually an everyday topic for them. It's not just the media, but also the fact that the US has about 90% of all crypto ATMs, that it has large CEX and companies like MicroStrategy or Grayscale, and that all this plays a big role for potential investors.

When you look at things from that angle, it doesn't look like the situation regarding Bitcoin in the US is that bad, except maybe when it comes to taxes - but in general, it all depends on how each federal state takes its stance on the matter.

Haunebu

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This isn't something new op. Almost every crypto investor is aware of this fact since ages frankly speaking. One of the best things about Americans is their willingness to try new things in a creative manner.

They love tech which is why they established good relations with countries like Japan etc despite all the bad history between them. This is why many of them truly believe that Satoshi is Japanese.

However, I don't like how their government is trying to regulate and control every aspect of the crypto world.

thecodebear

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Yeah there's no way 20% of adults in the US have Bitcoin. It is still very rare. There are lots of noobs in the market who don't have any Bitcoin and just have random alts and even if you count all them (people who have any crypto) it still would be nowhere near 20%. Also, whatever the actual number is, many people are just dabbling in it, like of the few people I know that have any sort of crypto some just bought $50 or $100 or something of Bitcoin just to test it out. Even if you count people who at some point has Bitcoin or any other crypto, because some people buy during a bull market and sell in bear market or actually sell for a profit during bull market but never got back in afterwards yet, it still wouldn't be near 20%.

Maybe 20% of male tech workers in a big tech city own crypto (not just bitcoin), but the idea that 20% of all US adults own specifically Bitcoin is obviously wrong by an order or magnitude. I don't know how they set up their sample to get these results but there is no way it is remotely accurate.

Just think, if 20% of US adults owned Bitcoin, Bitcoin would be taken MUCH MUCH more seriously in the US. The population would be making Bitcoin and crypto a political issue and there would be a lot of political pressure to stop the SEC from taking negative actions against crypto and also for congress to start making positive laws to promote and safeguard bitcoin usage. But because it's actually probably more like 1-2% that own Bitcon and maybe 3-4% that own any crypto, and probably half of those people only have a little bit, we don't see any of that happening.

Captain Corporate

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If this stat is not skewed and actually true, then I am guessing that its going to be something quite entertaining to watch in the future. Imagine having around 100 million Americans investing into bitcoin, that should be something that would benefit us all at the same time, its not really a single thing, but its going to be a decent addition to the whole thing. Of course we need a global contribution and we can't expect just Americans to make the price go up, but if they jump in this much, a whole %29 all got in together? That would be pretty good to watch without a doubt and could be very profitable in the long run.

ilovealtcoins

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I agree with everyone's opinion, the survey results are not accurate but we have to admit one thing. Bitcoin and cryptocurrencies are going strong and being accepted by more people. With just one more bull season or a few more years, the percentage of people investing in bitcoin will likely be higher than the results of this survey.

Synchronice

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Quote from: Lucius on March 03, 2023, 06:28:55 AM

Quote from: Synchronice on March 02, 2023, 02:19:45 PM

Mathematically, it's enough to randomly survey 1000 people to get an accurate representation of the entire population's opinion.
Sample size has formula but you can easily calculate it immediately here: https://www.calculator.net/sample-size-calculator.html

Mathematically, it works in principle, but the problem is how such surveys are carried out in practice. I only know that such surveys are quite misused not only for PR company purposes, but also for political purposes, especially in the time before the parliamentary elections. If someone says that the error is less than 3%, and you have multiple examples where it is close to 10%, then it is clear to you that someone is manipulating the data, that is, that they are either very biased, or they are inventing the data in favor of someone who pays them for it.

For years we have been bombarded with surveys like this, and we know that they have nothing to do with reality - whether it is the US, India or another country.

