Republicans show less support for recognizing Bitcoin as legal tender than Democrats, and baby boomers think its a dreadful idea.
A new poll has found that 27% U.S. residents support the government recognizing Bitcoin as legal tender.
According to a poll from research and data analytics firm YouGov, 11% of respondents “strongly support” the idea that Bitcoin should be used as legal tender in the United States and a further 16% of respondents would “somewhat support” it.
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.
As you might expect, there is more support among younger generations. Respondents aged 25-34 are highly supportive of BTC as legal tender, with 44% responding in favor. But almost as many baby boomers (aged between 57-75) strongly opposed the idea (43%) with just 11% in total supporting the proposition.
The findings show that income has a significant effect on an individuals' attitudes regarding crypto, with respondents who earn more than $80,000 annually appearing twice as likely to support Bitcoin as legal tender (21%) than those who earn less than $40,000 (11%).
Participants who earn less than $40,000 are also the group most strongly opposed to the idea.
The poll comes amid the backdrop of El Salvador’s controversial Bitcoin Law taking effect on Sept. 7.
Proposed by President Nayib Bukele, the law was passed by El Salvdor’s parliament in June despite pushback from the international community and 70% of Salvadorans expressing opposition to the legislation in an early September poll.