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Luno: 80% would prefer £1,000 cash over one bitcoin…worth over £14,200!

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Globally recognised Cryptocurrency platform Luno, today reveals the disparity between belief and reality with the majority of the British public not understanding the true monetary value of bitcoin this Christmas season. A staggering 80% of the population would prefer to receive £1,000 in cash as a gift this Christmas rather than a single bitcoin, today valued at over £12,500.

There is a major disparity between the actual value and the perceived value of bitcoin, with the majority of Brits failing to guess how much a single bitcoin is worth when compared to other well-known products. A staggering one in five (20%) people think that one bitcoin wouldn’t even buy them a single pint of beer, with a further 22% believing that one bitcoin would only buy them five of fewer pints.

Remarkably only one in 10 (12%) guessed correctly, that one bitcoin could buy you well over 1,000 pints of beer. When asked how many iPhone 12s’ one bitcoin would buy, half (49%) didn’t think it would be enough to buy even one, with just 4% of people guessing correctly that one bitcoin could buy between 11 and 50 iPhone 12s’.

How many of the following items do you think you can buy with one bitcoin? 
1 – 5 6 – 10
A pint of beer
(average cost £3.94)
20%22%7%
A TV
(average cost £250)
40%17%6%
An iPhone 12s
(average cost £999)
49%15%8%

*Full breakdown available on request 

“When it comes to people’s widespread understanding and adoption of cryptocurrency here in the UK, there is still a way to go to facilitate and educate the public both on the true value of bitcoin, and how easy it is to use and spend it as you would any other currency.

Our research shows that even when you decrease the cash gift to £500, the majority (55%) would still prefer this as a gift over one bitcoin, worth 25 times more. With the value of bitcoin having increased 232% when compared to the start of this year, I’ll be keeping my fingers crossed that Father Christmas knows the true value of bitcoin”, says Luno’s CEO Marcus Swanepoel.

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