Sometimes I think that even if it was real, either they choose locations terribly and weren't randomly picking people or people are very dishonest about their answers and are just playing, have fun by filling surveys with wrong answers.
But maybe these surveys don't carry actual data? Maybe it's just done for clickbait and promotion and doesn't carry real value. What will gain more attention and popularity, a survey that states that 2% of USA population is going to invest in bitcoin or 20% of USA population plans to invest in bitcoin? Definitely the second one will create more hype for crypto exchange, that's why their surveys look like that. I don't think that math is a wrong science Cheesy

Lucius

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Quote from: Synchronice on March 02, 2023, 02:19:45 PM

Mathematically, it's enough to randomly survey 1000 people to get an accurate representation of the entire population's opinion.
Sample size has formula but you can easily calculate it immediately here: https://www.calculator.net/sample-size-calculator.html

Mathematically, it works in principle, but the problem is how such surveys are carried out in practice. I only know that such surveys are quite misused not only for PR company purposes, but also for political purposes, especially in the time before the parliamentary elections. If someone says that the error is less than 3%, and you have multiple examples where it is close to 10%, then it is clear to you that someone is manipulating the data, that is, that they are either very biased, or they are inventing the data in favor of someone who pays them for it.

For years we have been bombarded with surveys like this, and we know that they have nothing to do with reality - whether it is the US, India or another country.

Synchronice

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Quote from: NotATether on March 01, 2023, 10:22:32 AM

You can't take a sample of 2000 and then apply the results of it to a population of 200 million (adults). The numbers are simply too staggering to be accurate for a small dataset. Besides, if that were true, then mainstream media wouldn't be churning out anti crypto pieces, Warren Buffett and all his friends wouldn't be criticizing it, etc.

Mathematically, it's enough to randomly survey 1000 people to get an accurate representation of the entire population's opinion.
Sample size has formula but you can easily calculate it immediately here: https://www.calculator.net/sample-size-calculator.html

Quote from: Z-tight on March 01, 2023, 07:59:30 AM

more than 30% of Canadians plan to purchase crypto by 2024- OSC head
61% of Americans may purchase crypto in 2022, new survey says

These are a few similar surveys like the one you just posted, you should ignore surveys or info like this, they are mostly incorrect and do not make so much sense, the data is also incorrect because there is no way to prove most of what they say, it is impossible to know the percentage of Americans that are willing to buy BTC in the next 12 months. I believe most of these stories are just made up to promote news sites and blogs, you should not get excited by this information.

If it was true and so many people from two rich countries, especially 61% of Americans are going to buy bitcoin, then the time has come when we have to really hodl it till the upcoming halving. These surveys are truly wrong, lie and the given statistics is just shown for clickbait. Even today, there is no way randomly chosen 5 out of 10 Americans will tell me that they are going to purchase crypto this year.

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Quote from: kryptqnick on March 02, 2023, 10:22:36 AM

If it's a professional survey which, as the op says, accounted for various factors and built up a representative set of the US society, these are great results.

Its a survey paid by Coinbase, so what are the chances that these numbers are actually legit and not skewed into what fits them the most? When something sounds too good to be true, it usually is and some thing can be applied in this case.

I wish if it was true, but I think situation would be different if so many people actually owned bitcoin.

kryptqnick

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If it's a professional survey which, as the op says, accounted for various factors and built up a representative set of the US society, these are great results. I guess it would still mean that half of Americans don't care or are against Bitcoin, but the numbers of those interested are high enough. I'm also surprised how many people are unhappy with the current global financial system and believe it needs major changes, by the way. One could easily see how such attitudes can push people toward Bitcoin.
I believe that contemporary sociology is pretty strong, based on how well it can usually predict political election results. So while I don't know if this particular poll is trustworthy, I think it might be.

Cuenta Alternativa

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I, like almost everyone else who has commented, am also sceptical about the study and its results. This type of study, with such a small sample size and on top of that commissioned by an interested party, should be taken with a grain of salt.

Personally, I don't need such studies to firmly believe that bitcoin adoption is unstoppable and that it will continue to grow more and more. I almost prefer it not to be too fast because that tends to lead to bubbles and these tend to burst later.

LoyceMobile

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There aren't even that many funded Bitcoin address. Don't count funds, in an exchange in that case the exchange owns it.

You know the drill: not your keys, ....

pooya87

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During times of financial hardship whenever you ask people such questions (ignoring the possibility of bias in the study) they always tend to speak about alternatives including bitcoin. But that doesn't always mean they have bought bitcoin. I also feel skeptical about the number 52 million considering that it is not reflecting on the bitcoin price. In other words if bitcoin adoption was truly this high price should have been much higher than this.

