Bull runs, futures, institutions, Bakkt; Bitcoin is gaining ground like never before. But how much do everyday people know about Bitcoin around the world?
Knowledge About Bitcoin Around the World
This summer, I took some time out. My travels led me to a few of the world’s most progressive Bitcoin countries, excluding Malta and Switzerland.
I was excited to see the depth of knowledge about cryptocurrency around the globe and how people use it or talk about it in their everyday lives. But what I found was a little bit shocking.
How much do people know about Bitcoin around the world? In 99.9% of cases, absolutely nothing. Here’s a break down by the supposedly forward-thinking-on-cryptocurrencies places I visited.
In Barcelona in July, they held the Barcelona Trading Conference. As the name suggests, it was a meetup for exchanges, market makers, liquidity providers and the like. Of course, the talk at the conference was all the usual chestnuts.
But from the market stalls to the farmlands, from its biggest city Denpasar to the many Australian tourists I met there (business people, marketers, advertising execs) their knowledge of Bitcoin was once again, a resounding ZERO.
Nope. Never even heard of it.
Mass Adoption Is Light Years Away
What my explorative summer made me realize is just how small all this whole space still is. Endless debates about institutions, Bakkt, Facebook, Microsoft, hard forks, mining, infighting, the halvening, even U.S. presidential candidates bigging it up or tearing it down, you simply assume that everyone else knows about too.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
When you write articles about how Argentinians and Venezuelans are buying up Bitcoin like it’s going out of style, and how it will save them from losing their savings: it feels as if mass adoption is just around the corner.
But with only around 34 million Bitcoin wallets and roughly 50 million users worldwide, that’s still less than 1% of the population using it. And from my own experiences off the beaten path, it can’t be much more than that who have actually heard of it.
Facebook Libra or no, Microsoft, Santander, Bakkt… Bitcoin still has a very very long way to go before it even reaches the consciousness of everyday people around the world.
How far away do you think mass adoption is? Add your thoughts below!
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