Leading institutional crypto mining company Genesis Mining has released the findings of a new study titled the “Perceptions and Understanding of Money 2020.”
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The objective of this new study was to see how well the average American understood how our financial system works and learn more about their general views toward money in the midst of the COVID-19 pandemic. Four hundred Americans were surveyed on July 28, 2020, with a series of 22 questions.
Key Findings:
- 28.5% believe the U.S. dollar is backed by gold, 42% answered that it’s backed by the U.S. government, and the remaining 30% answered that they thought it was backed by either oil, bonds or nothing, or they just didn’t know.
- 61.3% believe the U.S. government owns federal reserve banks, while 19.3% responded that it was a partnership between corporations and the government.
- 36% of respondents incorrectly believe banks hold all cash amounts in their vaults at all times.
- 88.6% of respondents were concerned about inflation, split between “Somewhat Concerned” at 53.3% and 35.3% saying they’re “Very Concerned.”
- Nearly half — 46.8% — indicated that their concerns about inflation had increased over the past year.
- 26.8% of respondents believe that in 100 years, our society will still be using physical cash. Another 25% stated they weren’t sure, leaving just a bit less than half of the respondents believing that in a century, America will be in a cashless society.
- When we asked whether the U.S. government should replace physical currency with a digital-only dollar, only 24.8% said “Yes,” with more than half of respondents saying “No.”
- 87.3% of respondents have heard of either Bitcoin specifically or cryptocurrency in general.
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