Kakmakr

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How can the findings of this study be taken serious, if they only had a group of 2,202 people, with the US having 331.9 million people in 2021? Yes, I know they extrapolate from those figures, but I think the group should be at least 50 000 people or more to get an accurate indication of what the statistics are for Bitcoin and Crypto currencies. Roll Eyes

Also, the geographical area where this study was done, should also be taken into account.... if it was done in more urban areas, the stats will be lower... but in the bigger cities, it will be higher.... because there are more businesses accepting Bitcoin. Wink

tread93

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Quote from: Flexystar on March 01, 2023, 06:45:01 AM

I am assuming the study was done based on ratio system where they took some number of participants and then factored it to give proper estimates. I am really not sure if we should believe these numbers or not but the study is really positive about Americans loving the Bitcoin.

The number of participants in the group were around 2,202 and study conducted based on the weightage of various factors of US based age group, education system, region etc.

Now this study translated the numbers to approximately 52.3 million Americans adult owning crypto while 75.5 million Americans are willing to buy the crypto in next 12 months.

I not sure if such study is viable or not but going further they also stated that overall 76% people from the American Soil think that Crypto and Blockchain is the future. Considering the fact that they already think current financial system need major changes and also upgrades, they would prefer crypto as their next big thing.

Quote

A national survey commissioned by Coinbase suggests that about 20% of U.S. adults currently own crypto. In addition, 29% of U.S. adults plan to buy or trade crypto in the next 12 months. “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution,” Coinbase said.

Crypto Survey Commissioned by Coinbase
A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14. “The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region,” the market research firm described. “The purpose of this study was to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges.”

Citing the survey results, the Nasdaq-listed cryptocurrency exchange Coinbase, which commissioned the study, commented:

The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution.

Noting that “80% of Americans think the global financial system unfairly favors powerful interests” and “67% of Americans agree that the financial system needs major changes or a complete overhaul,” Coinbase wrote:

The survey found that 80% of respondents believe the current financial system is unfair, with the overwhelming majority expressing frustration with the current financial system and a hunger for change.

The crypto exchange added that the survey further “indicates that most Americans remain optimistic about the future of crypto and understand its potential to be part of the solution to bring about meaningful change to the financial system that would benefit society as a whole.”

Coinbase Survey: 20% of US Adults Currently Own Crypto

It sounds pretty dang bullish to me!!! I don't think any other generation has been this outspoken about the Federal Reserve and how much of a scam it is, nor has any generation ever grown up into a mature internet setting where they can talk about it on forums like us online like us with anyone anywhere in the world and at any time!! Certainly this coin will be flipped and in 10 years time only 20 percent of american's will not own any bitcoin while the other 80% does. I guess we shall see what happens.

OgNasty

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I think the technical savy people who are willing to take custody of their coins have for the most part already bought in. The challenges ahead for Bitcoin are going to be security and ease of use for the end user. This is why a spot ETF is a must for this market to take the next step. When non-tech savy people can add BTC to their stock portfolios, that’s when things will get wild.

NotATether

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You can't take a sample of 2000 and then apply the results of it to a population of 200 million (adults). The numbers are simply too staggering to be accurate for a small dataset. Besides, if that were true, then mainstream media wouldn't be churning out anti crypto pieces, Warren Buffett and all his friends wouldn't be criticizing it, etc.

Lucius

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I would say that the survey that comes from the US based CEX on such a small sample does not have too much credibility. These are already old stories in which they always try to create some kind of illusion that tens of millions of people will buy something just because tens of millions of people have already done it before them (allegedly).

It's just an attempt for CEX to promote itself while motivating new potential clients to invest in whatever their platforms offer, all in order to ensure future income. If we know that the US population is about 330 million, it sounds incredible that even 75 million of them plan to invest in Bitcoin in the next 12 months, and so far only 52 million have done so since 2009.

I think the guys went a little overboard, especially considering inflation, people have less and less money to invest in anything.

tranthidung

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Bitcoiners' Demographic over years
I made a summary chart for it during the period 2019 - 2020.

If you need to have a pie chart currently, you can check it at Coin.dance/stats#demographics

In gender, male dominates the distribution. In age, age groups like 25-34, 35-44 are biggest groups. Two age groups 45-54 and 55-64 have increasing stats. That is good to see Bitcoin has been exposed and accepted more by the middle-aged people and the elderly.

Topic: America Wants to buy Bitcoin 20% adults own it, while 29% willing to buy! (Read 217 times)