Bitcoin: Knowledge and Perceptions - Block, Inc. Report 2022
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Bitcoin: Knowledge and Perceptions Block, Inc. Report 2022
BLOCK, INC. 2022 2
Bitcoin was originally created as a The results show that a large portion of
currency for the internet, where people respondents also see bitcoin as a means
could send and receive money without of payment, whether that’s sending
going through a financial institution. money home to family or buying goods
In recent years, the dominant narratives and services — in line with its founding
surrounding bitcoin have been solely principles. Additionally, we found that
focused on its potential as a means to the common perceptions of bitcoin as
make money. We sought to dig into these male-dominated are not as stark and
narratives further and provide a resource disappear completely in many cases,
for decision makers to better understand with a broad and diverse community of
people’s knowledge and perceptions of people who are enthusiastic and consider
bitcoin across different geographies, themselves knowledgeable about bitcoin.
genders, and ages. In early 2022, Block,
Inc. partnered with Wakefield Research
Overview to survey 9,500 people in 14 countries
across the Americas, EMEA, and APAC.
BLOCK, INC. 2022 3
1 People See Promise in Bitcoin for a More Equitable Economy
People with lower incomes, The gender divide in bitcoin In many countries, women
regardless of where they live in the ownership and self-described feel as equally included
world, recognize bitcoin’s utility as knowledge is more pronounced in the bitcoin community
a payments ecosystem, seeing it as in the Americas but less male- as men.
a way to send remittances and buy dominated when looking at the rest Read more →
goods and services. of the world.
Read more → Read more →
2 Education Is Key: Knowledge Feeds Optimism and Participation
The higher people rate their level Lack of bitcoin knowledge is the top The network effect is
of knowledge, the more optimistic reason people don’t buy, followed by real. Globally, those who
they are about bitcoin’s future. concerns related to security, price don’t own bitcoin but
People in Nigeria, India, Vietnam, volatility, and finally an uncertain know someone who does
and Argentina have the highest regulatory landscape globally. are much more likely to
rates of optimism globally about Read more → say they plan on buying
bitcoin’s future. bitcoin in the next year.
Read more → Read more →
3 Bitcoin Stands Out Among Cryptocurrencies
Key
Themes & People around the world are
considerably more aware of bitcoin
Globally, millennials and baby
boomers have the highest levels
Findings than any other cryptocurrency.
Read more →
of bitcoin awareness.
Read more →
1 People See Promise in Bitcoin
for a More Equitable Economy
BLOCK, INC. 2022 ← ALL KEY FINDINGS 5
People with below-average The most common reason But if you break these reasons
people select as a good down by income group, you
income more frequently note
reason to buy bitcoin is to see that higher-income
using bitcoin as a way to send make money. respondents drive this trend,
money and buy goods and selecting investment-related
reasons for buying bitcoin
services than people with
(diversifying investments,
above-average incomes. inflation hedge, potential to
make money) more frequently.
Reasons to Buy Bitcoin by Income Group
% Who Would Buy Bitcoin by Reason and Income Lower income Higher income
Investment reasons Utility reasons
60%
50%
50%
People
42%
41%
38% 39%
40%
with
33%
30%
30% 27%
Lower 20%
20%
17%
16%
21%
18%
16%
Incomes 10%
Recognize 00%
Potential to Diversify my Protection More Easy way to To purchase I don’t know
the Utility make money investment
portfolio
against
inflation
trustworthy than
government-
backed currency
send money
to others
goods and
services
of any
reason to
buy bitcoin
of BitcoinBLOCK, INC. 2022 ← ALL KEY FINDINGS 6
This trend not only holds Countries with lower per-
capita GDP and higher shares
between income groups but also
of income from remittances
on a country-by-country basis. have greater rates of people
citing purchasing goods and
services and sending money as
good reasons to buy bitcoin.
