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Survey of US BTC holders: Across political factions, biased towards young people and men

Survey of US BTC holders: Across political factions, biased towards young people and men

BlockBeats2024/07/25 03:10
By:BlockBeats
Original author: Troy Cross
Original translation: TechFlow


I am very proud of this report on Bitcoin ownership. Our survey of 3,538 adults in the United States found that Bitcoin ownership:


· Covers the entire political identity spectrum


· Skews younger and male


· Weakly correlated with a unique configuration of moral values


· Strongly correlated with Bitcoin knowledge



We wanted to understand who owns Bitcoin, who doesn't, and why. This requires in-depth research. Not just surface statistics, but a deep dive into the roots of our psychosocial identities. Many frameworks claim to do this, but my research partner @andrewwperkins chose "moral foundations" and designed a comprehensive set of questions. We then hired a professional firm to help us achieve a representative sample.



As every Bitcoin holder knows, true randomness is hard to obtain, but we think even visually you can see that we did a pretty good job of achieving a fairly representative sample across several dimensions. And the sample size is large, 3,538 people.



Demographics


We found no strong correlations across many dimensions—race, ethnicity, religion, relationship status, income, education, or financial literacy—with holding Bitcoin. Age and gender are the exceptions. Bitcoin holders in the U.S. tend to be young and male.



Politics


A surprisingly large part of shaping American identity and behavior is political orientation. Our political divisions seem to be not only deepening, but becoming the most important fact about identity, surpassing all other factors. So we polled 5 different ways:



What we found was absolutely the most shocking. Like most people on this app, our media critics, academics who write about Bitcoin, and nearly all politicians, we assumed that Bitcoin holdings would skew the political right and libertarian. Wrong!



The Bitcoin holders in our sample look almost identical to non-Bitcoin holders: Most are moderates! They still tend to be more politically extreme, both liberal and conservative, than non-holders. (Statistically significant but small.)


Even stranger, those who self-identify as “very liberal,” or position themselves far to the left on a 10-point scale, are the most likely to hold Bitcoin relative to other political identities.



Note that the chart above is not saying that there are more very liberal Bitcoin holders than other political identities. That’s not the case. Most Bitcoin holders are moderates. What it means is that if you randomly pick a very liberal and a moderate, the liberal is more likely to hold Bitcoin.


In terms of “moral foundations,” we know that liberals and conservatives have different values. For example, liberals place more importance on “caring”, while conservatives place more importance on “loyalty”. We wanted to see which side Bitcoin holders tend to lean towards. It turns out that they are a bit of both.



Finally, we explored whether people know about Bitcoin, trust Bitcoin, find Bitcoin useful, and find Bitcoin good. We asked 4 questions for each of these aspects. The results show that Bitcoin holders differ significantly from non-holders of all political persuasions in these aspects.



Looking specifically at trust and perceived morality, you can clearly see a stark contrast between Bitcoin holders and non-holders.



These four factors: Trust, Knowledge, Usefulness, and Perceived Morality, are the strongest correlates with Bitcoin ownership in our data. They are also strongly correlated with each other. Here you can see how these factors compare to the moral foundations.



To summarize our findings, I quote the conclusion of our report:


“Given our polarized political discussions, one might assume that Bitcoin ownership is an identity, and especially one that reflects political leanings.”


But we found that this is not the case. Bitcoin holders are politically like other Americans: most are moderates, with only a small number of conservatives and liberals.


Bitcoin holders are similar to other Americans in most demographics, with one notable exception: they tend to be younger and male.


The strongest correlation with Bitcoin holding is not who you are, but how much you know about Bitcoin and whether you think it is useful, trustworthy, and good.


It turns out that the 14% of Americans who own Bitcoin are not members of a particular political faction. Rather, they are regular Americans who have taken the time to research the technology and have formed a positive attitude toward it.



(For complete application, please refer to: https://thenakamotoproject.org )


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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