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Amid the backdrop of El Salvador’s Bitcoin Law successfully having kicked off this Tuesday, Sept. 7, a new poll shows that 27% of Americans would support a decision of the government acknowledging Bitcoin (BTC) as legal tender.
It was research and data analytics firm YouGov that queried 4,912 U.S. residents, with 27% of respondents being favourable towards Bitcoin as legal tender. 11% of the poll respondents “strongly support” this idea. Another 16% of respondents would “somewhat support” Bitcoin made legal tender in the United States.
The poll, which queried 4,912 U.S. residents, indicated that a larger number of Democrat respondents support the proposition than Republicans. Around 29% of Democrats stated they either strongly or somewhat support recognizing BTC as legal tender compared to 26% of Republicans.
The poll also shows that age and income has a significant effect on the respondents attitude towards cryptocurrencies.
As is not a surprise, younger generations are most supportive of BTC as legal tender. Of those aged 25-34, 44% would say “yes”. On the other end, almost as many baby boomers (aged between 57-75), 43% of them, would dismiss the idea Just 11% of these baby boomers would be in favour of BTC as legal tender.
Findings also show that higher income individuals are more inclined towards accepting Bitcoin as legal tender. Those earning over $80,000 show double the support (21%) versus those who earn less than $40,000 annually. The latter group is also most opposed to the idea.