Young adults strongly support the idea of making bitcoin legal tender in the United States at 44%, while baby boomers think it’s a bad idea at 43%.
A new poll by research and data analytics company YouGov has shed some light on the U.S. population’s approval rate for the government to recognize bitcoin as legal tender. The poll found that 27% of Americans support the move, with younger generations leading the way with a 44% approval rate. Baby boomers, on the other hand, despise the idea most often.
YouGov found that 11% of respondents “strongly support” an eventual law turning bitcoin a legal tender in the U.S., while 16% said they would “somewhat support” it. The survey demographics were especially interesting, as there appeared to be a firm but expected correlation between age and approval rate.
The survey found more support in the U.S. among younger generations, with respondents aged 25-34 being the most supportive and amassing a 44% positive outlook for having bitcoin being used as currency in the country. But baby boomers showed similar numbers in the opposite direction. Those aged between 57-75 years old supporting the idea were a minority, 11%, while those against it represented a larger share of that age group, with 43% showing strong opposition.
YouGov, which surveyed 4,912 U.S. residents, also found that Democrat respondents were more supportive of the idea of having bitcoin as a legalized currency in the U.S. when compared to Republicans. But the difference wasn’t that big; nearly 29% of Democrats said they either strongly or somewhat support the U.S. government recognizing BTC as legal tender, compared to only 26% of Republican respondents.
Yet another correlation found by the poll relates to income. Respondents earning over $80,000 were twice as likely to support the proposition, 21%, than those earning less than $40,000, 11%, which are also the ones to more strongly oppose it, with 40%.