America Wants to buy Bitcoin 20% adults own it, while 29% willing to buy!

[Flexystar]

I am assuming the study was done based on ratio system where they took some number of participants and then factored it to give proper estimates. I am really not sure if we should believe these numbers or not but the study is really positive about Americans loving the Bitcoin.

The number of participants in the group were around 2,202 and study conducted based on the weightage of various factors of US based age group, education system, region etc.

Now this study translated the numbers to approximately 52.3 million Americans adult owning crypto while 75.5 million Americans are willing to buy the crypto in next 12 months.

I not sure if such study is viable or not but going further they also stated that overall 76% people from the American Soil think that Crypto and Blockchain is the future. Considering the fact that they already think current financial system need major changes and also upgrades, they would prefer crypto as their next big thing.

A national survey commissioned by Coinbase suggests that about 20% of U.S. adults currently own crypto. In addition, 29% of U.S. adults plan to buy or trade crypto in the next 12 months. “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution,” Coinbase said.

Crypto Survey Commissioned by Coinbase
A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14. “The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region,” the market research firm described. “The purpose of this study was to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges.”

Citing the survey results, the Nasdaq-listed cryptocurrency exchange Coinbase, which commissioned the study, commented:

The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution.

Noting that “80% of Americans think the global financial system unfairly favors powerful interests” and “67% of Americans agree that the financial system needs major changes or a complete overhaul,” Coinbase wrote:

The survey found that 80% of respondents believe the current financial system is unfair, with the overwhelming majority expressing frustration with the current financial system and a hunger for change.

The crypto exchange added that the survey further “indicates that most Americans remain optimistic about the future of crypto and understand its potential to be part of the solution to bring about meaningful change to the financial system that would benefit society as a whole.”

Coinbase Survey: 20% of US Adults Currently Own Crypto

[Nwada001]

I not sure if such study is viable or not but going further they also stated that overall 76% people from the American Soil think that Crypto and Blockchain is the future. Considering the fact that they already think current financial system need major changes and also upgrades, they would prefer crypto as their next big thing.

It's just a few people in the world that don't know about crypto; knowing about it simply means they know what it's all about, especially in an advanced and exposed country like the United States, who are also lovers of technology. The survey might not be accurate, but they are correct about what the people believe. It's just the ignorant ones who will want to deny the fact that crypto is the future and that it has come to stay for the betterment of the payment and financial systems. 

[EarnOnVictor]

I've always said that statistics are not the most accurate, yet they might be a very good gauge of what is happening. The numbers and the percentage might not be accurate, yet there is a sense of truth in these facts as my different researchers attest to a similar claim. Coinbase is deeply rooted in the US and I know that they have all it takes to conduct reasonable statistics that would give real thought of the masses.

That said, the US is a country that is rich, and judging by the news of the success of some of them in crypto investment in the last 4 years, I believe that they might be ready for a huge investment in the crypto space, Guess what? They are capable.

[Z-tight]

more than 30% of Canadians plan to purchase crypto by 2024- OSC head
61% of Americans may purchase crypto in 2022, new survey says

These are a few similar surveys like the one you just posted, you should ignore surveys or info like this, they are mostly incorrect and do not make so much sense, the data is also incorrect because there is no way to prove most of what they say, it is impossible to know the percentage of Americans that are willing to buy BTC in the next 12 months. I believe most of these stories are just made up to promote news sites and blogs, you should not get excited by this information.

[un_rank]

No mention of how the sample size was chosen. A probability sampling method would be the best option to have been used, ideally done systematically, then the research could have some credibility as it would show the thoughts of different demographics in the population. If it was done using convenient methods it would skew the results remarkably.

I am really not sure if we should believe these numbers or not but the study is really positive about Americans loving the Bitcoin.

Crypto. Americans loving crypto not bitcoin. The study focused on the entire crypto industry and not Bitcoin as an asset and it very well could be some marketing strategy by coinbase.

- Jay -

[Flexystar]

@aboveall,
Interesting output. Idk, but I am also having similar thoughts on the statistics. Unless and until they are using some sort of proven theorem to give a conclusion its all in vain actually. I mean proving a point against group of 2k people and concluding what 60-70 million people are thinking is itself a big crack in the methodology.

My whole point of posting this article was to get views on how it works.

May be a statistian amongst us might like to enlighten the theory behind this. Moreover, when I read this article, there more google results stating about the same survey(s) and made me think how can we claim what others might be thinking.

