{"id":2448,"date":"2020-12-14T00:00:00","date_gmt":"2020-12-14T00:00:00","guid":{"rendered":"https:\/\/xcoins.com\/do-you-know-how-much-bitcoin-is-worth-then-youre-in-the-minority\/"},"modified":"2023-12-21T13:42:32","modified_gmt":"2023-12-21T13:42:32","slug":"do-you-know-how-much-bitcoin-is-worth-then-youre-in-the-minority","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/do-you-know-how-much-bitcoin-is-worth-then-youre-in-the-minority\/","title":{"rendered":"Do You Know How Much Bitcoin Is Worth? Then You\u2019re In The Minority"},"content":{"rendered":"\r\n

How well is Bitcoin known? What does the average American believe about Bitcoin? Are they ready to invest in it? People may have general ideas about the answers to these questions, but do they have the data?<\/p>\r\n\r\n\r\n\r\n

By surveying thousands of Americans, we now have a better understanding of Bitcoin\u2019s popularity in America. We researched to see how many Americans know what Bitcoin is, how much it costs and what it does.<\/p>\r\n\r\n\r\n\r\n

Read on to discover what the research unearthed and what this means for the cryptocurrency market.<\/p>\r\n\r\n\r\n\r\n

How Well Does America Understand Crypto?<\/h2>\r\n\r\n\r\n\r\n

Since you\u2019re visiting Xcoins, we\u2019re going to assume you know a bit about Bitcoin. Well, this means you\u2019re in the minority.<\/p>\r\n\r\n\r\n\r\n

In a period where Bitcoin reached its all-time high in value, just 5% of Americans could successfully ascertain the worth of 1 Bitcoin. 20% of Americans believed 1 Bitcoin could be purchased for just $100, massively under its current value of $19,249.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

What\u2019s more, 22% of Americans have no idea what Bitcoin is, while 19% of this group had never heard of crypto.<\/p>\r\n\r\n\r\n\r\n

What the misunderstanding of value and Bitcoin shows is that there needs to be more of an effort made to help people understand crypto. To do that, we need to look at what demographics are missing out.<\/p>\r\n\r\n\r\n\r\n

40% of men understood how cryptocurrencies worked compared to just 17% of women. When segmenting the data by age, it showed that those aged 55+ were less likely to have heard of cryptocurrency.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

However, the over 55 demographic was the most hopeful about its prospects, with 60% believing that crypto had a future.<\/p>\r\n\r\n\r\n\r\n

From Silicon Valley to The Midwest: How Demographics Affect Crypto<\/p>\r\n\r\n\r\n\r\n

The responses also indicated another unsurprising trend across America: there are large disparities depending on location. Westernmost states had the best understanding of Bitcoin, with participants valuing Bitcoin more than $2,000 higher than those in the midwest ($7,944 vs $5,653).<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

48% of respondents in these Westernmost states, however, did not want to invest in Bitcoin, with 50% stating their mistrust came from a misunderstanding of cryptocurrencies generally.<\/p>\r\n\r\n\r\n\r\n

Some cities also associated Bitcoin with criminal activity higher than average, with San Diego (27%) and Austin (26%) the most likely to make these associations.<\/p>\r\n\r\n\r\n\r\n

Texas: The Most Crypto-Friendly State<\/h2>\r\n\r\n\r\n\r\n

The data did upturn one interesting outlier: Texas. Houstonians estimated the value of Bitcoin higher than any other US city at $10,636.81, with 91% of San Antonians aware of the cryptocurrency.<\/p>\r\n\r\n\r\n\r\n

The survey produced substantial evidence that Texas is the most crypto-friendly state, with the following being the most interesting revelations:<\/p>\r\n\r\n\r\n\r\n