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Independent nationally representative study finds that 71% of citizens of the United Kingdom have heard of Bitcoin. Of those who have heard of Bitcoin, when seeking advice on the digital currency, 28% would turn to a financial advisor, 16% would turn to an accountant, 12% would turn to a lawyer, and 35% would turn to someone certified by the Digital Currency Council. NEW YORK/LONDON (November 19, 2014) – In light of the call from the government of the United Kingdom for information on Bitcoin, the Digital Currency Council (DCC) has today released a study of a nationally representative sample of citizens of the United Kingdom. The study, known as the “Bitcoin Barometer” (#BitcoinBarometer) is the first in a series of independent studies examining the sentiment of UK citizens toward Bitcoin that has been planned by the Digital Currency Council. Key findings include: • Awareness of Bitcoin is high, with 71% of respondents having heard of the digital currency (compared with 99% who are aware of Paypal and 37% who are aware of Square) • Bitcoin continues to have a reputation problem; with 24% of respondents noting it has a “fair” or “very bad” reputation and just 13% noting it has a “very good” or “excellent” reputation. • Bitcoin’s biggest challenges for future adoption are perceived to revolve around adoption and communications, with: o 45% noting a lack of places to spend bitcoin o 40% noting a lack of consumer use of bitcoin o 38% noting difficulty in understanding how Bitcoin works o 38% noting the public perception of Bitcoin o 37% noting a lack of understanding of the benefits of Bitcoin o 29% noting Bitcoin’s association with criminality • Of those who are aware of Bitcoin, when seeking advice on the digital currency: o 28% would turn to a financial advisor o 16% would turn to an accountant o 12% would turn to a lawyer o 35% would turn to someone certified by the Digital Currency Council Barry Silbert, who has invested in over 40 Bitcoin companies across the globe and is the Founder & CEO of the Digital Currency Group, noted, “As I'm considering investments into Bitcoin companies across the globe, I am not only considering the business and strength of the team, but also the regulatory environment and professional ecosystem that is supporting that team. This study highlights the critical importance of accountants, lawyers, and financial advisors to the emerging Bitcoin economy.” David Berger, CEO of the Digital Currency Council, noted, “This study demonstrates the strong demand for the support of lawyers, accountants, and financial advisors in the rapidly growing Bitcoin economy. While grounded in a breakthrough technology, the future of Bitcoin rests on the commitment of these professionals to get trained so they may competently fulfill the demand for their services. If digital currency adoption continues to grow as it has been, these professionals will play a criti
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The Bitcoin BarometerNovember 2014
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Foreword from David Berger
The growth of bitcoin and the wider digital currency industry has been nothing short of astounding. We have seen it rise from humble beginnings to become an international phenomenon counting millions of consumers and 100,000 merchants among its users.
This burgeoning ecosystem represents an increasing customer base for lawyers, accountants and financial professionals. But in order for such professionals to take advantage of this opportunity, they need to cultivate their knowledge of both bitcoin and the rapidly changing environment it inhabits.
Those that do so will differentiate themselves from their peers, successfully market themselves to prospective new clients, and secure their leadership position in the digital currency economy.
In light of the UK government’s call for information on bitcoin, I am pleased to publish research the Digital Currency Council has conducted among a nationally representative audience of over 500 UK adults. I encourage you to share the results of this research using the hashtag #BitcoinBarometer. I hope you find the findings as interesting and valuable as we do.
David BergerCEO, Digital Currency Council
DigitalCurrencyCouncil.com | @DCCCertified
#BitcoinBarometer
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About us
The Digital Currency Council
The Digital Currency Council (DCC) is the recognised and industry supported certifying body. The DCC has set thestandard for professional training on digital currencies.
With tailored curriculum for accountants, lawyers, and financial professionals, the Digital Currency Council is supporting the goals of leading firms across the globe. Get connected to new opportunities. Join the Digital Currency Council at digitalcurrencycouncil.com
Reputation Leaders
Reputation Leaders is an international consultancy that helps companies to build their reputation through thought leadership, social purpose and stakeholder engagement.
