{"id":374702,"date":"2021-12-01T05:57:24","date_gmt":"2021-12-01T02:57:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong\/"},"modified":"2021-12-01T05:57:24","modified_gmt":"2021-12-01T02:57:24","slug":"true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong\/","title":{"rendered":"# True or false: 91% of surveys about Bitcoin and crypto are totally wrong"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a409abbc36cd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a409abbc36cd\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong\/#Is_the_figure_plausible\" >Is the figure plausible?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong\/#Different_surveys_have_estimates_2M_people_apart\" >Different surveys have estimates 2M people apart<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong\/#How_many_BTC_do_I_need_to_pay_you_to_say_you_trust_BTC\" >How many BTC do I need to pay you to say you trust BTC?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong\/#What_makes_a_trustworthy_survey\" >What makes a trustworthy survey?\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># True or false: 91% of surveys about Bitcoin and crypto are totally wrong <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>When Tony Richards, the Head of Payments Policy at the Reserve Bank of Australia (RBA), read the recent survey results from Finder\u2019s Crypto Report saying that almost one in five Australians owned crypto, he didn&#8217;t believe it for a second.<\/p>\n<p>However, the results had already been widely published around the country, gracing headlines for weeks. They even made their way into the recent Senate Committee on Australia as a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> and Financial Center\u2019s final report in October. <\/p>\n<p>Welcome to the statistically dubious world of cryptocurrency surveys \u2014 an easy way for companies to get publicity by hawking survey results, but not necessarily a great way to stay informed.<\/p>\n<p>The Finder <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dvh1deh6tagwk.cloudfront.net\/finder-au\/wp-uploads\/2021\/08\/Finders-Cryptocurrency-Report-2.pdf\">survey<\/a> from August claimed that 17% of Australians own at least one cryptocurrency \u2014 9% own Bitcoin, 8% own Ether and 5% own Dogecoin. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/748cb27e-7f07-4ccc-8dee-379908acd9a6.png\"><\/figure>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_figure_plausible\"><\/span>Is the figure plausible?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Richards <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.rba.gov.au\/speeches\/2021\/sp-so-2021-11-18.html#fn1\">called<\/a> these figures into question in his address to the Australia Corporate Treasury Association on Nov. 18, saying that he finds them \u201csomewhat implausible.\u201d<\/p>\n<p>\u201cI cannot help thinking that the online surveys they are based on might be unrepresentative of the population,\u201d he said. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Reserve Bank of Australia\u2019s head of payments policy Tony Richards said that the growth of crypto in 2021 was \u201cno doubt fuelled by influencers and celebrity tweets.\u201d<\/p>\n<p>\u2014 CoinzProfit (@CoinzProfit) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CoinzProfit\/status\/1461570577714626563?ref_src=twsrc%5Etfw\">November 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He referenced \u201cimportant segments of the population\u201d including the elderly, people living in regional areas, and those without reliable access to the internet, that online survey panels \u201cdo not capture well.\u201d<\/p>\n<p>His point echoes a similar sentiment outlined by Dr. Chittaranjan Andrade in his 2020 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/journals.sagepub.com\/doi\/full\/10.1177\/0253717620957496\">report<\/a> for the Indian Journal of Psychological Medicine, where he claims online survey samples are often unrepresentative, regardless of the subject.<\/p>\n<p>Online surveys are completed only by people who are \u201csufficiently biased to be interested in the subject; why else would they take the time and trouble to respond?\u201d he wrote. <\/p>\n<p>But the Head of Consumer Research at Finder, Graham Cooke defended the methodology, telling Cointelegraph: <\/p>\n<blockquote><p>\u201cThe respondents are selected based on age, gender and location to create a sample which fairly reflects the results that would be expected  from a full national survey.\u201d<\/p><\/blockquote>\n<p>\u201cWe are confident that this produces a trustworthy sample which is representative of the population,\u201d he added.