SAN FRANCISCO—A substantial number of consumers trust Bitcoin (BTC) more than they trust local currencies, according to a new study that reinforces the growing acceptance of decentralized digital currencies.
The report from Premise, a provider of a market intelligence platform, is based on a poll of approximately 11,000 participants in 76 countries. The data was gathered from thousands of paid smartphone users through the Premise app.
”With a massive subset of the global population not having a traditional bank account, the results revealed breakthrough insights around local currency versus BTC,” Premise said.
The Key Findings
According to Premise, key findings of the report include:
- 41% of respondents perceive BTC to be more trustworthy than their local currency
- 33% of respondents perceive BTC to be more secure than their local currency due to the decentralized nature of the blockchain
- 23% of the Premise contributor base has cashed out and received payment in BTC on the Premise app
- Of those who were paid out in BTC, 46% say they converted it to local currency
- 41% say they held onto their Bitcoin
- 13% say they used it as a medium of exchange for goods and services
- 26% of respondents say they prefer using BTC over their local currency
- Of those who have not cashed out in BTC, 30% say it is because they do not know about cryptocurrency
- 23% have not cashed out in Bitcoin because they prefer their local currency
- 13% have not cashed out in Bitcoin because they do not trust it