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Elastos Releases BIT Index: Tech-Savvy Consumers' Selection on Crypto Aware Leaders as Bitcoin Goes Mainstream

John Williams

Jul 17, 2024 — 3 min read

Singapore - Elastos, the SmartWeb ecosystem provider, has published the latest findings of the BIT (Bitcoin, Innovation & Trust) Index, revealing which global leaders are considered more crypto-ready and how many consumers expect Bitcoin to become the default currency.

About the BIT Index by Elastos

Elastos' BIT Index is a survey of over 1,400 self-defined "tech-savvy" respondents from 7 countries, aimed at better understanding of the perception and real-world use of Bitcoin, together with users' expectations and motivations around BTC.

BIT Findings: political leaders and crypto awareness

A growing share of tech-savvy users appreciate the role of individual global leaders (as opposed to financial regulators, for example) in the spread of blockchain technology and cryptocurrency adoption. Therefore, quite a few questions on the BIT Index survey focused on which leaders the respondents considered the most "crypto-aware" and "crypto-ready".

Among the US survey participants, 50% of tech-savvy consumers believe that Donald Trump has the strongest understanding of the workings and benefits of Bitcoin, while 42% also believe that he is more likely to spread the use and benefits of using Bitcoin compared to other presidential candidates. Among the 18 – 24 year olds, however, only 37% share this belief, compared to 45% among the 35 – 44 year olds.

Interestingly, outside of the US, Nigerian respondents (59%), followed by the UK (56%) and Germany (54%) also believe Trump is the most 'crypto ready' compared to only 42% in India.

Jonathan Hargreaves, Global Head of Business Development & ESG, Elastos, comments:

"We must remember to see the results through a global lens, as a sign of the global role that US leaders can play as prospective policy makers in the space - but also as a sign of the growing need for concerted policy action across regions. We refer to this idea as the New Bretton Woods, where the use of crypto can supplement the role of Gold in adding liquidity to global markets."

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BRIC nations and the Global South Moving Quicker to Embrace Bitcoin

The BIT study has found a clear difference between traditional Western advanced economies and BRICS and Global South nations in their embrace and use of Bitcoin.

The countries where users are most willing to use Bitcoin to store savings are the United Arab Emirates (51%), India (58%) and Nigeria (58%). Consumers are more reluctant to do so in South Korea (38%), US (41%) and Germany (45%), while the global average is 47%.
24% of tech-savvy Indian consumers and 26% of UAE respondents use Bitcoin every day as their currency of choice compared to the global average of 18% while only 11% of Germans, 13% of UK respondents, 14% of South Koreans and 15% of US tech-savvy consumers are prepared to do the same.
In both the UAE and Brazil, 49% of respondents believe that Bitcoin will go mainstream in less than four years, compared to 22% in Germany, 25% in South Korea and 36% in the UK.
91% of Nigerians and 90% of Indians see a time when Bitcoin could become a type of 'default' currency compared to only 70% in Germany and 73% in the UK and South Korea, and 75% in the US.

About Elastos

Elastos integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.

The Elastos SmartWeb platform enables organisations to recalibrate how the Internet works for them to better control their own data.

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