6% of Americans Think Bitcoin Is an Xbox Game

But more than 40 percent correctly identified it as a virtual currency in a new Bloomberg poll.

A new poll from Bloomberg has found that six percent of Americans think Bitcoin is an Xbox game, and another six percent believe it to be a new iPhone app. Nearly half, 46 percent, were honest and said they just weren't sure. But, despite Bitcoin's relatively niche appeal, not to mention utility, quite a large percentage of the 1,004 Americans surveyed—42—correctly identified Bitcoin as a virtual currency.

For the moment, Bitcoin primarily functions as an investment vehicle for those who believe that Bitcoin's value, currently hovering around $880 per Bitcoin, will eventually rise to ridiculous heights. As my colleague Matt O'Brien recently reported, "Researchers from the University of California-San Diego and George Mason University found that 64 percent of all bitcoins are being hoarded in accounts that have never been spent. And of the bitcoins that are being spent, a full 60 percent are on the gambling site Satoshi Dice."

For people not interested in putting their money into a novel and unproven investment, nor gambling at Satoshi Dice, Bitcoin is of little relevance. Olga Ruff, a jewelry business proprietor in Dallas (who, for her part, did correctly identify Bitcoin in the survey) told Bloomberg News, “What use would it be for me?”

 

H/t Brian Fung

Presented by

Rebecca J. Rosen is a senior editor at The Atlantic, where she oversees the Business Channel. She was previously an associate editor at The Wilson Quarterly.

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register with Disqus.

Please note that The Atlantic's account system is separate from our commenting system. To log in or register with The Atlantic, use the Sign In button at the top of every page.

blog comments powered by Disqus

Video

A Stop-Motion Tour of New York City

A filmmaker animated hundreds of still photographs to create this Big Apple flip book

Video

The Absurd Psychology of Restaurant Menus

Would people eat healthier if celery was called "cool celery?"

Video

This Japanese Inn Has Been Open for 1,300 Years

It's one of the oldest family businesses in the world.

Video

What Happens Inside a Dying Mind?

Science cannot fully explain near-death experiences.

More in Technology

Just In