Remittances and the Appeal of Using Lower Income Nations See the Value
Bitcoin to Send Money to Others
% Who would buy bitcoin because it’s an easy way to send money
of Bitcoin as a Means of Transacting
% Who would buy bitcoin to purchase goods and services
55% 55%
% Who would buy bitcoin because it's an easy way to send money
China
Nigeria
% Who would buy bitcoin to purchase goods and services
50% 50%
45% China 45% Vietnam
Nigeria
40% 40% India
India Vietnam South Africa
Argentina
35% 35%
Canada U.S.
30% 30% U.K. Australia
25% South Africa 25% France Germany
U.S. Italy
20% Canada 20%
Argentina Germany
15% Australia France 15% Japan
U.K.
Italy
Japan
10% 0%
0 1 2 3 4 5 6 7 $0K $10K $20K $30K $40K $50K $60K $70K
% of
% of Country's
Country’sGDP
GDPfrom
fromRemittances
Remittances Per Capital
Capita GDP
GDPBLOCK, INC. 2022 ← ALL KEY FINDINGS 7
Additionally, if we look at the share Internal Cash App* research
of people who say that “protection about customers based in
the U.S. shows that those
against inflation” is a good reason who have ever sent money to
to buy bitcoin, we see that it is someone outside the U.S. (via
strongly correlated with inflation other services) are much more
likely to see reasons to buy
rates by country, with Argentina cryptocurrency in general
leading the pack. than are those who have not
sent money abroad.
Close Relationship Between Inflation Rates and
Attitudes Towards Bitcoin as Protection from It
50%
% Who would use bitcoin to protect against inflation
Argentina**
45%
40% Nigeria
35%
India
30%
25% South Africa
Vietnam
20% Germany U.S.
China Canada
15% Australia
Italy U.K.
France
10% Japan
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0
Inflation rate 2021BLOCK, INC. 2022 ← ALL KEY FINDINGS 8
The gender divide in ownership Interestingly, women also 47% of women see the
gravitate towards utility- prospect of buying goods and
skews male mostly in the
based reasons more than men services as a good reason to
Americas and disappears even after controlling for buy bitcoin, compared with
when controlling for levels differences in income. This just 34% of men. Similarly,
is not the case with reasons 47% of women see the
of knowledge.
more associated with making prospect of using bitcoin to
In the EMEA and APAC regions, women money and investing. send money to others as a
claim to have expert levels of knowledge good reason to buy bitcoin,
at higher rates than men. compared with 27% of men.
Knowledge by Gender and Region
There Is
No Gender
% By Level of Claimed Knowledge, Gender, and Region
% Who would use bitcoin to protect against inflation
Divide
50% Women Men
I do not know
Between
anything about
cryptocurrency
40%
39%
I only know it
People
exists, little else
35% 34% 34% 34%
33%
I know the
basics about
Who
30% cryptocurrency
27% 27%
25% I am
Both Own
23% knowledgeable
22% 22% but not an
21%
20% 20% expert on this
20% 19%
Bitcoin and
18% 18%
17% I am the expert
15% 15% on this among
14% 13% my friends
and family
See Them-
11% 11% 11%
10%
8% 7%
selves as
4% 4%
0%
Experts
Americas EMEA APACBLOCK, INC. 2022 ← ALL KEY FINDINGS 9
When respondents were asked However, there is a lot of Globally, we see mild
variation from country to evidence that there is
whether or not they agreed with
country. People in South a network effect with
the statement that the bitcoin Africa, Argentina, and China perceptions of inclusivity.
community is a select group and do not feel excluded from the
bitcoin community. Whereas Just looking at those who
not inclusive of people like them,
people in India, the UK, and do not own bitcoin, 44%
their income, gender, and age Australia do feel excluded. of those who know someone
didn’t affect their response. who does own bitcoin say
the community is not inclusive
of people like them. This
compares with 52% of those
who don't know anyone who
Perceived Exclusivity of the Bitcoin owns bitcoin.