We design custom research to fit client needs; deliver stakeholder research that answers your questions and leads to actionable steps; uncover who influences reputation and how to engage them, and help clients build reputation based on trust. Contact: Tom Hashemi ([email protected])
#BitcoinBarometer
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Awareness of Bitcoin is high, with over seven in ten Brits having heard of the digital currency
P1. Please indicate how you view the reputation of each of these payment systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad reputation” and 5 is you think “it has an excellent reputation”. Base: ALL (n=527)
99%
87%
71%67%
37%
Paypal Western Union Bitcoin Moneygram Square
Awareness of different payment systems
#BitcoinBarometer
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But it has a reputation problem: nearly a quarter of Brits say bitcoin has a fair to very bad reputation
69%
29%
13%17%
9%11%
22% 24%
15%
6%
Paypal Western Union Bitcoin Moneygram Square
Reputation of different payment systems
Very Good/Excellent Reputation Fair/Very Bad Reputation
P1. Please indicate how you view the reputation of each of these payment systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad reputation” and 5 is you think “it has an excellent reputation”. Base: ALL (n=527)
#BitcoinBarometer
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Those aware of bitcoin say its biggest future challenges are around adoption & communications
P2. What do you think the biggest challenges are for the future of bitcoin as a digital currency? Please select all that apply. Base: Those aware of Bitcoin (n=377)
26%
29%
30%
33%
33%
37%
38%
38%
40%
45%
Technical issues
Associations with criminality
Reguation of bitcoin
The volatility of the bitcoin exchange rate
Being able to transfer bitcoin into fiat
Lack of understanding about the benefits
Public perceptions of bitcoin
Difficulty in understanding how it works
Lack of consumer use of bitcoin
Lack of places to spend bitcoins
Biggest challenges for bitcoin in the future
Adoption
Communications
Structural/ Environmental
#BitcoinBarometer
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If you were seeking professional advice on bitcoin, which of the following individuals would you speak to?
12%
16%
28%
35%
A lawyer
An accountant
A financial advisor
Someone certified by the…
A sizeable portion of those aware of bitcoin would turn to professionals for advice on bitcoin
P3. If you were seeking professional advice on bitcoin, which of the following individuals would you speak to? Please select all that apply. Base: Those aware of Bitcoin (n=377)
#BitcoinBarometer
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As I'm considering investments into Bitcoin companies across the globe, I am not only considering the business and strength of the team, but also the regulatory environment and professional ecosystem that is supporting that team. This study highlights the critical importance of accountants, lawyers, and financial advisors to the emerging Bitcoin economy.
Barry Silbert
Founder & CEO, Digital Currency Group
#BitcoinBarometer
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APPENDIX
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Awareness of bitcoin by gender and age
71%75%
68% 70%74%
84%
71%
60%
69%
Total Male Female 18-24 24-34 35-44 45-54 55-64 65+
P1. Please indicate how you view the reputation of each of these payment systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad reputation” and 5 is you think “it has an excellent reputation”. Base: ALL (n=527)
#BitcoinBarometer
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Awareness of bitcoin by region
71%74%
71% 73% 75%69%
74%
55%
65%
87%
73%
63%
51%
P1. Please indicate how you view the reputation of each of these payment systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad reputation” and 5 is you think “it has an excellent reputation”. Base: ALL (n=527)
#BitcoinBarometer
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Reputation of bitcoin by gender and age
13% 13% 12%
29%
23%20%
6% 5%
1%
24%27%
21%23%
17%
25% 25%
21%
29%
Total Male Female 18-24 24-34 35-44 45-54 55-64 65+
Very good/excellent reputation Fair/very bad reputation
P1. Please indicate how you view the reputation of each of these payment systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad reputation” and 5 is you think “it has an excellent reputation”. Base: ALL (n=527)
#BitcoinBarometer
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Reputation of bitcoin by region
13%15%
13% 13%15%
7%
11%
15%
2%
25%
10%
15%
0
24%26%
22%
35%
15%
33%
28%
22%
18%
27%
22%
14%
8%
Very good/excellent reputation Fair/very bad reputation
P1. Please indicate how you view the reputation of each of these payment systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad reputation” and 5 is you think “it has an excellent reputation”. Base: ALL (n=527)
#BitcoinBarometer
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Methodology
The Digital Currency Council commissioned online interviews with 527 nationally representative adults aged 18+ in the UK on October 1st 2014. The research was conducted by Reputation Leaders, an independent strategic research firm.
Interviews were balanced by quotas and weighted based on the latest census data to ensure the respondent mix was representative of the national adult population by age, gender and region.
#BitcoinBarometer
