The Bitcoin Block Report 2022 surveyed more than 9,500 people around the world, showing that more optimistic people have higher knowledge about cryptocurrencies.
A survey conducted by digital payments company Block Inc. found that the more knowledgeable respondents feel about cryptocurrencies, the more optimistic they are about the future of Bitcoin (BTC).
In January, Block surveyed over 9,500 people in the Americas (2,375), Europe, Middle East and Africa (4,360), and Asia Pacific (2,860) regions to ensure that 100 Bitcoin owners in each region included in its knowledge report and perception of Bitcoin to be included for 2022.
The report published on Tuesday shows the connection between optimism and the likelihood of buying and compares the result with the level of knowledge of the respondents.
Of those who believe they have intermediate to expert knowledge of crypto, 41% say they are “very likely” to buy Bitcoin in the next 12 months, compared to 7.9% of those with “limited or no knowledge” .
Although higher-income people are slightly more optimistic about Bitcoin’s future than lower-income people, lower-income countries such as Nigeria, India, Vietnam, and Argentina reported the highest levels of optimism and professed knowledge about cryptocurrencies.
Source: Block Inc. Bitcoin Knowledge and Perception Report 2022
Education and promotion appear to be the key to adoption as the main reason, as highlighted by 51% of respondents who indicated that buying bitcoin was due to a lack of knowledge. The second most frequently cited reason was the potential risk of theft (32%), followed in third place by the perception that BTC has too high a price volatility (30%).
Low-income countries see benefits
The report describes that lower-income people actually use bitcoin practically, with over 40% responding that they tend to buy bitcoin as a simple way to send money or buy goods.
In comparison, those with higher incomes are more likely to see Bitcoin as a way to make money (50%) or to diversify their investment portfolio (30%). However, about the same number (39%) said that buying goods is also the reason they would buy.
Respondents from countries reporting higher remittance income and lower gross domestic product (GDP) per capita were more likely to cite buying bitcoins as a good way to send money or buy goods.
Source: Block Inc. Bitcoin Knowledge and Perception Report 2022
The bloc also reported a strong correlation between countries with high rates of inflation and those who responded that bitcoin is an “inflation hedge,” with 45% of Argentinian respondents using bitcoin in this way — the highest percentage of any country.
Related: Accessibility is a major barrier to crypto adoption – here are the solutions
As Cointelegraph previously reported, crypto adoption in Argentina is double that of other parts of the region, and many are turning to bitcoin as they seek to hedge against an inflation rate nearing 60%.
Source: Block Inc. Bitcoin Knowledge and Perception Report 2022
Overall and by region, Bitcoin was the cryptocurrency respondents knew best about, with 88% saying they had heard of it, double the 43% who said they had heard of Ethereum (ETH).
