Americans Prefer Gold Over Bitcoin

Americans Prefer Gold Over Bitcoin

[heading]Americans Prefer Gold Over Bitcoin[/heading]

It should come as no surprise that Americans choose gold over bitcoin, as there is a long history of gold in human civilization. And bitcoin has only been around five years…

Nearly half of US citizens know what bitcoin is. Still, only 13% would choose to invest in bitcoin over gold as an investment vehicle, according to a new survey.

The poll of 2,039 adults 18 and over was conducted by Harris Interactive along with a financial management company named Yodlee.

More people in western states knew what bitcoin was in the survey. Nonetheless, a leading 55% of people in the west were familiar with bitcoin. Only 7% of them would invest in BTC over gold.

 

Question: If you had to choose between these two choices, would you rather invest in gold or bitcoin?
The question read as follows: Would you rather invest in gold or bitcoin? (Base: know about bitcoin)

 

Of those with knowledge of bitcoin, most did not want to invest in it. Just 13% said they would invest in the digital currency over gold. 14% of men compared to 10% of women would choose bitcoin over gold.

This implies a low level of trust in bitcoin.

When asked to share their opinion of government regulation, most people who knew what bitcoin was were against regulation or were unsure.

 

Question: Do you believe any government should be allowed to regulate bitcoin? Base: Know what bitcoin is (n=912)
The survey suggests that people in the Northeast (28%) or in the West (30%) were more inclined to believe that bitcoin should be regulated than in the Midwest (merely 16%).
39% of adults aged 18-34 and 42% of men aged 18-34 would not advocate the government regulation of bitcoin. These figures drop with age, as 28% of those aged 45-54 and 24% aged 55 and over say they do not want to see bitcoin regulated.
The survey found that the more money a person has made the more familiar they were with bitcoin, as sixty-one percent of those with a household income of more than $100,000 per year have heard of bitcoin – higher than the percentage for the average person (48%). 
People in the Northeastern states of the US were more knowledgeable about bitcoin, according to the survey. This is possibly because of the concentration of financial professionals in that area, in particular NYC.

The percentage of people who would invest in bitcoin over gold:

  • 18-34: 20%
  • 35-44: 12%
  • 45-54: 13%
  • 55-64: 7%
  • 65+: 8%

One survey that found 57% of UK citizens know about bitcoin, another that 51% of ‘techies’ are happy being paid in bitcoin, and that 57% of young Americans believe that bitcoin boosts the global economy.

Clearly, in the future, both gold and bitcoin will be taken seriously among the New Finance which is being born.

The reluctance among older types should come as no surprise as gold has a long history, whereas  bitcoin is a brand new innovation and thus comes with lots of uncertainities, which include price volatility and the possibility that the bitcoin protocol is not as permanent as gold has proven to be. Gold has been the foundation of entire societies throughout history and people are introduced to it at a very young age mostly through jewelry.

When Bitcoinomics asked Jeff Berwick about the poll and the results, he replied: “What a stupid poll. I wouldn’t even invest in bitcoin over gold and I am a bitcoin zealot. If I had to put my money all into gold or bitcoin I’d choose gold.”

Survey image via Shutterstock

 

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