Bitcoin has a lot of haters and supporters. Some see it as an investment, while others see it as a medium for transactions. Have you ever thought about what leads to such contrasting opinions on the same thing? Well, the answer is dependent mainly on how much a person earns. Yes, income levels significantly affect how someone perceives bitcoin. A recent titled called ‘Bitcoin: Knowledge and Perceptions’ concluded this.
Variation in the perception of Bitcoin
In partnership with Wakefield Research, Block did a survey where the opinion of various users from different genders, nations, and income brackets on Bitcoin. There were a total of 9,500 participants from 14 different nations.
It was seen that how much a person knows about Bitcoin also had to do with how they perceived it. This means those who rated themselves higher in their subject knowledge were also more optimistic about Bitcoin’s future.
The idea of Bitcoin being a male-dominated topic was also proven wrong in this survey, with a diverse community of people being enthusiastic about it.
It showed that people in the lower-income group see Bitcoin more as a payment medium that one can use to send remittances in a country or across the border. They are also more likely to use BTC to buy products or services.
It was most evident in countries that have a low GDP per capita and a lot of money flowing in through remittances. Users there has a higher probability of using Bitcoin to purchase stuff and are also inclined to use it to send funds. The study also showed that a country’s economic condition also had a lot to do with how the users perceived Bitcoin. For example, users living in countries with very high inflation saw it as a hedge.
Now talking about the high-income category of people, they saw Bitcoin more as an investment. This makes a lot of sense because higher-income people have a significantly more disposable income making it easier for them to withstand the market’s volatility. Even if you look at influencers who have established themselves, they talk about BTC from a long-term investment viewpoint.
What are your thoughts as the survey shows income levels significantly affect how someone perceives Bitcoin? And how do you look at Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.