Proponents of the cryptocurrency space have always ensured that digital asset users know the on-ground situation, as well as its underlying technology and changes in sentiment. Spencer Bogart, a partner at Blockchain Capital and a popular Bitcoin advocate, recently released a report titled ‘Bitcoin is a Demographic Mega-rend: Data Analysis,’ which aimed at collating data about the world’s largest cryptocurrency from the perspective of American adults.
Bogart stated that the analysis was conducted during the last week of April among 2029 American adults to get a detailed outlook at Bitcoin’s place in their life. The report stated,
“Despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly — dramatically in many cases.”
The report took into consideration six different factors, namely, awareness, familiarity, perception, conviction, propensity to purchase and ownership. The data collected was compared to a data subset collected in October 2017, a time when Bitcoin was on its way to its all-time peak. Bogart’s report showed that in terms of awareness, the number of people who have heard about Bitcoin rose by 12 percent, from 77 percent in 2017 to 89 percent in 2019. The data also said,
“Awareness of Bitcoin is strong across all age groups — those aged 18–34 have the highest rates of awareness at 90% and those aged 65+ have the lowest at 88%.”
When it came to mass familiarity with Bitcoin, the numbers rose from 30 percent in 2017 to 43 percent in 2019. The demographic that fell in the age group of 18-34 revealed that 60 percent of them were ‘somewhat familiar’ with Bitcoin.
According to the report, positives were also reflected in the ‘perception’ category, with almost 43 percent of users stating that “Bitcoin is a positive innovation in financial technology.” The data compiled by Spencer Bogart added,
“Younger demographics were most inclined to have a positive view of Bitcoin: 59% of those aged 18–34 ‘strongly’ or ‘somewhat’ agree that ‘ Bitcoin is a positive innovation in financial technology — up 11 percentage points from October 2017.”
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