US Should Declare Bitcoin As Legal Tender, Says 1 In Every 4 Americans: YouGov Survey

More than one in four residents in the United States will support the government if it decides to make Bitcoin BTC/USD a legal form of currency, a new poll from research and data analytics firm YouGov has found.

What Happened: 11% of the survey respondents said they “strongly support” the idea to use Bitcoin as legal tender in the U.S., while another 16% will “somewhat support” the move, as per the survey of 4,912 adult U.S. residents.

The survey also found that 29% of Democrat respondents are in favor of the idea, compared to only 26% of Republican respondents.

See also: How To Buy Bitcoin (BTC)

The idea to make the apex cryptocurrency legal tender in the U.S. has more support from younger adults, the survey showed. Forty-four percent of people aged 25-34 and 36% of the people aged 18-24 support the move, compared to just 11% of baby boomers, aged 55 and above.

Income too is seen as playing a crucial role in the decision of respondents. Twenty-two percent of the respondents who earn more than $80,000 annually are in favor of accepting Bitcoin as legal tender, compared to only 11% of the respondents who earn less than $40,000 annually.

Why It Matters: The survey results come just as El Salvador became the first country in the world to adopt Bitcoin as a national currency.

Bitcoin and other cryptocurrencies are gaining increasing relevance in mainstream circles as an investment option and in day-to-day activities.

The apex cryptocurrency regained the psychologically important $50,000 level in August for the first time in three months but has fallen below that level again.

Price Action: Bitcoin is up almost 0.9% during the past 24 hours, trading at $46,462.85 at press time.

See Also: Robinhood Now Lets You Make Recurring Investments In Cryptos Like Bitcoin, Dogecoin, Ethereum

Posted In: BitcoinLegal TenderCryptocurrencyGovernmentNewsRegulationsMarkets

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