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The crypto market has witnessed an astronomical growth in the past few years. In 2017, almost all popular cryptocurrencies have touched their all-time high lead and pushed the crypto market to the edges. Bitcoin gained 800% year on year in 2017 and now it is struggling to break the level of $6,000.
However, people of all ages across the globe, despite the bear market, believe that Bitcoin will touch new heights and rise to new levels. Not only that, but cryptocurrency awareness has also risen dramatically in the last few years across all age groups and currently undergoing a demographic mega-trend change.
According to a recent survey conducted by Harris Poll and paid for by Blockchain Capital indicates that “despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly — dramatically in many cases.”
The survey was conducted online from April 23–25, among 2,029 American adults. This survey was simply an iteration of a similar survey undertaken two years ago. The methodologies for the surveys were the same; however, the later one has some additional questions.
Another interesting thing about both surveys is that the former one was conducted in October 2017 during the bullish cryptocurrency market where Bitcoin was up 800%. While the later one was conducted in a bear market when Bitcoin has already lost more than 80% of total gain. The survey reveals the following facts that indicate a startling change in the demographics of Bitcoin and other cryptocurrencies.
Bitcoin awareness has risen from 77% in October 2017 to 89% in April 2019. The percentage of people who haven’t heard of Bitcoin in October 2017 was 23%, which then fell to 11% in April 2019. 90% of people between 18-34 years of age have the highest rate of Bitcoin and crypto awareness while 65+ years old have the lowest at 88%.
Bitcoin familiarity has also risen significantly from 30% in October 2017 to 43% in April 2019. When it comes to Bitcoin adoption, the survey shows that the rate of the people who are willing to buy Bitcoin in the upcoming years has also risen from 19 percent in 2017 to 27 percent in April this year. Moreover, individuals aged 18-34 prefer Bitcoin over traditional stocks as an investment vehicle and one-fifth of all U.S. adults between the ages of 18-34 now own Bitcoin.
The key indicators that have been improved dramatically are ‘Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership,’ which clearly indicates that Bitcoin is undergoing a demographic mega-trend change.