A survey conducted by the international market research and data analytics firm YouGov found that over 27% of U.S. citizens want the American government to recognize Bitcoin (BTC) as a legal tender.
<h2><strong>YouGov Poll Reveals Interesting Findings on Bitcoin as Legal Tender</strong></h2>
In the latest <a href="https://today.yougov.com/topics/politics/survey-results/daily/2021/09/09/92f58/3" target="_blank" rel="nofollow noopener">poll</a> surveyed among 4912 U.S. adults by YouGov, over 29% of Democrat respondents supported the idea of the American government recognizing Bitcoin as a legal tender compared to 26% of Republicans.

The flagship cryptocurrency was favored positively mostly from the younger respondents between the age group of 25-34 with 44% responding in favor. At the same time, older demographics between the 57-75 age group strongly opposed the idea of digital currencies.

Meanwhile, an individual’s income was also a factor in the preference of cryptocurrencies. For instance, individuals earning more than $80,000 were twice more likely to support Bitcoin as a legal tender at 21% compared to those earning less than $40,000 at 11%.

The poll was conducted amid <a href="https://www.cryptoknowmics.com/news/el-salvadors-leading-bank-bancoagrcola-partners-with-flexa-for-bitcoin-payments/">El Salvador</a> officially adopting Bitcoin as a legal tender this week.
<h2 class="post__title">CBDCs Could Result in Negative Interest Rates</h2>
According to an <a href="https://www.wsj.com/articles/digital-currencies-pave-way-for-deeply-negative-interest-rates-11631091581" target="_blank" rel="nofollow noopener">article</a> from Wall Street Journal, central bank digital currencies (CBDCs) could negatively impact the interest rates by giving more power to the central banks over adjusting the interest rates.

WSJ points out that the difference between a <a href="https://www.cryptoknowmics.com/news/cbdcs-advance-in-testing-10-different-countries-make-use-of-currencies/">CBDC </a>and traditional fiat currency would be highlighted if interest rates fall below zero. This will result in people holding on to physical cash for zero interest rates compared to losing money through CBDCs.

Central banks employ negative interest rates as a last resort during a recession to stimulate an economy by encouraging borrowing and spending, with interest being paid to borrowers instead of lenders. On the other hand, negative interest rates could also be used to fight deflation by weakening the national currency.

Lastly, the article concludes by saying “electronic money can give central banks more freedom with interest rates.”

27% of Americans Want Bitcoin as a Legal Tender: YouGov Poll

A survey conducted by YouGov found that over 27% of U.S. citizens wants the American government to recognize Bitcoin (BTC) as a legal tender.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

27% of Americans Want Bitcoin as a Legal Tender: YouGov Poll

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