The United Kingdom is familiar with Bitcoin. Not only that but one in five Brits also believes that the cryptocurrency will become as common as cash or cards in the future. These are the most important findings of a recent survey conducted by YouGov. The professional polling organisation wanted to know how the British feel towards alternative means of payment. And the results indicate that the Brits are quite well informed.
Many Heard About Bitcoin, but Few Understand It
The survey found that most of the respondents (93%) heard of Bitcoin. However, when it comes to understanding how it works, things are different. The most knowledgeable respondents are men. The percentages indicate that they are almost three times as likely as women to say they understand Bitcoin:
- very well: men 7% vs. women 2%;
- fairly well: men 33% vs. women 12%.
Also, 45% women said that their understanding of Bitcoin is “not very well” and 42% of them responded “not at all well”.
Age also plays a significant role in the degree of understanding the concept behind cryptocurrencies. 43% of young people stated that they understand Bitcoin “fairly well” compared to only 16% of people over 55 years old. This is yet another reminder that crypto education is extremely important.
Young People Are the Largest Group of Bitcoin Owners
Younger generations are the first to adopt new trends and technologies. The YouGov poll brought a new confirmation for this statement. Asked whether they purchased Bitcoin, the positive responses were as follows:
- 9% for the 18-24 age group;
- 6% for the 25-34 age group;
- 5% for the 35-44 age group;
- 4% for the 45-54 age group;
- 1% for the 55+ age group.
The percentages decline in similar proportions from age group to age group for the question: “Do you personally know anyone who has EVER bought Bitcoin?”
Mixed Feelings About the Mainstream Adoption of Bitcoin
As we stated at the beginning of the article, almost one quarter (21%) of the respondents believe that Bitcoin will become as common as cash or cards in the future. This group of believers is outbalanced by 43% who do not believe this will happen and 34% who do not know.
At the same time, the survey wanted to find out whether Brits believe in the future of a currency regulated by the people and not by a central institution (in this case, the Central Bank of England).
Only 3% had a very positive view and 9% a fairly positive view. One quarter of the respondents are neutral, while 44% feel “fairly negative” and “very negative” about the idea. Close to one quarter did not know how to answer.
21% of the respondents believe that Bitcoin will become as common as cash or cards in the future.
Once again, men and young people are more open to the notion of a currency by the people, compared to women and older generations. Nevertheless, they are still a minority.
However, since cryptocurrencies are still in their infancy when it comes to general adoption rate, these opinions may shift in the near future. The neutrals and those who don’t know how to respond are likely to form an opinion on the subject.
In this case, it would be interesting to repeat the poll, with the same questions, a few years from now.