I think such surveys needs to be done on larger groups. Like at least 10-20 million people to get right answers. But obviously it's practically impossible.

In addition to this, many times few of them would just give random answers causing huge errors in the calculation for sure.

[avikz]

A sample size of little more than 2000, doesn't really gives you a correct picture to be honest. But it is still encouraging to see that 29% are willing buy and 20% are already holding bitcoin.

It all takes to have a favorable legal framework to encourage people to get into the crypto market. As of now, US didn't say anything strongly negative about cryptocurrency. If this changes, then the ratio of willing people would change too. But overall the data is encouraging for sure!

[tranthidung]

Bitcoiners' Demographic over years
I made a summary chart for it during the period 2019 - 2020.

If you need to have a pie chart currently, you can check it at Coin.dance/stats#demographics

In gender, male dominates the distribution. In age, age groups like 25-34, 35-44 are biggest groups. Two age groups 45-54 and 55-64 have increasing stats. That is good to see Bitcoin has been exposed and accepted more by the middle-aged people and the elderly.

[Lucius]

I would say that the survey that comes from the US based CEX on such a small sample does not have too much credibility. These are already old stories in which they always try to create some kind of illusion that tens of millions of people will buy something just because tens of millions of people have already done it before them (allegedly).

It's just an attempt for CEX to promote itself while motivating new potential clients to invest in whatever their platforms offer, all in order to ensure future income. If we know that the US population is about 330 million, it sounds incredible that even 75 million of them plan to invest in Bitcoin in the next 12 months, and so far only 52 million have done so since 2009.

I think the guys went a little overboard, especially considering inflation, people have less and less money to invest in anything.

[NotATether]

You can't take a sample of 2000 and then apply the results of it to a population of 200 million (adults). The numbers are simply too staggering to be accurate for a small dataset. Besides, if that were true, then mainstream media wouldn't be churning out anti crypto pieces, Warren Buffett and all his friends wouldn't be criticizing it, etc.

[OgNasty]

I think the technical savy people who are willing to take custody of their coins have for the most part already bought in. The challenges ahead for Bitcoin are going to be security and ease of use for the end user. This is why a spot ETF is a must for this market to take the next step. When non-tech savy people can add BTC to their stock portfolios, that’s when things will get wild.

[tread93]

I am assuming the study was done based on ratio system where they took some number of participants and then factored it to give proper estimates. I am really not sure if we should believe these numbers or not but the study is really positive about Americans loving the Bitcoin.

The number of participants in the group were around 2,202 and study conducted based on the weightage of various factors of US based age group, education system, region etc.

Now this study translated the numbers to approximately 52.3 million Americans adult owning crypto while 75.5 million Americans are willing to buy the crypto in next 12 months.

I not sure if such study is viable or not but going further they also stated that overall 76% people from the American Soil think that Crypto and Blockchain is the future. Considering the fact that they already think current financial system need major changes and also upgrades, they would prefer crypto as their next big thing.

A national survey commissioned by Coinbase suggests that about 20% of U.S. adults currently own crypto. In addition, 29% of U.S. adults plan to buy or trade crypto in the next 12 months. “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution,” Coinbase said.

Crypto Survey Commissioned by Coinbase
A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14. “The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region,” the market research firm described. “The purpose of this study was to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges.”

Citing the survey results, the Nasdaq-listed cryptocurrency exchange Coinbase, which commissioned the study, commented:

The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution.

Noting that “80% of Americans think the global financial system unfairly favors powerful interests” and “67% of Americans agree that the financial system needs major changes or a complete overhaul,” Coinbase wrote:

The survey found that 80% of respondents believe the current financial system is unfair, with the overwhelming majority expressing frustration with the current financial system and a hunger for change.

The crypto exchange added that the survey further “indicates that most Americans remain optimistic about the future of crypto and understand its potential to be part of the solution to bring about meaningful change to the financial system that would benefit society as a whole.”

Coinbase Survey: 20% of US Adults Currently Own Crypto

It sounds pretty dang bullish to me!!! I don't think any other generation has been this outspoken about the Federal Reserve and how much of a scam it is, nor has any generation ever grown up into a mature internet setting where they can talk about it on forums like us online like us with anyone anywhere in the world and at any time!! Certainly this coin will be flipped and in 10 years time only 20 percent of american's will not own any bitcoin while the other 80% does. I guess we shall see what happens.

