Mobile Commerce Insider Featured Article

December 23, 2013

Bitcoin is Relatively Unknown by American Public

The digital currency Bitcoin has been rising in popularity of late; indeed, its trading price has been noted as on par with an ounce of gold. However, a recent survey by Primer Research, Inc., conducted among 1,000 Internet users between December 12 and December 14 of this year, has found that the general population in America still remains essentially in the dark about Bitcoin and its features.

Sixty-one percent of survey respondents said they knew nothing about Bitcoin, and only 19 percent stated themselves as having some knowledge of it. In terms of credibility, then, the survey numbers remained low – only ten percent of respondents said they trusted Bitcoin as much or more than a traditional American dollar bill, with 30 percent trusting it less and 60 percent declining to comment. Indeed, a majority of respondents did not comment on the purpose of the currency, and very few were able to pinpoint exactly what Bitcoin does for the market. Sixteen percent of people called Bitcoin a “means of purchasing goods and services,” and 19 percent categorized it as a “social movement.”

Based on those numbers, Bitcoin is hardly a social movement yet, at least not for the general public. As Michael Deis, principal and president of Primer Research, said in a statement, the average American “[seems] to have acted calmly and sensibly and not jumped on the Bitcoin bandwagon.” However, the time for the average American to start using Bitcoin may be close at hand, for the research survey also said that 16 percent of respondents believed Bitcoin could become the de facto American currency within the next five years. Additionally, nine percent called themselves “very” or “somewhat” likely to own or purchase Bitcoin in the next year, pointing to a potential 22 million Bitcoin users by the end of 2014.

Bitcoin may not be well-known among the public just yet, but the future could hold big changes on that front, and only time will tell how far Bitcoin will extend across the nation.

Edited by Rory J. Thompson

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