Independent nationally representative study finds that 71% of citizens of the United Kingdom have heard of Bitcoin. Of those who have heard of Bitcoin, when seeking advice on the digital currency, 28% would turn to a financial advisor, 16% would turn to an accountant, 12% would turn to a lawyer, and 35% would turn to someone certified by the Digital Currency Council. NEW YORK/LONDON (November 19, 2014) – In light of the call from the government of the United Kingdom for information on Bitcoin, the Digital Currency Council (DCC) has today released a study of a nationally representative sample of citizens of the United Kingdom. The study, known as the “Bitcoin Barometer” (#BitcoinBarometer) is the first in a series of independent studies examining the sentiment of UK citizens toward Bitcoin that has been planned by the Digital Currency Council. Key findings include: • Awareness of Bitcoin is high, with 71% of respondents having heard of the digital currency (compared with 99% who are aware of Paypal and 37% who are aware of Square) • Bitcoin continues to have a reputation problem; with 24% of respondents noting it has a “fair” or “very bad” reputation and just 13% noting it has a “very good” or “excellent” reputation. • Bitcoin’s biggest challenges for future adoption are perceived to revolve around adoption and communications, with: o 45% noting a lack of places to spend bitcoin o 40% noting a lack of consumer use of bitcoin o 38% noting difficulty in understanding how Bitcoin works o 38% noting the public perception of Bitcoin o 37% noting a lack of understanding of the benefits of Bitcoin o 29% noting Bitcoin’s association with criminality • Of those who are aware of Bitcoin, when seeking advice on the digital currency: o 28% would turn to a financial advisor o 16% would turn to an accountant o 12% would turn to a lawyer o 35% would turn to someone certified by the Digital Currency Council Barry Silbert, who has invested in over 40 Bitcoin companies across the globe and is the Founder & CEO of the Digital Currency Group, noted, “As I'm considering investments into Bitcoin companies across the globe, I am not only considering the business and strength of the team, but also the regulatory environment and professional ecosystem that is supporting that team. This study highlights the critical importance of accountants, lawyers, and financial advisors to the emerging Bitcoin economy.” David Berger, CEO of the Digital Currency Council, noted, “This study demonstrates the strong demand for the support of lawyers, accountants, and financial advisors in the rapidly growing Bitcoin economy. While grounded in a breakthrough technology, the future of Bitcoin rests on the commitment of these professionals to get trained so they may competently fulfill the demand for their services. If digital currency adoption continues to grow as it has been, these professionals will play a criti

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The Bitcoin Barometer
November 2014

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Foreword from David Berger
The growth of bitcoin and the wider digital currency industry has been nothing short of astounding. We have
seen it rise from humble beginnings to become an international phenomenon counting millions of consumers
and 100,000 merchants among its users.
This burgeoning ecosystem represents an increasing customer base for lawyers, accountants and financial
professionals. But in order for such professionals to take advantage of this opportunity, they need to cultivate
their knowledge of both bitcoin and the rapidly changing environment it inhabits.
Those that do so will differentiate themselves from their peers, successfully market themselves to prospective
new clients, and secure their leadership position in the digital currency economy.
In light of the UK government’s call for information on bitcoin, I am pleased to publish research the Digital
Currency Council has conducted among a nationally representative audience of over 500 UK adults. I encourage
you to share the results of this research using the hashtag #BitcoinBarometer. I hope you find the findings as
interesting and valuable as we do.
David Berger
CEO, Digital Currency Council
DigitalCurrencyCouncil.com | @DCCCertified
#BitcoinBarometer

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About us
The Digital Currency Council
The Digital Currency Council (DCC) is the
recognised and industry supported
certifying body. The DCC has set the
standard for professional training on
digital currencies.
With tailored curriculum for accountants,
lawyers, and financial professionals, the
Digital Currency Council is supporting the
goals of leading firms across the globe.
Get connected to new opportunities. Join
the Digital Currency Council at
digitalcurrencycouncil.com
Reputation Leaders
Reputation Leaders is an international
consultancy that helps companies to build
their reputation through thought leadership,
social purpose and stakeholder engagement.
We design custom research to fit client
needs; deliver stakeholder research that
answers your questions and leads to
actionable steps; uncover who influences
reputation and how to engage them, and
help clients build reputation based on trust.
Contact: Tom Hashemi
(tom@reputationleaders.co.uk)
#BitcoinBarometer