[Kakmakr]

How can the findings of this study be taken serious, if they only had a group of 2,202 people, with the US having 331.9 million people in 2021? Yes, I know they extrapolate from those figures, but I think the group should be at least 50 000 people or more to get an accurate indication of what the statistics are for Bitcoin and Crypto currencies.  

Also, the geographical area where this study was done, should also be taken into account.... if it was done in more urban areas, the stats will be lower... but in the bigger cities, it will be higher.... because there are more businesses accepting Bitcoin.  

[pooya87]

During times of financial hardship whenever you ask people such questions (ignoring the possibility of bias in the study) they always tend to speak about alternatives including bitcoin. But that doesn't always mean they have bought bitcoin. I also feel skeptical about the number 52 million considering that it is not reflecting on the bitcoin price. In other words if bitcoin adoption was truly this high price should have been much higher than this.

[LoyceMobile]

There aren't even that many funded Bitcoin address. Don't count funds, in an exchange in that case the exchange owns it.

You know the drill: not your keys, ....

[Cuenta Alternativa]

I, like almost everyone else who has commented, am also sceptical about the study and its results. This type of study, with such a small sample size and on top of that commissioned by an interested party, should be taken with a grain of salt.

Personally, I don't need such studies to firmly believe that bitcoin adoption is unstoppable and that it will continue to grow more and more. I almost prefer it not to be too fast because that tends to lead to bubbles and these tend to burst later.

[kryptqnick]

If it's a professional survey which, as the op says, accounted for various factors and built up a representative set of the US society, these are great results. I guess it would still mean that half of Americans don't care or are against Bitcoin, but the numbers of those interested are high enough. I'm also surprised how many people are unhappy with the current global financial system and believe it needs major changes, by the way. One could easily see how such attitudes can push people toward Bitcoin.
I believe that contemporary sociology is pretty strong, based on how well it can usually predict political election results. So while I don't know if this particular poll is trustworthy, I think it might be.

[Rikafip]

If it's a professional survey which, as the op says, accounted for various factors and built up a representative set of the US society, these are great results.

Its a survey paid by Coinbase, so what are the chances that these numbers are actually legit and not skewed into what fits them the most? When something sounds too good to be true, it usually is and some thing can be applied in this case.

I wish if it was true, but I think situation would be different if so many people actually owned bitcoin.

[Synchronice]

You can't take a sample of 2000 and then apply the results of it to a population of 200 million (adults). The numbers are simply too staggering to be accurate for a small dataset. Besides, if that were true, then mainstream media wouldn't be churning out anti crypto pieces, Warren Buffett and all his friends wouldn't be criticizing it, etc.

Mathematically, it's enough to randomly survey 1000 people to get an accurate representation of the entire population's opinion.
Sample size has formula but you can easily calculate it immediately here: https://www.calculator.net/sample-size-calculator.html

more than 30% of Canadians plan to purchase crypto by 2024- OSC head
61% of Americans may purchase crypto in 2022, new survey says

These are a few similar surveys like the one you just posted, you should ignore surveys or info like this, they are mostly incorrect and do not make so much sense, the data is also incorrect because there is no way to prove most of what they say, it is impossible to know the percentage of Americans that are willing to buy BTC in the next 12 months. I believe most of these stories are just made up to promote news sites and blogs, you should not get excited by this information.

If it was true and so many people from two rich countries, especially 61% of Americans are going to buy bitcoin, then the time has come when we have to really hodl it till the upcoming halving. These surveys are truly wrong, lie and the given statistics is just shown for clickbait. Even today, there is no way randomly chosen 5 out of 10 Americans will tell me that they are going to purchase crypto this year.

[Lucius]

Mathematically, it's enough to randomly survey 1000 people to get an accurate representation of the entire population's opinion.
Sample size has formula but you can easily calculate it immediately here: https://www.calculator.net/sample-size-calculator.html

Mathematically, it works in principle, but the problem is how such surveys are carried out in practice. I only know that such surveys are quite misused not only for PR company purposes, but also for political purposes, especially in the time before the parliamentary elections. If someone says that the error is less than 3%, and you have multiple examples where it is close to 10%, then it is clear to you that someone is manipulating the data, that is, that they are either very biased, or they are inventing the data in favor of someone who pays them for it.

For years we have been bombarded with surveys like this, and we know that they have nothing to do with reality - whether it is the US, India or another country.