Poll Finds 27% Americans In Support of Adopting Bitcoin as a Legal Tender

YouGov poll has revealed that 27% of Americans support the idea of adopting Bitcoin as a legal tender. The new poll further revealed that 11% of the Americans voiced more solid support for Bitcoin’s use as a legal tender in the country, while the remaining 16% were indifferent. If adopted, it would mean that businesses will accept BTC in exchange for goods and services like fiat currencies. 

The poll comprising 4,912 Americans showed that a larger percentage of Democrats supported the idea more than their Republican counterparts. About 29% of the ruling party strongly or partially supported using BTC as a legal tender, compared to 26% of the opposition. Unsurprisingly, support from the younger residents was higher. 

Gen Y and Gen Z Respondents Were In More Support of the Idea

Gen Y respondents heavily supported the use of BTC as a legal tender. Among the respondents queried between the age of 25 – 34. 44% responded in the affirmative that BTC should be adopted as a legal tender, although only 24% were in the “somewhat” category. However, the majority of baby boomers vehemently opposed the idea. About 43% were totally against the idea, 3% strongly supported the idea, while only 8% were in the “somewhat” category. 

Gen Z residents also showed support for BTC use as legal tender. 10% strongly supported using Bitcoin as a form of currency, while 26% somewhat supported its use. Only about 13% strongly opposed the idea, while 15% somewhat opposed the proposition. 

According to the same poll by YouGov, the Gen X population showed strong opposition to BTC adoption in the country. A whopping 25% was against the idea, only behind the baby boomers’ 43%. According to the survey, the Gen Y population favors the adoption of BTC as legal tender more than other age groups. 

The findings also reveal that individual earnings have a massive effect on the person’s attitude towards cryptocurrency. Respondents whose income is more than $80k per year are twice as likely to support BTC use as a currency than those earning $40k. Those whose income is less than $40k are the group that was totally against the idea. 

The YouGov poll comes after El Salvador President signed the controversial law to adopt Bitcoin as legal tender. The law was proposed by the president in June and passed in September, despite calls from the IMF and other international communities for its suspension. On September 7, El Salvador officially became the first country to use Bitcoin as legal tender.