Community by Country
But the network effect
seems to make a much bigger
difference to perceptions
in some regions more than
% Who agree the BTC community is not inclusive of people like them
others. There are stark
0% 100% differences in the Americas,
91-100% with only 33% of those who
47% 48% 52% 53% 39% 42% 41% know someone who owns
Canada U.S. France U.K. Germany Italy Japan bitcoin saying the community
91-100%
is not inclusive of someone
like them, compared with
54% of those who don't know
someone who owns bitcoin.
There is a similarly big
difference in the EMEA region.
Perception
of Bitcoin’s
Inclusivity 46%
Nigeria
68%
India
44%
Vietnam
Varies by 32%
Argentina
24%
South Africa
37%
China
48%
Australia
Country2 Knowledge Feeds Optimism and Participation
BLOCK, INC. 2022 ← ALL KEY FINDINGS 11
People who have knowledge There is no real gender However, nearly a quarter
divide among those who are of those who rate their
about cryptocurrencies
optimistic vs. not. However, knowledge of cryptocurrencies
overwhelmingly have a positive there’s a bit of an age divide, as “fair to expert” remain
outlook about bitcoin’s future. with millennials being the skeptical of bitcoin’s future.
most optimistic and baby
boomers being the least, but
it’s not drastic.
The More
People
Feel They Knowledge and Optimism
Know
% of Respondents by Likelihood of Purchasing Bitcoin in the Next Year and Level of Knowledge
About
Very Likely to Purchase Somewhat Likely Not Too Likely Not at All Likely
50%
Crypto-
47%
47%
41%
Currency,
40%
37%
the More
30%
26%
25%
Optimistic 20% 20%
20%
They Are 10%
8%
14%
8%
About 00%
7%
Bitcoin’s
Limited or No Knowledge I Know the Basics Fair to Expert Knowledge
FutureBLOCK, INC. 2022 ← ALL KEY FINDINGS 12
Nigeria, India, Vietnam, and
Argentina have the highest rates
of optimism about bitcoin’s
future as well as the highest
claimed levels of cryptocurrency
knowledge more broadly.
Bitcoin’s Outlook by Country
% Outlook by Country Optimistic Neither Skeptical
100%
32% 23% 32% 13% 17% 13% 36% 39% 31% 35% 29% 40% 37% 41%
32% 51%
80% 32%
19%
43% 47%
9% 12%
60% 35% 40% 42%
60% 34% 38%
58% 49%
56% 55%
52%
40%
36%
29% 28%
26% 25%
20% 23% 22% 21%
11%
00%
Nigeria India Vietnam Argentina South China United Australia Italy United France Germany Canada Japan
Africa States KingdomBLOCK, INC. 2022 ← ALL KEY FINDINGS 13
Additionally, higher-income Interestingly, though, the The power of word of mouth
optimism gap between high- also plays a role here. When
people are more optimistic
and low-income respondents we look at non-bitcoin owners
than lower-income people is the smallest in the who personally know someone
(46% vs. 37%), and this is Americas, and that optimism who owns bitcoin, 73% say
gap disappears completely if they are somewhat or very
true in every region.
you remove those who say they likely to buy bitcoin in the
don’t know anything about next 12 months, compared
cryptocurrencies. with just 37% of those who
do not know someone who
already owns it.
The Optimism Gap
% Who are optimistic about the future of bitcoin
30% 33% 39% 48% 31% 41%
Lower income Higher income Lower income Higher income Lower income Higher income
AMERICAS APAC EMEABLOCK, INC. 2022 ← ALL KEY FINDINGS 14
Again, we see not knowing If you look only at those
who both claim to have a
enough about bitcoin as far and
fair to expert amount of
away the most common reason cryptocurrency knowledge
not to buy it, but cybersecurity, and are skeptical about the
future of bitcoin, the concerns
price volatility, and an uncertain
that rise to the top are “too
regulatory outlook are also much price volatility” and “an
commonly cited reasons. uncertain regulatory outlook.”
