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The choice between gold and bitcoin

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The choice between Bitcoin and Gold poll taken last December by Harris Interactive was released today on CoinDesk. The poll was conducted in partnership with the financial management company Yodlee.

While the poll of 2039 adults over the age of 18 and nearly half of the them know of bitcoin, only a small number of 13% from the survey group chose bitcoin over gold as an investment. More people in the poll group living in the Western states at 55% knew about bitcoin. Knowledge of bitcoin did not lead people to invest in bitcoin which was a low 7% of the survey group

It was a small difference in gender preference as 14% compared with10% of women in the group chose bitcoin.

Two conclusions can be drawn from the poll. First, there may be a low level of trust in bitcoin since the publicity of Silk Road arrest and rejection by China was negative just before the poll was taken in December.

Second, the low level of trust may simply be that many do not have enough information to make an informed investment decision since the poll numbers show a slightly over half of the people are aware of it.

Tim O’Brien, Yodlee’s Senior VP of Operations and Information Security, suggested as an analysis of the survey results that, ‘bitcoin will be hard for consumers to understand and trust on a large scale until secure, user-friendly tools and services emerge to make it as convenient and safe as possible to use.’

Response concerning regulation of bitcoin varied across regions geographically. Responses from people in the Northeast at 28% or in the West at 30% favored regulation whereas; people in the Midwest showed only 16% in favor of regulation.

Age played a factor in that younger groups did not advocate government regulation with 39% of adults aged 18-34 with 42% of men aged 18-34 would not regulate bitcoin. As the age increases for those aged 45-54 only 28% would not want regulation and in the older group polled over age 55 only 24% did not want to see regulation of bitcoin.

The higher the income at $100,000 and over showed responses of 61% familiar with bitcoin, while only 48% of the survey responses with income under the income $100,000 were familiar with with bitcoin.

By comparison to a poll conducted in Britain by Clarity communications agency group and released in February there were 2000 online shoppers in the poll group. The group showed a larger awareness of 57% of bitcoin; men were 69% familiar compared to 45% of the women in the poll study.

Actual purchase and use of bitcoin was only 5% in the Clarity poll and 63% of the group were reluctant to buy bitcoin due to lack of knowledge. There was a definite no interest to buy and use bitcoin by 29% of the people polled.

The issue of bitcoin may be explained in trust. Security was the top concern for the 52% of the respondents, 43% did not trust the exchange procedures and 29% still questioned the legality of using digital currencies.

‘Issues around security, price volatility and usability are among the challenges facing the developers,’ said Jason Navon, co-founder of Clarity, in an interview to the Telegraph.

A Bloomberg poll in December released on CoinDesk showed only 42% of Americans were aware of bitcoin. A poll by Tech in Motion released in late January had sent out 18,000 questionnaires with a response of 847. Of those responses there was a favorable 51.1% who would be acceptable to pay in bitcoin. Techies show the highest level support for bitcoin which is in line with their knowledge of technology.

The various polls over the past few months show that knowledge and education lead to higher awareness which translates to the acceptance of bitcoin. The young techie group which has the access to knowledge and income is playing a large part of this younger age group that displays the most responsiveness to bitcoin.

To find out more about Bitcoin view the articles listed below and the video atop this article on purchase of Indonesian villa in bitcoin.

Twitter: Victoria Wagner@victoriaross888

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