Many Brits aware of Bitcoin but few understand it, YouGov

20% of people in the UK believe that crypto can potentially become as common as bank cards or cash

Nine out of ten Brits have heard of Bitcoin, according to research by YouGov. However, just 4% say they understand the cryptocurrency very well.

About 23% say they really get Bitcoin. Men are more than twice as likely to state this as women.

Young vs old

It’s not a surprise that the younger generations believe they have a good grasp on Bitcoin (43% versus those 55 and older, 16%).

When it comes to buying or owning Bitcoin, only 4% have done this. 6% of men have purchased Bitcoin, compared with 1% of women.

“Furthermore, 9% of 18 to 24-year-olds have bought the cryptocurrency, compared to 1% of those aged 55 and above. The younger people are, the more likely they are to know someone who has bought Bitcoin – falling from one in three (36%) 18 to 24-year-olds to just one in 14 (7%) of those aged 55 and above,” YouGov notes.

As common as bank cards

20% of Brits believe that crypto can potentially become as common as bank cards or cash.

“Men and women are almost equally likely to think Bitcoin could go mainstream (22% of men vs 19% of women). Still, four in 10 (43%) Britons are more sceptical, saying they do not think cryptocurrencies will ever be as common as cash or card. A third (34%) don’t know.”

Nearly 20% feel negative about a currency controlled by the people rather than by a financial institution. This contrasts with the 3% that feel positive.

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