Bitcoin Optimism Rising in Developing World Despite Price Declines: Block Survey

In the midst of an overall bearish market, Bitcoin optimism is actually increasing in the developing world, according to a new survey conducted by Block. Despite market volatility and Bitcoin’s inability to break out of its bear market over the past 15 months, the Block Survey revealed that developing nations are still bullish in their perception of Bitcoin and its long-term potential.

1. Bitcoin Enthusiasm Growing in Developing Nations Despite Price Drops

The recent drops in Bitcoin prices has not quashed enthusiasm for the digital currency, particularly in developing nations. The relative stability of cryptocurrency when compared to local currencies, as well as its ease of transfer, makes it an attractive option for those wanting to protect their wealth from devaluation.

The launch of Bitcoin futures on some exchanges has also added to its credibility and further increased its appeal in those nations with unstable economic conditions. In countries where options are limited when it comes to asset protection or high-yield investments, Bitcoin offers an opportunity for individuals to diversify their portfolios and reap the rewards of online trading.

One case in point is Zimbabwe, where the political climate has resulted in a stunted economy that has sent prices soaring and sapped the purchasing power of the local currency. Here, Bitcoin has become increasingly popular, with buyers and sellers relying on the blockchain to complete transactions with each other.

• Bitcoin is seen as a stabilizing force in areas with volatile economic climates.
• The launch of Bitcoin futures has helped to create greater acceptance of cryptocurrency.
• Zimbabwe is one of the countries where Bitcoin is the most popular as local currency is devalued.

2. Study Finds Positive Attitudes on Crypto Currencies in Developing Countries

A new study published recently suggests that cryptocurrency acceptance in developing countries is on the rise. The research surveyed over 1000 people across 10 different countries and found that positive attitudes towards cryptocurrencies have significantly increased in the last 5 years.

The study found that the majority of survey participants felt that cryptocurrencies were a positive development for the concept of a cashless society. Over 90% said that they would be interested in exploring digital currencies as both an investment and a way to send money internationally without excessive fees. The participants also expressed optimism about the potential of cryptocurrencies to reduce inequality PayPal or Venmo.

Perhaps most tellingly, 82% of all survey participants mentioned that they view cryptocurrencies as a legitimate investment opportunity. This is a sharp increase compared to the 5 years prior, which saw barely 20% of respondents openly favoring digital currency investment. The findings also suggest that developing countries have greater optimism towards cryptocurrencies than other locales.

• 90% of survey participants said they would explore digital currencies as an investment and for money transfer.
• 82% said that they view cryptocurrencies as a legitimate investment opportunity.
• Participants expressed greater optimism towards cryptocurrencies than other locales.

3. What the Results of Block Survey Reveal About Global Perceptions of Bitcoin

The results from the block survey of the 3rd quarter of 2020 offer great insight into the global perceptions over Bitcoin. One aspect that seems to have come to light is that the world remains divided on whether to embrace the cryptocurrency.

Despite its popularity in regions like Europe and North America, there is still a certain level of hesitancy among countries like India, Philippines, and China. Of the total respondents, a mere 25% expressed a willingness to invest or use Bitcoin for transactions. This suggests that there is still a lack of information regarding Bitcoin, or that certain regions view it with suspicion.

Another interesting revelation is that although Bitcoin is usually majority male-dominated, the survey reveals that there is a sizable female population. In fact, about 40% of those who own the cryptocurrency are female. This points to the fact that Bitcoin is slowly but surely becoming a more socially accepted means of payment.

• 25% of respondents are willing to invest or use Bitcoin
• 40% of those who own Bitcoin are female

As the world shifts further towards cryptocurrency, the developing world has every reason to be optimistic about Bitcoin’s future. Despite the recent setbacks, this survey reveals that a growing number of people in the developing world are buying and using Bitcoin, showing no signs of slowing down anytime soon. All eyes will be on how Bitcoin fares in the coming months, and whether its adoption in the developing world will drive its price upwards.