Bitcoin awareness is increasing by leaps and bounds and while putting a number to that isn't an easy task, a new survey claims to show the awareness levels among American Millennials.
According to a survey by LendEDU, a student loan refinancing market, 78.60 per cent Americans indicated that they had heard of bitcoin while 21.40 percent of the respondents asked said that they hadn’t. The survey involved 1,000 American respondents.
The survey found that younger Americans were more likely to have heard about digital currency as compared to older Americans and that's an unsurprising find. 88.67 per cent of respondents aged between 18 and 24 had heard of bitcoin as compared to only 75.93 per cent of those aged 55 and older had.
While cryptocurrency awareness was high, 47.71 per cent of the respondents weren’t sure if it was true or false that owning the digital currency was illegal in the United States. Of those asked, 10.69 percent thought it was illegal while 41.6 percent stated that it was false.
It may be because of the negative connotations the digital currency has with the dark web that many believe it’s an illegal form of currency in the United States. Because of this, more probably needs to be done in order to challenge the fiat currency system to make bitcoin the first choice for consumers.
This may be reflective on why only a small number of respondents indicated that they currently own or have owned bitcoin in the past at 13.99 percent. The majority of consumers asked said that they don’t at 85.37 percent; however, when asked if they would invest in the currency in the future, a significant number – 54.58 percent – still indicated that they wouldn’t. Those that would rose slightly to 17.18 percent, giving some idea as to how the market will unfold in America.
A general theme from the LendEDU poll suggests that the younger the American is, the more likely they are to invest, own, and use bitcoin for transactions.