A recent survey conducted by Cornell University revealed a connection between financial stress and interest in Bitcoin across various countries.
Bitcoin and Financial Stress
The survey by Cornell University found that people experiencing high financial stress are more likely to turn to Bitcoin. Respondents who felt that 'their finances control their lives' showed greater ownership and trust in the cryptocurrency. Countries like Turkey, India, Kenya, and South Africa reported high stress levels alongside strong Bitcoin adoption.
Trust Levels in Bitcoin
The survey also assessed trust in Bitcoin, which scored an average of 4.67 on a scale from 0 to 10. Nigeria reported the highest levels of trust in Bitcoin, while Japan demonstrated the lowest. Bitcoin is seen as a riskier asset compared to traditional investments like gold and real estate, highlighting uncertainty regarding its potential.
Trust in Governments and Bitcoin
The research indicated that in 10 out of 25 countries, people trust Bitcoin more than their governments, including Brazil, Indonesia, Kenya, and Nigeria. This is particularly evident in emerging markets where political instability erodes trust in traditional institutions. Conversely, countries like the UAE and China show a strong trust in their governments.
The Cornell University survey provides insightful data on how financial stress and trust in governments shape the perception of Bitcoin as an alternative to centralized institutions.
