One Dollar or One Bitcoin Part 2 - How much does the typical American know about Bitcoin?

After getting some interesting reactions in my first Bitcoin social experiment, I decided to head to downtown Denver for a day and ask pedestrians which they would prefer: One Dollar or One Bitcoin.

As you’ll see in the video, the majority of people chose the dollar — which was also the case when I asked the same question to students at Colorado University at Boulder a few weeks prior. This time, at least there were several people who knew that one BTC’s value was definitely worth more than a dollar. But even of those, not a single person had a cryptocurrency wallet to receive Bitcoin.

It’s interesting to see how much the crypto world has matured in the past couple of years while most people remain oblivious to it. At the same time, it feels like the days that crypto stays under the mainstream radar are drawing closer to an end.

Facebook just raised $280 million from partners including PayPal, Visa, and Uber for their new Libra blockchain and — although it’s not really decentralized and not ever really a cryptocurrency — there’s little doubt that Libra will introduce hundreds of millions of people to the concept of global digital currency in the years ahead.

Another interesting trend from these interviews with “nocoiners” has been the common theme that many believe “Bitcoin’s price fluctuates” and “the dollar’s value stays the same.” I think that a big reason the citizens of America (and other nations with strong fiat currencies) know so little of Bitcoin is that they know so little of money in general. Even a basic understanding of economics could change people’s lives, but it’s not taught in schools unless you major in it at a university.

Thanks to inflation, the only way to actually preserve wealth in the modern era is to invest it. Unfortunately, basic principles of investing aren’t common knowledge either.

Ultimately, the most rewarding part of creating these videos is meeting the people who are willing to download a cryptocurrency wallet and participate in their first crypto transaction with me. Even though I’m only sending a small amount, I believe that it can ignite their curiosity so that they take initiative to look deeper into Bitcoin and begin to understand its value proposition.

With the vast majority of the world’s population still so clueless about what cryptocurrency is and how it works, the upside for being a part of the crypto industry now is practically endless. 🚀