27% of Americans Support Legal Tender of Bitcoin in US, YouGov Poll Finds – But Baby Boomers Hate The Idea | Currency News | Financial and business news

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Bitcoin exploded in 2021 but is very volatile.

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27% of Americans say they strongly support or rather support that bitcoin is becoming legal. They were questioned after El Salvador took the plunge, allowing its citizens to pay taxes and shop using the token. Still, baby boomers aren’t that keen on the idea, with 43% of people polled by YouGov saying they strongly oppose it. See more stories on the Insider business page.

About a quarter of Americans say bitcoin is legal tender, according to a new YouGov poll conducted days after El Salvador took the plunge.

The poll showed that 11% of people strongly approve of the idea, while 16% somewhat support it – or 27%. Meanwhile, 11% are somewhat opposed to it and 28% are strongly against. The rest, about a third, said they didn’t know.

When it comes to age groups, those over 55 are strongly opposed to bitcoin becoming an official currency, with 43% saying they strongly oppose such a move.

The YouGov poll showed that 25-34 year olds are the most in favor, with 20% strongly in favor of such an approach and 24% somewhat supporting it.

Read more: Why the crypto crashed: 4 experts explain what Tuesday’s sudden drop could mean for altcoin season and the NFT frenzy – and share 12 high-quality tokens that should continue to rally towards the end of the year

The poll, which covered 4,912 U.S. residents, came after El Salvador made bitcoin legal tender on Tuesday. The digital currency is now an official currency of the country and people can pay their taxes and buy goods using it.

However, its adoption of bitcoin remains highly controversial. Critics say the world’s largest cryptocurrency is far too volatile to be used as real currency. The price of the token plunged to 17% on the day Salvadoran law came into effect, for example.

The International Monetary Fund has said that El Salvador’s adoption of bitcoin “raises a number of macroeconomic, financial and legal issues that require very careful analysis.”

He said digital currencies can “present significant risks and effective regulatory measures are very important to manage them.”

There are currently no plans to make bitcoin legal tender in the United States, and regulators are increasingly concerned about the dangers of crypto assets.

This week, the largest crypto exchange Coinbase clashed with the main market regulator over a crypto lending product, a sign of growing tensions.

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