The cryptocurrency market performed poorly in 2018 something that could negatively impact the mass adoption of digital assets. The 2018 bear market came in the wake of the bull market witnessed in 2017 where the value of Bitcoin was up by 800%. However, in 2018, the value of Bitcoin went down by approximately 75%.
As a result, Blockchain Capital conducted a survey from April 23–25, 2019 among 2,029 Americans to determine their views on Bitcoin. The online survey focused on Bitcoin’s awareness, familiarity, perception, conviction, propensity to purchase and ownership.
It is important to note that the firm conducted a similar survey in the course of the 2017 bull run. Contrary to expectations, the bear market did not negatively affect the parameters guiding the survey.
Interestingly, Bitcoin emerged as a major trend among young people on top of being more popular among people of all ages in North America. In 2017, the survey indicated that people who had heard about Bitcoin was 77%. By April 2019, the number had increased to 89%.
In a post by Spencer Bogart from Blockchain Capital, individuals aged 18-34 showed the highest awareness standing at 89%. Generally, the number of people aware of Bitcoin dropped to 11% from 23%.
In terms of familiarity, the figures rose from 30% in October 2017 to 43%. Between the 18-34 age group, familiarity was at 60%. Furthermore, the study found out that young people are familiar with Bitcoin three times, unlike the older generation.
Based on Bitcoin perception, 43% of the survey population believe that Bitcoin is a progressive financial innovation. This was a 9% increase from the 2017 survey. 59% of the younger generation strongly or somewhat think Bitcoin is an asset. In 2017, the figure stood at 48%.
On the topic of conviction, the number of people who believe that Bitcoin will spread in the next five years stood at 33% an increase of 5%. Just like other parameters, young people’s conviction about Bitcoin’s adoption in the next ten years stood at 48%. Back in 2017, this figure was 42%.
Additionally, the survey revealed that 11% of the North American population owned Bitcoin. From the population, 20% represents individuals in the age group of 18–34 and 15% of those aged 35–44.