Tech-savvy consumers pick crypto-aware leaders as Bitcoin goes mainstream

SINGAPORE, July 16, 2024 (GLOBE NEWSWIRE) — SmartWeb ecosystem provider Elastos has released the latest results of its Bitcoin, Innovation & Trust (BIT) Index, revealing which global leaders are considered most crypto-ready and how many consumers expect Bitcoin to become the default currency.

About Elastos BIT Index

Elastic BIT Index is a survey of over 1,400 self-identified “tech savvy” respondents from 7 countries, aimed at better understanding the perception and actual use of Bitcoin, as well as users’ expectations and motivations towards BTC.

BIT Results: Political Leaders and Crypto Awareness

A growing share of tech-savvy users value the role of individual global leaders (as opposed to, for example, financial regulators) in the spread of blockchain technology and cryptocurrency adoption. As such, several questions in the BIT Index survey focused on which leaders respondents considered the most “crypto-aware” and “crypto-ready.”

Among U.S. survey participants, 50% of tech-savvy consumers believe Donald Trump has the strongest understanding of how Bitcoin works and benefits, while 42% also believe he is more likely to spread the word about the use and benefits of using Bitcoin than other presidential candidates. Among 18-24 year-olds, however, only 37% share this belief, compared to 45% among 35-44 year-olds.

Interestingly, outside the US, Nigerian respondents (59%), followed by those in the UK (56%) and Germany (54%) also believe Trump is the most “crypto-ready”, compared to just 42% of Indians.

Jonathan Hargreaves, Global Head of Corporate Development and ESG at Elastos, comments:

“We must remember to view the results through a global lens, as a sign of the global role that US leaders can play as potential policymakers in the space, but also as a sign of the growing need for concerted policy action across regions. We refer to this idea as the New Bretton Woods, where the use of cryptocurrencies can complement gold’s role in adding liquidity to global markets.”

BRIC nations and the Global South are moving faster to embrace Bitcoin

The BIT study found a clear difference between traditional Western advanced economies and the BRICS and Global South countries in the adoption and use of Bitcoin.

• The countries where users are most likely to use Bitcoin to store savings are the United Arab Emirates (51%), India (58%), and Nigeria (58%). Consumers are least likely to do so in South Korea (38%), the United States (41%), and Germany (45%), while the global average is 47%.

• Twenty-four percent of tech-savvy Indian consumers and 26 percent of UAE respondents use Bitcoin as their preferred currency every day, compared to the global average of 18 percent, while only 11 percent of Germans, 13 percent of UK respondents, 14 percent of South Koreans, and 15 percent of US tech-savvy consumers are willing to do the same.

• In both the United Arab Emirates and Brazil, 49% of respondents believe that Bitcoin will become a mainstream currency in less than four years, compared to 22% in Germany, 25% in South Korea and 36% in the United Kingdom.

• Ninety-one percent of Nigerians and 90 percent of Indians believe Bitcoin could one day become some sort of “default” currency, compared to just 70 percent in Germany, 73 percent in the United Kingdom and South Korea, and 75 percent in the United States.

The story continues

About Elastos

Elastos integrates blockchain technology with a set of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and ownership of digital assets. The mission is to create accessible, open-source services for the world, so developers can create an Internet where individuals own and control their data.

The Elastos SmartWeb platform enables organizations to recalibrate the way the Internet works to give them better control over their data.

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Contact: Roger Darashah

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SOURCE: Elastic

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