We hear so much about what various experts, countries and politicians think about Libra. But a month on from Facebook’s official announcement of its ‘cryptocurrency’, what do the general public think? The latest survey from Civic Science gives us some insight.
Initial Apathy Faces Media Onslaught
During a survey of 1,799 US adults taken just after the announcement, Civic Science found that very few people cared. Just 5% of those polled were somewhat or very interested, with a whopping 86% ‘not at all interested’.
Well they might not have been interested then, but they can’t fail to have an opinion now. Libra has dominated both financial and mainstream news channels. From the Winklevoss twins burying the hatchet, to being called a ‘sh*tcoin’ in congress, Libra has been hard to avoid.
So how has this media frenzy affected the consumer perspective?
Bitcoin Is Way More Trusted Than Libra
A July survey of over 2100 adults suggests that Facebook’s biggest hurdle is the trust factor.
Of those surveyed, 79% had heard of Bitcoin or other cryptocurrencies, although only 6% had invested in them. Top reason for buying into crypto was as a short or long term investment, so not something you might use Libra for.
When asked how much they trusted Facebook with personal data in general, over three quarters answered ‘not at all’. Only 2% trusted Facebook ‘a lot’, with 21% having ‘a little’ trust in the company.
The responders were then asked how much they trusted Libra compared to Bitcoin or similar cryptocurrencies. 40% of responders trusted Bitcoin more, with the vast majority saying they trusted Bitcoin ‘much more’.
Only 2% of people responded that they trusted Libra somewhat or much more. The remaining 58% either trusted both the same or weren’t sure.
And They Say ‘No Publicity Is Bad Publicity’
So even though only 6% of those surveyed had invested in cryptocurrencies, a full 40% trusted Libra less than Bitcoin.
It seems that the media and regulatory spotlight thrown on Libra has succeeded in turning apathy to mistrust. Whether Facebook can weather this storm remains to be seen.
But a lot depends on it gaining the public’s trust.
What do you think of these survey findings? Let us know your thoughts in the comment section below!
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