Explaining why people are buying and NOT buying Bitcoin [BTC]

In 2022, Bitcoin and other cryptocurrencies were at the heart of financial markets. Many have noticed extreme volatile trends and aggressive Web 3 development. Block Inc. published a report that details a survey of 9,500 people on major continents to further examine these trends.

Block Inc. collaborated with Wakefield Research in publishing the report entitled’Bitcoin Knowledge and Perception. The report discusses the retail trends in Bitcoin perception in 14 countries around the globe. The report also shows that most people view Bitcoin as a payment method, and other uses.

Why is Bitcoin being bought and not purchased?

All income levels have the same reason to buy Bitcoin: it’s simply to make more money. The study also revealed other trends in Bitcoin utility. Because they are looking for protection against inflation and diversification, people with higher incomes than average are more likely to buy Bitcoin with excess cash.

Lower income groups, on the other hand buy Bitcoin to send money or purchase goods and services. They recognize Bitcoin’s utility more than the high-income group.

Despite all the benefits, many people are still hesitant to own Bitcoin. People don’t purchase Bitcoin because they lack Bitcoin knowledge.

It is followed closely by cybersecurity, price volatility and regulatory uncertainties.

The gender gap must be dissolved

According to the report, there is no gender gap between those who own Bitcoin and consider themselves experts. When compared to men, women tend to purchase Bitcoin for its utility functions.

The report continued to say,

47% of women view the possibility of purchasing goods and services as a reason to purchase bitcoins, compared to 34% of men. Similar to men, 47% see bitcoin’s potential to send money to other people as a reason to buy it. This is compared to 27% for women.

Is it possible?

One interesting observation was made in relation to Bitcoin’s future. People are more optimistic about the future of cryptocurrency the more they know about it.

Also, millennials are more optimistic about Bitcoin’s future than baby-boomers. As expected, this finding was in line with previous research.

What’s the deal with cryptocurrency right now?

It is worth noting, however, that the opinions on Bitcoin and cryptos remain divided in mainstream circles. For example, a recent Reuters report highlighted ‘concerns’ associated with cryptocurrencies.

The same applies to cryptos. Its potential impact on financial stability as well as its need for protection of vulnerable customers are the two main points.

Needless to state, although retail investors may be optimistic about the asset type, regulators are not. Not yet, at least.

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