Since fall 2017, the tokenized investment fund Blockchain Capital has commissioned national market research firm The Harris Poll every 18 months to survey about 2,000 adults in the US and measure their progress through what the fund calls the “ crypto adoption funnel. ”
According to this funnel model, an individual’s journey from cryptocurrency awareness to cryptocurrency ownership and use takes place in three major stages: the learning stage, the judgment stage, and the adoption stage.
The studies commissioned by Blockchain Capital are designed to determine where American adults currently fit into this progressive journey and how it is evolving. Because the same questions are asked in every survey, the results are an interesting way to track this progress.
“We are trying to reflect on someone’s progress from just having heard of Bitcoin to becoming owner and users,” explained Blockchain Capital General Partner Spencer Bogart. Bitcoin Magazine. “During that process, users generally begin to learn and eventually develop a deeper belief about Bitcoin’s prospects.”
Blockchain Capital shared takeaways from its most recent research, commissioned October 7-9, 2020, in a Bogart’s recent Medium message. It’s worth noting that bitcoin price was around $ 11,000 at this point (far from the highest point ever of more than $ 19,600 reaching it in late November). Respondents were selected from a pool of those who agreed to participate and the resulting data was weighted to reflect the composition of the U.S. adult population
On the way to conviction
Bogart noted that the highest level of this survey was that it signaled the strongest growth in the belief phase of the crypto acceptance funnel, while the previous iterations, from Fall 2017 and Spring 2019, both showed the strongest growth in the learning phase. This would indicate that adults in the US are making headway through Blockchain Capital’s conception of the journey to adoption.
“In the fall 2020 results, we saw the strongest growth in the ‘persuasion’ phase of the funnel,” said Bogart. “My subjective interpretation of these results is that the general population is going through the adoption funnel and developing more belief about the prospects for Bitcoin in the next decade.”
The survey found that the percentage of respondents who “strongly” or “somewhat” agreed with the statement that “most people will use Bitcoin in the next 10 years” has increased by 8 percentage points since the last survey, to 41 percent of all respondents. . Fifty-six percent of 18-34 year-olds and 57 percent of 35-44 year-olds said they fully or somewhat agree with the statement.
The survey also found that 26 percent of respondents prefer bitcoin over government bonds, 35 percent prefer bitcoin over stocks, 33 percent prefer bitcoin over real estate, and 31 percent prefer bitcoin over gold. all numbers that are up compared to the spring 2019 survey.
As mentioned above, the survey was conducted at a time when bitcoin’s price was relatively low. Despite this, the percentage of respondents who said they were “very” or “somewhat” likely to buy bitcoin in the next five years increased by seven percentage points from the last survey to 34 percent. This was 55 percent among the respondents aged 18 to 34.
In a new question for this recent study, Blockchain Capital asked respondents if they expected the euro or bitcoin to last longer. Thirty-eight percent said they expected bitcoin to last longer, including 58 percent of respondents aged 18 to 34.
“I want to emphasize that not only do a large percentage of people think most of us will use Bitcoin within the next decade, but a surprisingly large percentage of people translate that belief into a propensity to buy bitcoin,” he said. Bogart. . “In addition, it is helpful to see conviction in the life of Bitcoin compared to an established global currency such as the Euro.”
The remaining adoption hurdle
Blockchain Capital found that cryptocurrency ownership has increased significantly since the survey was last conducted (23 percent in the fall of 2020 versus 16 percent in the spring of 2019), with bitcoin leading the way, but there is still a significant portion of the respondents who have not yet entered. this last stage of the funnel.
“I think there is still a lot of room for growth around perception,” said Bogart. “We can certainly see a drop in terms of the percentage of people who rate Bitcoin positively. I think any negative perception is largely due to Bitcoin’s alleged usefulness for illegal transactions and its volatility. If I had to guess, over time, both will be less important to the general population’s perception of Bitcoin. “
Ultimately, the survey indicates the expected growth along the crypto acceptance funnel. That may not come as a surprise to many within the Bitcoin space, but it can be reassuring that the general public’s objective data reinforces these beliefs.
“Survey data really helps to highlight how Bitcoin has gone twice in the back over time,” Bogart concluded. First, every year that goes by, people are less skeptical about the lifespan and usefulness of Bitcoin – we can see this from the rising numbers across all age groups. Second, as time passes, the currently younger demographics – leaning drastically more towards Bitcoin – endanger a greater percentage of total economic and investment activity. Both winds bode well for the future of Bitcoin. “