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New Study Shows 37% Of People Want Governments To Legalize Bitcoin

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Given the growing interest in accepting cryptocurrencies as legal tender, it is not surprising that many participants will want to legalize bitcoin. The level of support for crypto was evident in a new survey conducted by Economist.

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This survey was aimed at finding out the number of people who want their governments to legalize cryptocurrencies. The number of respondents was 3000 and the result showed that 37% want legalized bitcoin and other cryptocurrencies for transactions.

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Another aspect of the survey was about CBDC support. The result also showed that 37% support governments in issuing a financial product. One of the things the researchers were keen to find out was whether other countries could follow El Salvador’s lead in legalizing cryptocurrencies.

Poll results in detail

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Many participants came from developed and developing countries. The developed countries in the survey were Singapore, the US, South Korea, the UK and Australia. The emerging economies were the Philippines, Brazil, South Africa, Turkey and Vietnam. The idea was to determine how people from these countries feel about the crypto industry.

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After polling, The Economist found that 37% of respondents wanted their government to declare cryptocurrency as legal tender. In addition, these groups have expressed their support if such a move becomes a reality. However, 43% of respondents said they did not support or object to the proposal, while 18% rightly rejected it.

The survey also focused on finding support for launching a CBDC. Among those who participated, 37% said that the release of such a product would facilitate the adoption of cryptocurrency. But 19% of participants consider it a mistake.

Some participants were also asked to give their opinion on non-fungible tokens. Among those surveyed, 60% said they could buy, sell, or hold NFTs. But 7% of them said they would not.

Another crypto industry surveyed was decentralized finance. Among those surveyed, 34% supported DeFi, saying they would use its app to conduct all of their financial transactions, whether personal or professional. But 17% said they did not want to participate in the Defi sector.

The last segment surveyed concerned digital settlements. The researchers found that 13% of respondents are already using cryptocurrencies for settlements, and 18% said they hope for a cashless nation in a few years.

Americans Want Bitcoin to Be Legal Tender

Another YouGov poll showed that many US residents hope the government will make Bitcoin legal tender.

New Study Shows 37% of People Want Governments to Legalize Bitcoin
Bitcoin is ahead on the chart with a slight gain. Source: BTCUSD Trading Review

Notably, Westerners were all in favor of the potential law, while Midwesterners disapproved of such an idea. In addition, respondents aged 25 to 34 are enthusiastic about legal BTC, while respondents over 55 and women are reluctant to do so.

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It is not surprising to receive such a level of support for the legalization of cryptocurrencies. Following El Salvador’s acceptance, other countries are also showing interest in following suit.

Featured image from Pexels, chart from

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