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“Digital gold” framing fails to win mainstream bitcoin interest, study finds

In a U.S. survey of 1,516 respondents, the “digital gold” message generated a smaller interest shift than themes focused on control, security, access, and past performance.

Reported · Written up by our desk · Regulation

CoinDesk reports that a new study by the Bitcoin Policy Institute, with polling firm Cygnal and education nonprofit Neighborhood Bitcoin, found that describing bitcoin as “digital gold” was less persuasive for many Americans than messaging centered on personal control, security, easy access, and proven returns.

According to the study, among the 52% of respondents deemed “persuadable,” exposure to 19 different bitcoin messages produced an approximately 12-point net shift toward interest in owning it. The research also identified a “persuadable middle” made up of “curious fence-sitters” (32%) and “financially stressed disengaged” (20%).

The “digital gold” argument did not resonate broadly, with participants in focus groups in Ohio and Tennessee reportedly confused by the metaphor, and it also ranked near the bottom in national testing. CoinDesk says the strongest messages highlighted that buyers can choose how much to invest, including starting with as little as $10, alongside references to bitcoin’s historical four-year returns and routes to access through familiar financial firms like Fidelity and Charles Schwab.

The survey work included eight in-person focus groups and a message validation test that polled 1,000 people, with findings suggesting some of bitcoin’s most familiar sales pitches may be poorly suited to the audience most likely to convert. CoinDesk notes the industry has spent about a decade promoting the “digital gold” framing, positioning bitcoin as a non-physical asset with a fixed supply designed to hedge inflation and other macro risks, but the study questions how effective that narrative is for mainstream adoption.

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