The Inaugural Cryptoasset Sentiment Survey
Late last month, The Wall Street Journal published Bitcoin Mania: Even Grandma Wants In on the Action. It’s a catchy title, and it certainly feels true. But is it?
For all the hype and promise of blockchain technologies and cryptoassets, we started to wonder: what is actually true today? What’s real and what’s hype? Does Grandma actually want in on the action?
In the following post, we describe the findings from our inaugural Cryptoassets Sentiment Survey. A 100 person study focused on gauging public understanding, perception, and adoption of distributed ledger technologies and cryptoassets.
We plan to regularly conduct this study to help gauge velocity of cryptoasset adoption over time. Through that effort, we plan to create a longitudinal index. The first part of our planned index (public adoption) is well on it’s way, but we need your help to create the second part: sentiment and price forecast from more sophisticated cryptoasset observers and investors.
To that end, we are now soliciting responses from crypto-investors and DLT professionals. You can participate at the following link: https://goo.gl/forms/EOhuHdWW4e05sBnT2
For your participation, you will receive advanced access to the summary index and a copy of the raw data set for your own exploration. We appreciate your help creating this valuable community resource and are excited to see where it goes.
The General Public Survey
Our initial public survey was conducted on December 18 and 19, 2017. We collected responses from 100 paid participants. Respondents were all domiciled and distributed across the US, were roughly evenly distributed male and female, had a median age of 34, were roughly evenly distributed above and below US median income, and represented a diversity of professional vocations.
Initial Findings
Our initial findings are, perhaps, unsurprising: The general public knows what Bitcoin is, but shows less evidence of understanding the concept of a blockchain or cryptoassets.
- 99% of respondents have some familiarity with Bitcoin.
- 49% of respondents correctly associated “Decentralized” with blockchain.
- 33% of respondents selected only correct Blockchain associations.
- 26% of respondents own or have owned some type of cryptoasset.
- 14% of respondents associated both “Decentralized” and “Ledger” with blockchain.
This data is generally interesting but will become more valuable longitudinally over time. With future surveys, we plan to answer questions like: How quickly is blockchain understanding spreading within the general population? How does blockchain understanding effect cryptoasset ownership over time?
Price Expectations
Survey participants were asked to predict the performance of Bitcoin and Ethereum against the US dollar over the next one, three, and twelve month periods. Consensus perception is that both Bitcoin and Ethereum will increase in value in the near term (1 to 3 months). The 12 month outlook is slightly bullish, but much less certain. Overall, participants agreed that now is a good time to invest in cryptoassets.
Now we need your help!
You can help us construct a valuable resource for the community. If you haven’t already, please consider taking the short sentiment survey here: https://goo.gl/forms/EOhuHdWW4e05sBnT2 The survey should take no more than 5 minutes to complete. By completing the survey, you are eligible to receive an early release of the index and a copy of the raw data set.
Additionally, we welcome your comments and suggestions about other questions to ask or ways to refine the survey.
Thank you!
