45,8% of Americans already own Bitcoin, while 27% of those who do not yet own the cryptocurrency are willing to invest in it, revealed a survey conducted by SatohiLabs among the American population.
satoshilabs, the company responsible for the development of the hardware wallet Trezor, a wallet for cold storage of Bitcoin (BTC), made a poll in all US states to find out the level of knowledge and acceptance of Bitcoin among the American population. The company revealed that a total of 1.004 surveys were applied to American citizens over the age of 13, allowing them to assess the level of knowledge and acceptance of the cryptocurrency across all ages, genders, and political affiliations. The results were surprising.
“With a whopping 45,8% of respondents saying they already own cryptocurrencies, it would seem we are at a tipping point”, the company said when reporting the results.
2020 has been an excellent year for the growth and development of ecosystems cryptocurrencies, , and especially for Bitcoin, despite having had a rather bumpy start during the first quarter of the year, with the global expansion of COVID-19 and the arrival of Black Thursday in world markets. SatoshiLabs claims that this year has turned out to be very positive for the cryptocurrency, which has seen an increase in the number of potential and institutional investors, as well as, of course, interest from the general public.
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On the verge of mass adoption?
This is the question that SatoshiLabs seeks to answer with the application of its first survey of this type, which will serve both to evaluate the acceptance of Bitcoin in the population, as well as to prepare financial services companies with cryptocurrencies and regulators to anticipate the future needs of society.
SatoshiLabs reveals that there is a “herd” of institutions becoming familiar with Bitcoin right now, with more companies joining the technology-based digital finance universe every week blockchain. On the other hand, investment initiatives by several major players in the financial industry, such as the revelation of Ricardo Salinas, the second richest businessman in Mexico, who claimed to keep 10% of his assets invested in this cryptocurrency, are fostering a more favorable environment for the mass adoption of Bitcoin.
Likewise, the growth in the value of Bitcoin and a more mature and stable market are encouraging the general public's interest in this cryptocurrency. SatoshiLabs revealed in its report that the price of Bitcoin even reached the point of seeing and "surpassing the previous highest dollar value of all time", breaking all the records it had previously set, such as its market capitalization.
Favorable survey results
The results obtained by SatoshiLabs are quite promising. As already mentioned, There is a 45,8%, almost half of the US population that participated in the survey, who claim to already have Bitcoin and other cryptocurrenciesOf this part of the population, 27%, more than a quarter of those interviewed, say they are open to acquiring more cryptocurrencies in the future, as they are seeing the potential of these assets in the markets.
Likewise, 47,2% of these respondents stated that they want to know and learn more about Bitcoin before making another investment, reflecting the continued and growing demand for education and training in society in relation to cryptocurrencies and digital assets. According to SatoshiLabs, this is an example for companies and communities focused on the development and adoption of cryptocurrencies to continue promoting easy and secure integration into these ecosystems,
A path with few obstacles?
Of the population that claimed not to own cryptocurrencies yet, SatoshiLabs reveals that only a fifth, 21,8%, are not considering investing in cryptocurrencies, while the rest, almost double that amount at 40,3%, are open to this possibility, suggesting a very optimistic sentiment among the general public for the development of the cryptoeconomy.
Source: SatoshiLabs
With these results, SatoshiLabs shows that the American population is more open to the mass adoption of Bitcoin and cryptocurrencies, which are no longer associated with scams, as happened a few years ago with the boom of ICO (Initial Currency Offering)However, the SatoshiLabs survey also reveals that for some, Bitcoin and cryptocurrencies are still a difficult path to choose, especially due to the complexity of their use.
In this regard, the company's survey indicates that almost 52% argued that Bitcoin is a legitimate alternative and a genuine solution to the current financial system and the dollar, it is also a very complex tool to use, especially in the elderly population, who are mostly unfamiliar with the technology.
“Almost all (95%) of cryptocurrency owners agree that cryptocurrencies are a genuine currency solution, and 31,7% of them see it as a legitimate alternative to dollars… Only 4,9% of those who have not yet invested feel that cryptocurrencies are a scam.”
Market uncertainty
While the difficulty of using and understanding Bitcoin and cryptocurrencies is something that can be overcome, as there are now a greater number of websites, such as Bit2Me Academy, to learn and educate themselves for free about these new technologies, SatoshiLabs reveals another possible obstacle for future Bitcoin users, and that is the lack of consensus on the price of the cryptocurrency in the markets.
The company notes that there is a wide disparity in the predictions of the survey participants regarding the price of Bitcoin, as the volatility that has characterized this asset makes “nervous” and creates uncertainty both in the owners of the cryptocurrency, as well as in those who have not yet invested in it. In the survey, only 11% believe that the price of Bitcoin will be sustainable and that it will reach $100.000 USD in a year, while another part believes that the price can drop to $100 USD or even $1 USD per unit, with 23,9% and 21% respectively.
Source: SatoshiLabs
In the face of these latest and “disappointing” predictions, SatoshiLabs states that they are far from any probability in the markets, since the cryptocurrency is showing signs of maturity and solidity that are consolidating its value.
Other influencing factors
The SatoshiLabs survey also took into account the involvement of regulators and the establishment of taxes, which respondents believe is helping to define the cryptocurrency ecosystem, convincing many that cryptocurrencies are here to stay.
Likewise, questions were applied regarding security in the storage and management of cryptocurrencies. According to the company, about 71% revealed that they would buy a hardware wallet to store their cryptocurrencies safely, while of the respondents who are already users of Bitcoin or some other cryptocurrency, 35,8% revealed that they keep their digital assets in exchanges or cryptocurrency exchanges, a practice that the company says can be very risky for users.
Continue reading: What is behind the recent rise in Bitcoin price?
