Newsweek throws the crypto world into chaos with its article publication headline ’46 Million Americans are Cryptocurrency and Bitcoin owners‘.
Through his tweet, the CEO of MicroStrategy, Michael Saylor, reconfirmed the figure. He mentioned that the finance industry was inculcating Bitcoin into several operations and quoted the Newsweek figure of American cryptocurrency owners.
From his position, the co-founder of Coin Metrics, Nick Carter, relates this huge figure to cut across the political system of the country. He links the number of Bitcoin owners to include politicians.
However, some Redditors take this news with a pinch of salt. Some comments in the r/bitcoin subreddit, which is one of the platforms connecting Bitcoin owners, claim that the figures are mere exaggeration and will be difficult to convince them.
How this Figure Arrived?
A survey conducted by New York Digital Investment Group (NYDIG) on Jan 6 & 7 showed that 46 million Americans are Crypto owners. Following this January survey, NYGID did another survey on March 22.
This second survey which was on life insurance and Bitcoin gave Newsweek the figure for its article. Not minding its ambiguous nature, the news has gone viral as it was released through a popular media, Newsweek.
In both surveys, the outcomes are statistically acceptable though the sample sizes are not much. In the first survey, NYDIG based their research on 1050 participants only. These people are pick from the group whose annual income is above $50,000. At the end of the research, the error margin was estimated to be 3.1%.
The second survey was based on 2,184 participants who are U.S. consumers. On concluding the research, the error margin turned out as 2.1%. The two surveys discovered that citizens of American are urging banks to integrate bitcoin-related services into normal conventional banking.
NYDIG Survey about Cryptocurrency Owners
From NYDIG surveys, they report that America’s Bitcoin owners are up to 46 million. They stated that this figure is a representation of 22% of the country’s adult population. However, contradictory data from Newsweek said the 46 million figure is a representation of 17% of the country’s adult population.
This poses a clog of confusion in the estimation of the actual number of Americans that own Bitcoin. Though a closer look at the analysis from NYDIG, the survey was carried out on only people whose annual income is above $50,000. This group of people is small in comparison with the entire adult population of the country.
Thus, the difference in the percentage values from both parties. Furthermore, Newsweek disclosed another fascinating piece of information. It claimed that 55% of the survey participants propose getting crypto while 53% have no digital assets of any sort.