Block, Inc (Founded by Internet entrepreneur Jack Dorsey) released a ‘Bitcoin Perception Report‘ looking into perspectives and education around Bitcoin. It’s a short, visually engaging report—I highlight the main points and my 3 key takeaways.
Summary
Internet entrepreneur Jack Dorsey’s Block, Inc released a report on Bitcoin education and perspectives.
See the below image for the report’s quick takeaways—for me, the 3 things that caught my eye were:
- Nigeria, India, Vietnam, and Argentina have the highest rates of optimism about bitcoin’s future & the highest claimed levels of broad crypto knowledge.
- The close relationship between inflation rates and attitudes towards Bitcoin as protection.
- Common reasons for not buying Bitcoin
- Not knowing enough
- Security risks
- Unable to buy
- Volatility
- Uncertain regulation
- Bitcoin is too expensive (shows a lack of knowledge).
I remain steadfast in my belief we are underestimating the work internet entrepreneurs like Dorsey are doing on Bitcoin, the opportunity that comes with greater education and the long-term potential once current issues are abstracted away.
Bitcoin Perception Report
Block, Inc released a short report diving into knowledge and perspectives of Bitcoin. They partnered with Wakefield Research to survey 9,500 people in 14 countries across the Americas, EMEA, and APAC.
For those unaware, Block, Inc is an umbrella organisation created by entrepreneur Jack Dorsey housing a range of his businesses (Square, Cash App, Tidal etc.).
My 3 Quick Takeaways
A few things stood out to me:
1. Nigeria, India, Vietnam, and Argentina have the highest rates of optimism about bitcoin’s future & the highest claimed levels of broad cryptocurrency knowledge.
2. These countries’ high optimism makes sense and can explain why there’s a close relationship between inflation rates and attitudes towards Bitcoin as protection from it.
3. Common reasons for not buying Bitcoin include:
- Don’t know enough (51%)
- Security risks (32%)
- Don’t know how to buy it (22%)
- Volatility (30%)
- Uncertain regulatory outlook (29%)
- Interestingly, 27% responded because it is too expensive
- This points to a still high lack of education or knowledge that users do not need to purchase a whole Bitcoin and can show the power of unit bias.
The report represents a small sample but interesting stats nonetheless.
We Might Be Underrating Dorsey’s Work On Bitcoin
With all the talk of Bitcoin’s price, things like this get me excited. I don’t think Jack cares about Bitcoin price but wants an open financial system that empowers people.
He is a core force behind Spiral and TBD Project—both organisations aim to build core Bitcoin infrastructure and education.
- TBD project is working on ‘tbDEX‘ (released whitepaper last year outlining their vision) ‘—an open, decentralised way to trade and participate in the global economy tied to the Bitcoin network.
- Last month Spiral released a framework for sustainable open-source Bitcoin development and released a development kit to end 2021.
Actionable Takeaway
- There’s some serious under the radar development, with one of the most successful internet entrepreneurs doubling down his time and effort to focus on Bitcoin.
- There still remain challenges with Bitcoin education but perspectives appear high for those who live in countries with high inflation and Bitcoin remaining the most widely known cryptocurrency.
- Hypothesis: These issues being abstracted away over the following few years. If they do, we could be looking back at Bitcoin in this price range wishing we appreciated the longer-term mindset.
- Bitcoin could become easier to buy (more support, ETFs, or ramps in developing countries).
- Greater regulatory clarity (Discussed in-depth in my post ‘Regulation Uncertainty: A Necessity For Further Adoption?‘)
- Better UI and security.
- More extensive use, accessibility and infrastructure via things like tbDEX or other core projects by Block, Inc.
I suggest anyone wanting to read the full report give it a look; it’s very easy to digest with engaging visuals.