Bitcoin · CoinDesk
Ditching 'digital gold': BPI study suggests everyday Americans prefer control and micro-investing
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The cryptocurrency industry has spent a decade promoting bitcoin BTC $ 78,146.11 as “digital gold”: a non-physical asset with a fixed supply that cannot be debased, thereby providing a hedge against inflation and other macro risks that afflict traditional financial assets.
Key facts
- The study identified a “persuadable middle” segment comprisoing 52% of respondents, made up of “curious fence-sitters” (32%) and “financially stressed disengaged” (20%)
- One message emphasized that buyers don't need to go "all-in," telling respondents they decide how much to invest, "even if that's $10 to start
- The survey spanned a base of 1,516 respondents in the U.S., eight in-person focus groups in Ohio and Tennessee, and a message validation test to 1,000 people
- The cryptocurrency industry has spent a decade promoting bitcoin BTC $ 78,146.11 as “digital gold”: a non-physical asset with a fixed supply that cannot be debased, thereby providing a hedge
Summary
A new study found that describing Bitcoin as “digital gold” confused many Americans and was less persuasive than messages emphasizing control, security, accessibility and past performance. Among the 52% of respondents considered persuadable, exposure to 19 Bitcoin messages produced a roughly 12-point net shift toward interest in owning it. Respondents trusted financial advisers, retirement experts and Bitcoin-owning friends or relatives more than celebrities or influencers, suggesting that familiar sources and small initial investments may encourage adoption. However, a new study from the Bitcoin Policy Institute (BPI), alongside polling firm Cygnal and education nonprofit Neighborhood Bitcoin, suggests the metaphor isn’t as effective as long assumed.