Reasons Selected for Not Buying Bitcoin
% of Respondents by Reason
Lack of
32%
Cybersecurity/ 30%
51% theft risks 29%
Too much
Bitcoin
Don’t know enough about it Uncertain regulatory
price volatility
outlook
Knowledge
Is the Top
22% 14%
Don’t know
18%
No practical The environmental
how to buy it impact is too high
Reason
use for it
27%
Too expensive
People
14% 10%
Interested in
It’s too much a different
of a long term cryptocurrency
Don’t investment
Buy ItBLOCK, INC. 2022 ← ALL KEY FINDINGS 15
Someone’s self-assessed 41% of those who say they However, when asked to select
have fair to expert levels of the correct definition of
understanding of crypto-
cryptocurrency knowledge cryptocurrencies, respondents
currencies is the strongest say they are very likely to who identify as having fair
predictor of whether or not purchase bitcoin in the next to expert levels of knowledge
12 months, compared with just choose the correct answer at
they’re likely to buy bitcoin
7.9% of those with limited to similar rates as those who say
in the next year. no knowledge of the topic. they don't know a lot about
cryptocurrencies.
Knowledge Levels and Intent to Buy
% Who are likely to purchase bitcoin in the next 12 months
41% 7.9%
Likely Likely
Level of
Knowledge
Impacts Fair to Expert Levels of Limited to No Knowledge
Bitcoin Cryptocurrency Knowledge of Cryptocurrency
Purchasing3 Bitcoin Stands Out Among Cryptocurrencies
BLOCK, INC. 2022 ← ALL KEY FINDINGS 17
Awareness of bitcoin is Globally, millennials and The cryptocurrency with
baby boomers, in particular, the next highest level of
higher than that of any other
have the highest levels of awareness is Ethereum, a
cryptocurrency globally — bitcoin awareness at 92.5% distant second at 43%.
by far — with 88% of adults and 89.2%, but all age
cohorts have relatively high
surveyed having heard of
awareness.
bitcoin specifically.
Awareness of Cryptocurrencies
% of Respondents Claiming to Have Heard of Various Cryptocurrencies
100%
88%
80%
~2x
awareness
60%
43%
40%
Bitcoin Is
31%
29%
the Most
20% 16% 15%
13% 12%
7%
Well-Known
1%
00%
Bitcoin Ethereum Dogecoin Binance Coin Ripple Tether XRP Cardano I have not Other
Crypto- heard of any
of these
before today
CurrencyBLOCK, INC. 2022 18
Citations
The World Bank. (2022). Personal
remittances, received (% of GDP)
| Data. Retrieved April 7, 2022, from
https://data.worldbank.org/indicator/
BX.TRF.PWKR.DT.GD.ZS
The World Bank. (2022).
GDP per capita (current US$) | Data.
Retrieved April 7, 2022, from
https://data.worldbank.org/indicator/
NY.GDP.PCAP.CD
International Monetary Fund. (2021).
Inflation rate, average consumer prices.
The Block Bitcoin Survey was conducted Retrieved April 7, 2022, from
https://www.imf.org/external/
by Wakefield Research among more than
datamapper/PCPIPCH@WEO/
9,500 nationally representative adults GHA?year=2021
aged 18+ in three regions: 2,375 in the **Argentina data from 2020
Americas, 4,360 in EMEA, and 2,860 in
World Population Review. (2022).
APAC, including an oversample to ensure Median Income by Country 2022.
100 bitcoin owners per region, between Retrieved April 7, 2022, from
https://worldpopulationreview.com/
January 10 and January 28, 2022, using an
country-rankings/median-income-by-
email invitation and an online survey. country
The data was weighted to ensure accurate and proportional
representation of adults aged 18+ in each region, by country, and
“globally” insofar as 14 countries can be considered global.
*Internal Cash App survey conducted in March of 2022.
Block, Inc. is presenting this information for informational
purposes only and Block, Inc. is not intending to approve or
adopt the information. Block, Inc. undertakes no obligation to
update this memo, and the information contained herein may be
updated, amended, or superseded by subsequent documents or
Methodology
disclosures, or may become outdated and inaccurate over time.
The information contained herein should not be construed as
investment advice.You can also read
