US Should Declare Bitcoin As Legal Tender, Says 1 In Every 4 Americans: YouGov Survey

More than one in four residents in the United States will support the government if it decides to make Bitcoin BTC/USD a legal form of currency, a new poll from research and data analytics firm YouGov has found.

What Happened: 11% of the survey respondents said they “strongly support” the idea to use Bitcoin as legal tender in the U.S., while another 16% will “somewhat support” the move, as per the survey of 4,912 adult U.S. residents.

The survey also found that 29% of Democrat respondents are in favor of the idea, compared to only 26% of Republican respondents.

See also: How To Buy Bitcoin (BTC)

The idea to make the apex cryptocurrency legal tender in the U.S. has more support from younger adults, the survey showed. Forty-four percent of people aged 25-34 and 36% of the people aged 18-24 support the move, compared to just 11% of baby boomers, aged 55 and above.

Income too is seen as playing a crucial role in the decision of respondents. Twenty-two percent of the respondents who earn more than $80,000 annually are in favor of accepting Bitcoin as legal tender, compared to only 11% of the respondents who earn less than $40,000 annually.

Why It Matters: The survey results come just as El Salvador became the first country in the world to adopt Bitcoin as a national currency.

Bitcoin and other cryptocurrencies are gaining increasing relevance in mainstream circles as an investment option and in day-to-day activities.

The apex cryptocurrency regained the psychologically important $50,000 level in August for the first time in three months but has fallen below that level again.

Price Action: Bitcoin is up almost 0.9% during the past 24 hours, trading at $46,462.85 at press time.

See Also: Robinhood Now Lets You Make Recurring Investments In Cryptos Like Bitcoin, Dogecoin, Ethereum

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyGovernmentNewsRegulationsMarketsBitcoinLegal Tender
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!