Black, Hispanic and female engagement with crypto still lags (Photo: PxFuel)
Cryptocurrencies,  People

Bitcoin awareness still lags among Blacks, Hispanics and women: Report

A survey found 80% of white respondents are aware of Bitcoin, compared to 66% of Hispanic and 61% of Black participants. Women also lag

By  / February 3, 2021 /

White people are significantly more likely to be aware of Bitcoin’s (BTC) existence than their Black or Hispanic peers.

Financial firm SimpleMoneyLyfe recently conducted a survey of bitcoin and cryptocurrency studies focusing on who the users of digital assets are. Among other things, a survey by Coin.Dance found that 80% of white respondents were aware of Bitcoin, while only 66% of hispanic and 61% of black people were. And it’s hardly a new problem.

Furthermore, data from Statista showed that 78% of male survey respondents reported being aware of Bitcoin, compared to 71% of females. While that’s surprisingly good, given crypto’s reputation for being male-dominated, the numbers were far worse when it came to actual involvement in the cryptocurrency world. When limiting the sample to respondents who called themselves engaged with Bitcoin, the company found the numbers were 86% male to 14% female.

The report also touches on millennial’s love for Bitcoin. According to a study by financial advisory firm deVere Group, 67% of millennials choose Bitcoin over gold as a safe haven asset. 

Bitcoin as a store of value for the future is not a new idea, and many insiders believe Satoshi Nakamoto’s invention has the potential to dethrone the shiny metal. In November, Tyler and Cameron Winklevoss, co-founders of the U.S. crypto exchange Gemini, predicted that Bitcoin is gold 2.0 and will take on gold’s role as the top store-of-value asset within the next decade.

And, more traditional mainstream financial insiders are warming to the idea that Bitcoin may be becoming a store-of-value asset. Among the most recent was Skybridge Capital’sAnthony Scaramucci who said in January that “Bitcoin is better at being gold than gold” as he launched a crypto-focused investment fund.

Still, not everyone is convinced. Recently, analysts at JPMorgan advised clients that bitcoin is not a suitable investment as a hedge against inflation, citing its still-extreme volatility. Of course, that was at the same time that Blackrock, the world’s largest investment manager, opened two of its funds to buying Bitcoin for the first time.

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.