A survey conducted by New York Digital Investment Group (NYDIG) on cryptocurrency usage has been making rounds on the internet. The survey reveals that 46 million Americans or 17% of the total population now own at least a share of Bitcoin. A majority of the respondents also showed interest in learning more about Bitcoin and to integrate the cryptocurrency in their personal financial plans including life insurance.
The survey by NYDIG furthered that 53% of respondents said they do not own cryptocurrencies but out of those, 55% said they would consider adding cryptocurrencies into their profiles.
The news of the survey first started circulating after being published by Newsweek and it spread like wildfire. Major Bitcoiners like MicroStrategy CEO Michael Saylor retweeted the post. Kraken and Coin Metrics, too, were celebrating the 46 million figure – citing cryptocurrency adoption is nearby.
The 46 million figure is impressive and is a testament to the fast-paced adoption of cryptocurrencies and the blockchain technology. It is, in fact, a feat to be celebrated. However, how accurate exactly is this figure? Where the figure of 46 million is being celebrated, on the other hand people are also calling out the accuracy of the figure.
The $46 million figure is from a survey conducted in January by NYDIG which was referred to in a recent survey by NYDIG. The sample size, although valid, was small of both the surveys. The first survey had 1,050 participants with income above $50,000 while the second had 2,184. The discrepancy may have emerged from the sample size.
The survey of NYDIG may not paint an accurate picture. Another survey conducted by Gemini – the crypto exchange – with a sample size of 3,000 placed the figure of people who own cryptocurrencies at 21.2 million of 14%.