<\/p>\n<p>In the 15-page report summarizing survey results, there are only a few lines at the end to explain methodology. It says: \u201cFinder\u2019s Consumer Sentiment Tracker is an ongoing nationally representative survey of 1,000 Australians each month, with more than 27,400 respondents between May 2019 and July 2021.\u201d<\/p>\n<p>The survey is conducted by Qualtrics, a Systems <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>lications and Products in Data Processing (SAP) company. Qualtrics\u2019 website <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.qualtrics.com\/au\/customers\/finder\/\">boasts<\/a>,  &#8220;in just ten weeks Finder lifted brand awareness 23 percent,&#8221; but there  was no additional information regarding survey methodology, and did not  provide any on request from Cointelegraph.<\/p>\n<p>A Finder spokesperson was able to confirm to Cointelegraph that: \u201cQualtrics collects respondents from various panels and can be incentivized in different ways. Some are paid a small fee for their participation, some earn a charity donation, for example.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Different_surveys_have_estimates_2M_people_apart\"><\/span>Different surveys have estimates 2M people apart<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is not to single out Finder\u2019s survey for particular criticism: There appears to be a new survey every day and often their findings are at odds with one another.<\/p>\n<p>Take the YouGov <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/swyftx.com\/wp-content\/uploads\/2021\/09\/swyftxcryptocurrencysurvey.pdf\">survey<\/a> commissioned by Australian crypto exchange Swyftx, which found that the number of Australians who hold crypto is closer to 25%. The July survey collected responses from 2,768 adult Australians, and the figures were weighted using estimates from the Australian Bureau of Statistics. This survey was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/commercial.yougov.com\/rs\/464-VHH-988\/images\/Public%20Polling%20Methodology%20Statement_Swyftx_240921.pdf\">found<\/a> to be compliant with the Australian Polling Council Code.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/3c63ce43-f905-4a4d-8404-9d6b5e21b024.png\"><figcaption style=\"text-align: center;\"><em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/swyftx.com\/wp-content\/uploads\/2021\/09\/swyftxcryptocurrencysurvey.pdf\">Source<\/a>: Swyftx, Annual Australia cryptocurrency survey<\/em><\/figcaption><\/figure>\n<p>However, both surveys can\u2019t be correct. The population of Australia is 25.69 million. This means that Finder\u2019s 17% of the Australian population equates to roughly 4.37 million people. Meanwhile, Swyftx\u2019s 25% is about 6.42 million people.\u00a0<\/p>\n<p>The difference between the two estimates translates to just over two million people \u2014 that\u2019s more than the entire population of South Australia. <\/p>\n<p>The numbers also don\u2019t appear to be reflected on local platforms. Crypto trading platform Binance Australia told Cointelegraph that it had 700,000 users, Easy Crypto Australia said it had around 15,000 users, Swyftx has 470,000 users (many from overseas).  BTC Markets has over 330 000 Australian users and Independent Reserve\u2019s site claims 200,000 users.<\/p>\n<p>Digital Surge, eToro, Coinspot, and Coinmama did not respond with user numbers.<\/p>\n<p>Not all Australians use a local exchange to trade their crypto of course, but on the other hand, a significant proportion of users are signed up to multiple local exchanges. There appears to be a mismatch of hundreds of thousands if not millions between survey results and exchange accounts.<\/p>\n<p>That said, Jonathon Miller, Australian managing director Kraken exchange, said that his platform came up with similar figures to Finder in YouGov market research in May. <\/p>\n<p>The sample in that survey included 1,027 Australians aged 18 years and older, the data weighted by age, gender and region to reflect the latest ABS population estimates.<\/p>\n<p>It found that \u200b\u200bone in five (19%) Aussies have owned or currently own a cryptocurrency, and 14% (2.78 million) currently have a crypto portfolio.<\/p>\n<p>Speaking to the Finder survey, Miller said: \u201cI don\u2019t think it\u2019s going to be that far off. The point is that these surveys are probably representative.\u201d <\/p>\n<blockquote><p>\u201cIf those numbers aren\u2019t exactly right today, they will be tomorrow. I think it\u2019s true that one in five Australians have crypto.\u201d <\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"How_many_BTC_do_I_need_to_pay_you_to_say_you_trust_BTC\"><\/span>How many BTC do I need to pay you to say you trust BTC?