SINGAPORE, July 16, 2024 (GLOBE NEWSWIRE) — SmartWeb ecosystem provider Elastos has released the results of its latest BIT (Bitcoin, Innovation & Trust) Index, revealing which world leaders are considered more crypto-ready and how many consumers expect Bitcoin to become the default currency.
About Elastos BIT Index
Erastus The BIT Index is a survey of over 1,400 self-described “tech-savvy” respondents from seven countries, aiming to gain a deeper understanding of Bitcoin perceptions and actual usage, as well as user expectations and motivations regarding BTC.
BIT Survey Results: Political Leaders and Awareness of Cryptocurrencies
Tech-savvy users increasingly value the role of individual global leaders, rather than financial regulators, in the widespread adoption of blockchain technology and cryptocurrencies. As such, the BIT Index survey frequently asked which leaders respondents considered to be most “crypto-savvy” and “crypto-ready.”
Among U.S. survey participants, 50% of tech-savvy consumers believe Donald Trump best understands how Bitcoin works and its benefits, and 42% believe he is more likely than other presidential candidates to promote its use and benefits. However, only 37% of 18-24 year olds and 45% of 35-44 year olds agree.
Interestingly, outside the U.S., Nigerian respondents (59%), followed by the U.K. (56%) and Germany (54%) also believe Trump is the most “crypto-friendly,” compared to just 42% of Indians.
Jonathan Hargreaves, Global Head of Business Development and ESG at Elastos, commented:
“We must remember to look at this outcome from a global perspective. It is a sign of the global role that US leaders can play as policymakers in this field, but also of the growing need for coordinated policy action across regions. We call this idea a new Bretton Woods, where the use of cryptocurrencies can complement the role of gold in providing liquidity to global markets.”
BRIC and Global South countries accelerate Bitcoin adoption
The BIT study found clear differences between traditional Western developed countries and BRICS and Global South countries when it comes to the acceptance and use of Bitcoin.
- The countries most willing to use Bitcoin for savings are the United Arab Emirates (51%), India (58%) and Nigeria (58%). Consumers in South Korea (38%), the United States (41%) and Germany (45%) are least willing to use Bitcoin, while the global average is 47%.
- 24% of tech-savvy Indian consumers and 26% of UAE respondents use Bitcoin as a currency daily, while the global average is 18%, while only 11% of tech-savvy consumers in Germany, 13% in the UK, 14% in South Korea and 15% in the US plan to do the same.
- In the UAE and Brazil, 49% of respondents believe Bitcoin will become mainstream within four years, compared to 22% in Germany, 25% in South Korea and 36% in the UK.
- 91% of Nigerians and 90% of Indians see the potential for Bitcoin to become a sort of “default” currency, compared with 70% in Germany, 73% in the UK and South Korea, and 75% in the US.
About Elastos
Elastos integrates blockchain technology with a suite of reimagined platform components to create a modern internet infrastructure that inherently protects privacy and ownership of digital assets. Its mission is to build globally accessible open source services and enable developers to build an internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to realign the way the internet works and effectively manage their data.
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