Facts about bitcoin

Some experts think that Bitcoin is the “people’s currency,” destined to replace national currencies, one day. Others think the digital currency a “fraud” and a “tulip bulb.” What does the average American know and think about Bitcoin?

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Some Americans never heard of it. Others heard of it, but they either think it is illegal or they are unsure about its legality. And only a small fraction had ever owned the digital currency—mostly the younger generations.

That’s according to a just published survey by LendEDU. This means that Bitcoin has a long way to go before it crosses the “tipping point,” from being an exotic product for “innovators and “early adopters” to a currency for the mass market

Meanwhile, Bitcoin has been driving cryptocurrencies sharply higher over the last twenty-four hours higher, crossing the $4,000 mark, again.

Coin % 24H % 7d
Bitcoin (BTC) 12.78 -3.84
Ethereum (ETH). 18.37 -0.80
Litecoin (LTC) 11.51 -18.10

And that’s good news for the future of Bitcoin. “If our poll is any indication, the future will bring growth for Bitcoin.” Michael Brown Research Analyst, LendEDU. “Not only was there a direct age correlation, where young American consumers were much more likely to say that have either owned Bitcoin, or were open to using it for future transactions when compared to their older counterparts. But, across all ages, consumers showed more of a willingness to investing in Bitcoin for the future. For example, 85.37% of respondents said they have never owned Bitcoin, but only 54.58% said they were not planning on investing in the virtual currency in the future.”

Still, the LendEDU results should be interpreted with great caution, as they are based on a very small sample.

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