\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One issue that could be affecting the results of crypto related surveys is that respondents to some of these surveys are actually being paid in crypto.\u00a0<\/p>\n<p>On Nov. 18, a Premise Data <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/41-of-people-globally-say-they-trust-bitcoin-over-local-currencies-according-to-premise-survey-301428250.html\">survey<\/a> of 11,000 participants across 76 countries claimed that 41% of people globally trust Bitcoin (BTC) over local currencies. <\/p>\n<p>The catch was, a separate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.premise.com\/over-20-of-premise-contributors-are-earning-bitcoin-through-surveys\/\">survey<\/a> of Premise\u2019s \u201ccontributors\u201d two months earlier reported 23% of its contributor base have been paid in BTC, and since 2016, the data collection company has paid out over $1 million in Bitcoin via Coinbase to survey participants in 137 countries globally.\u00a0<\/p>\n<p>Principal Research Fellow at the Melbourne Institute of Applied Economic and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Research Nicole Watson told Cointelegraph that \u201cpaying someone Bitcoin to complete a survey about cryptocurrency would bias the result.\u201d <\/p>\n<p>\u201cPeople who know what Bitcoin is and want some would be more likely to take part,\u201d she said. In short,\u00a0 they\u2019re not going to be reflective of the wider population.<\/p>\n<p>Cointelegraph reached out to Premise about its survey methodology, but received no response. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_makes_a_trustworthy_survey\"><\/span>What makes a trustworthy survey?\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In Watson\u2019s opinion, online-only surveys are not representative of the wider population.<\/p>\n<blockquote><p>\u201cRecruiting a sample online is likely to bias the sample towards people who spend more time online, visit certain websites, or use certain apps, depending on where the invitation to participate placed and who might see it.\u201d<\/p><\/blockquote>\n<p>She explained that someone\u2019s participation in a survey could be influenced by who is running it, what it is about, how long it will take, and what (if any) incentives are offered \u2014 all of which may bias the results. <\/p>\n<blockquote><p>\u201cFor a new technology like cryptocurrency, you can see how many of these factors could lead to a biased result.\u201d<\/p><\/blockquote>\n<p>For research conducted in Australia, a good way to tell whether the findings are trustworthy is by checking whether it has been issued an \u201cAustralian Polling Council Quality Mark.\u201d In the UK, you can look to see whether the polling company is a member of the British Polling Council (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.britishpollingcouncil.org\/benefits-of-membership\/\">BPC<\/a>), and in the U.S. the National Council on Public Polls.<\/p>\n<p>The Australian Polling Council <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.australianpollingcouncil.com\/faq\">says<\/a> that any survey or poll worth its weight should include a \u201clong methodology statement,\u201d including additional information like weighting methods, effective sample size and margin of error. <\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/true-or-false-91-of-surveys-about-bitcoin-and-crypto-are-totally-wrong\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# True or false: 91% of surveys about Bitcoin and crypto are totally wrong &#8221; When Tony Richards, the Head of Payments Policy at the Reserve Bank of Australia (RBA), read the recent survey results from Finder\u2019s Crypto Report saying that almost one in five Australians owned crypto, he didn&#8217;t believe it for a second&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":374703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvY2UzYzUxMTctM2RlMy00YzIzLWE1YTgtNTc2ZDY1Mzk4YzI0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77363,74355,20358,61514],"class_list":["post-374702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-survey","tag-adoption","tag-australia","tag-research"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/374702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=374702"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/374702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/374703"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=374702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=374702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=374702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}