Bitcoin is a Demographic Mega-Trend: Data Analysis
Spencer Bogart
2.2K9

While the trend for Bitcoin is most certainly up, the data in this report is flawed for a number of reasons.

First is the vagueness of the report, take the first question relating to one’s familiarity to Bitcoin. There is no gauge whatsoever which defines what ‘Somewhat familiar’ versus ‘Heard of it but not familiar’. Without any sort of benchmarking, this data is roughly useless — people could also very well lie out of shame for knowing it’s an up and coming thing and don’t want to seem out of the loop. Take all of the millennials who claim to understand socialism as one example of this.

The next is leading questions — “Bitcoin is a positive innovation in financial technology”. Well, most innovations are positive and most people agree that financial technology is complicated and confusing. So, it’d be quite understandable for most to blindly agree that any innovation to that field would be a benefit.

Flawed answer choices — you would think that the classic (strongly disagree, disagree, neutral, agree, strongly agree) would follow a normal bell curve, but its quite the opposite with people often lending themselves towards the extremes. This can very well be mitigated with more quantifiable responses or free response.

Survey bias — every question is favoring Bitcoin in some way or another, here, with no questions asking about it being used in a malicious or nefarious manner.

Sentiment is certainly improving for Bitcoin, but the information presented here was collected in a framed and biased manner and is also incredibly vague. Not to mention that the complete dataset is not provided — which doesn’t inspire a lot of trust in the results.