Study Finds White Respondents are More Aware of Bitcoin Compared to Black and Hispanic Respondents

A leading financial website, SimpleMoneyLyfe, today released the results of the most extensive study ever conducted in the crypto industry. The study uncovers the awareness of the cryptocurrency market by ethnicity and gender, among other factors related to cryptocurrencies and the blockchain industry. 

After analyzing exclusive survey results and public databases, SimpleMoneyLyfe researchers concluded that males are more likely to be aware of Bitcoin than females. Interestingly, the study also reports that Bitcoin runs supreme among millennials, with 67% of them saying that they favor Bitcoin over gold.

Rampant Disparity in the Crypto Industry 

The SimpleMoneyLyfe study is based on the datasets from November 2019 to January 2021. So far, it is the most comprehensive study to date in the crypto space, and it hits the consumers, academia, and the private industry where it hurts the most - rampant disparity. To date, no other studies have uncovered such a rampant disparity in the crypto industry.

Several other interesting factors related to cryptocurrencies and the blockchain industry, in general, are covered in the study. 

A Quick Snapshot of the SimpleMoneyLyfe Study

The SimpleMoneyLyfe study negates the premise that a majority of cryptocurrency transaction volume comes from criminal activities. In reality, the transaction volume of cryptocurrency used in criminal activities is only a meager 0.34% of the total volume of global crypto transactions. It equates only to $10 billion. 

Bitcoin hoarders hold a majority share of Bitcoin currently was 2% of crypto wallets hold 95% of all Bitcoin. It includes early Bitcoin miners/investors, financial institutions, and governments around the world. 

Among male and female respondents aged 18+ and older, 78% of males reported being aware of Bitcoin. On the other hand, only 71% of female respondents reported that they were aware of Bitcoin. 

Looking to the future, the report states that the United States will attract massive blockchain investments as it will remain at the forefront of blockchain innovation, with an impressive amount of $4.2 billion expected to be spent on blockchain solutions in the US alone.

When it comes to Bitcoin and cryptocurrency awareness, expect a lack of awareness to go down with an increase in cryptocurrencies and blockchain adoption globally.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Publication date: 
01/25/2021 - 23:19
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