Block Inc. report suggests Bitcoin is the people’s currency, but with a twist |

by Gordon James

With a twist, Block Inc. released their latest report that suggests Bitcoin is the people’s currency and it has an increasing popularity among millennials.

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Block Inc. and Wakefield Research collaborated on a paper that revealed some noteworthy Bitcoin results.

The research looked at Bitcoin narratives to better understand people’s understanding and impressions of the digital currency across geographies, gender, income, and age groups.

The survey’s main results

Researchers polled 9,500 people in 14 nations across three continents: the Americas, Europe, the Middle East, and Africa, and Asia-Pacific. An online poll was used to conduct the research over the course of 18 days in January.

Many respondents consider Bitcoin to be a useful payment method for moving money and purchasing products and services.

While cryptocurrency is often thought to be a male-dominated industry, the poll found that this narrative is less prevalent outside of the Americas in terms of ownership and “self-described” understanding.

People are negative about Bitcoin due to worries about security, price volatility, and an unclear regulatory environment.

People all throughout the globe are more aware of Bitcoin than any other cryptocurrency, which is unsurprising.

Bitcoin is the money of the people.

Elon Musk dubbed Dogecoin the “people’s money” earlier this year, stressing the notion by adding “you don’t have to be a gigachad to possess [it].”

To own a gigachad, you don’t have to be one.

February 4, 2021 — Elon Musk (@elonmusk)

The Block Inc. study findings, on the other hand, imply that Bitcoin, not Dogecoin, is the people’s money.

The survey’s part on “Bitcoin for a more fair economy” looked at why individuals acquire Bitcoin from low to high income levels.

The findings suggest that respondents (the individuals) with lower-than-average income prefer to acquire Bitcoin for utilitarian purposes such as transmitting money to others and purchasing products and services.

Higher-income workers, on the other hand, are more likely to purchase Bitcoin for investment purposes such as speculation and diversification.

Block Inc. report suggests Bitcoin is the people’s currency, but with a twist | is the source of this information.

“Those with lower-than-average earnings are more likely to mention using bitcoin to transmit money and purchase products and services than those with higher-than-average incomes.”

In the figure below, developed countries congregated further down the scale of utilizing BTC as a payment method rather than an investment vehicle, indicating that this tendency remained constant across countries.

Block Inc. report suggests Bitcoin is the people’s currency, but with a twist | is the source of this information.

Based on this information, it’s reasonable to assume that ordinary people recognize Bitcoin as a money that they use in their daily lives, as Satoshi Nakamoto intended in the title of the Bitcoin white paper, “A Peer-to-Peer Electronic Cash System.”

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