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

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.