Bitcoin’s Biggest Weakness? Not Regulations, But Perception

bitcoin perception

According to The Street, around 78.6% of Americans have heard about bitcoin, and what it is. However, some 11% believe that bitcoin is actually illegal and around 48% of surveyed people do not know if the cryptocurrency is illegal or not. The survey was conducted of 1,000 people.

One reason this perception dominates the public’s mind is that though bitcoin is absolutely legal to transact with, the decentralized digital cryptocurrency, which is based on the blockchain type of technology, is often associated with untraceability and the anonymity of the web.

Despite the general misconception about bitcoin and its nature, according to LendEDU, if more education is provided regarding the nature and opportunities bitcoin provides, then the popularity of the currency will soar. Their survey shows that around 40% of people who heard about Bitcoin are open to the idea of putting their money into the currency.

Another interesting outcome of the study is that there is a correlation between younger people and more investment in bitcoin. Around 87% of the surveyed people from 18 to 24 reported that they had heard of Bitcoin, while around 75% of people between 55 and older had heard of it.

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