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Awareness of Bitcoin is high, with over seven in ten
Brits having heard of the digital currency
Awareness of different payment systems
P1. Please indicate how you view the reputation of each of these payment
systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad
reputation” and 5 is you think “it has an excellent reputation”. Base: ALL
(n=527)
99%
87%
71%
67%
37%
Paypal Western Union Bitcoin Moneygram Square
#BitcoinBarometer

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But it has a reputation problem: nearly a quarter of
Brits say bitcoin has a fair to very bad reputation
69%
Reputation of different payment systems
Very Good/Excellent Reputation Fair/Very Bad Reputation
29%
22% 24%
13%
17%
15%
11% 9%
6%
Paypal Western Union Bitcoin Moneygram Square
P1. Please indicate how you view the reputation of each of these payment
systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad
reputation” and 5 is you think “it has an excellent reputation”. Base: ALL
(n=527)
#BitcoinBarometer

6. 6
Those aware of bitcoin say its biggest future
challenges are around adoption & communications
Biggest challenges for bitcoin in the future
38%
38%
37%
33%
33%
30%
29%
26%
Lack of places to spend bitcoins
Lack of consumer use of bitcoin
Difficulty in understanding how it works
Public perceptions of bitcoin
Lack of understanding about the benefits
Being able to transfer bitcoin into fiat
The volatility of the bitcoin exchange rate
Reguation of bitcoin
Associations with criminality
P2. What do you think the biggest challenges are for the future of bitcoin as
a digital currency? Please select all that apply. Base: Those aware of Bitcoin
(n=377)
45%
40%
Technical issues
Adoption
Communications
Structural/
Environmental
#BitcoinBarometer

7. 7
A sizeable portion of those aware of bitcoin would
turn to professionals for advice on bitcoin
12%
16%
28%
35%
Someone certified by the…
A financial advisor
An accountant
A lawyer
If you were seeking professional advice on bitcoin, which of the
following individuals would you speak to?
P3. If you were seeking professional advice on bitcoin, which of the
following individuals would you speak to? Please select all that apply. Base:
Those aware of Bitcoin (n=377)
#BitcoinBarometer

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As I'm considering investments into Bitcoin companies across the
globe, I am not only considering the business and strength of the
team, but also the regulatory environment and professional
ecosystem that is supporting that team. This study highlights the
critical importance of accountants, lawyers, and financial
advisors to the emerging Bitcoin economy.
Barry Silbert
Founder & CEO, Digital Currency Group
#BitcoinBarometer

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APPENDIX

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Awareness of bitcoin by gender and age
71%
75%
68% 70%
74%
84%
71%
60%
69%
Total Male Female 18-24 24-34 35-44 45-54 55-64 65+
P1. Please indicate how you view the reputation of each of these payment
systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad
reputation” and 5 is you think “it has an excellent reputation”. Base: ALL
(n=527)
#BitcoinBarometer

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Awareness of bitcoin by region
71%
74%
71% 73% 75%
69%
74%
55%
65%
87%
73%
63%
51%
P1. Please indicate how you view the reputation of each of these payment
systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad
reputation” and 5 is you think “it has an excellent reputation”. Base: ALL
(n=527)
#BitcoinBarometer

12. 12
Reputation of bitcoin by gender and age
Very good/excellent reputation Fair/very bad reputation
13% 13% 12%
29%
23%
20%
6% 5%
1%
24%
27%
21%
23%
17%
25% 25%
21%
29%
Total Male Female 18-24 24-34 35-44 45-54 55-64 65+
P1. Please indicate how you view the reputation of each of these payment
systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad
reputation” and 5 is you think “it has an excellent reputation”. Base: ALL
(n=527)
#BitcoinBarometer

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Reputation of bitcoin by region
13%
15%
13% 13%
15%
7%
11%
15%
2%
25%
10%
15%
0
24%
26%
22%
35%
15%
33%
28%
22%
18%
27%
22%
14%
8%
Very good/excellent reputation Fair/very bad reputation
P1. Please indicate how you view the reputation of each of these payment
systems. Please use a scale of 1 to 5, where 1 is you think it “has a very bad
reputation” and 5 is you think “it has an excellent reputation”. Base: ALL
(n=527)
#BitcoinBarometer

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Methodology
The Digital Currency Council
commissioned online interviews with 527
nationally representative adults aged 18+
in the UK on October 1st 2014. The
research was conducted by Reputation
Leaders, an independent strategic
research firm.
Interviews were balanced by quotas and
weighted based on the latest census data
to ensure the respondent mix was
representative of the national adult
population by age, gender and region.
#BitcoinBarometer