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That "study" showing that over 40% of people globally trust Bitcoin over local currency is nonsense and you should question stuff like that, even if you like the results

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by COINS NEWS 249 Views

Currently, there's a hot post on this sub, sharing an article claiming that more than 40% of people globally trust Bitcoin over local currency.

Okay, think about that number for a second. Does that really sound realistic to you? If your answer is yes, think again. How many people have crypto? Well, hard to say and there are no real trustworthy numbers, different sources report stuff like that only 6% of US investors(!) have BTC or that 220 million people worldwide - which would be about 2.8% of all people - hold any crypto. If 40% of people would think that BTC is better than their currency, shouldn't this number be much, much higher and at least at like 20%?

That's just speculation though, maybe 37.2% of people are totally irrational, sure. Let's look at the blog entry presenting the data, made by the company that did it itself. The title is "Why the Success of Alts like Dogecoin is Promising for the Future of Bitcoin" even though they only have questions about crypto in general and BTC, nothing about DOGE. The whole post is really bad, read it yourself, but let's look at those "over 40%" numbers, shall we?

In the blog post, Premise write "a full third of respondents saying they perceive Bitcoin to be more secure than their local currency". In the graph displayed diractly below, they show that it's actually 70% (as they forgot to add the "agree" to the "strongly agree", wtf?) with only 9% saying they disagree with that statement. Similarly, it's not 41% claiming they think BTC is more trustworthy than their local currency, but 76% with 5% disagreeing. Again, they didn't understand that "agree" also means people agree it seems.

I don't have to tell you those numbers are not believable, do I? The survey was done via a smartphone app that pays users to fill out survey - which on it's own is a recipe for disaster - but more than that must have gone wrong here to get results like that, they are not transparent enough about the data to really say what. Please question absurd numbers if you see them and don't just share them blindly because they seem "good for crypto".

tl;dr: that survey saying that over 40% of people trust BTC more than their currency is obviously not correct, please don't share it

submitted by /u/mic_droo
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