A survey conducted by data-driven Australian finance comparison website Finder.com.au has found that the majority of Australian men believe that Elon Musk invented the cryptocurrency bitcoin. According to the survey, 52 percent of the 1,000 men surveyed thought it was the Tesla and SpaceX CEO, who is no stranger to Twitter, who invented the digital currency.
Elon Musk, the billionaire CEO of Tesla, Paypal and SpaceX, may not be an inventor you thought of first when you think of cryptocurrencies, but a poll conducted by Finder.com.au showed that 39% of Australians believe that Musk is one of the people that “created and developed” the digital currency. Musk has never claimed to have created Bitcoin, and in fact, he made light of the poll stating the “who created it” was “probably a question for the ages, like who invented the internet.”
Elon Musk apparently has invented Bitcoin, if you believe half of Australians poll by Finder.com. The online financial comparison site ran an online poll that shows 71 percent of respondents believe the Tesla and SpaceX CEO invented the cryptocurrency. A further 18 percent believe he is the second person to invent Bitcoin, while 11 percent believe the South African born American is the third.
Australians are learning more and more about cryptocurrencies, but it appears that some myths and misconceptions still prevail among the Australian population. The most striking example: More than half of those polled in Finder’s new poll believe Elon Musk invented the first cryptocurrency, bitcoin.
Finder tests Australians with 8 questions about Bitcoin
Comparison site Finder.com recently surveyed 1,000 Australians to determine their knowledge of bitcoin. The survey, conducted by Consumer Sentiment Tracker, found that a whopping 98% of respondents could not correctly answer eight true or false questions about cryptocurrencies. The fact that bitcoin is not taxed caused the clearest discrepancy with reality: 59% of participants indicated that this statement was true. According to Finder, profits from cryptocurrencies can be considered income or investment for tax purposes. If you sell it, you must pay capital gains tax on the proceeds. We recommend that you seek independent advice from a tax advisor, the authors add. A popular myth is that Elon Musk invented bitcoin, and not the anonymous developer known as Satoshi Nakamoto. The founder of Tesla and Spacex has long denied such speculation, but 56% of Australians still agree. Men (62%) make this mistake more often than women (51%). The famous entrepreneur turned crypto influencer often drives the markets up or down with his tweets, which probably gave the wrong impression.
Bitcoin is at least 15 years old, according to 44% of respondents
Many respondents are also convinced that bitcoin is older than it actually is, with 44% supporting the claim that bitcoin has been around for more than 15 years. And 44% think the number of bitcoins that can be mined is unlimited, even though the supply is capped at 21 million. More than half of Generation Z (51%) believe the statement is false, while among baby boomers (34%) only a third believe it. Many Australians are unaware of the vast number of cryptocurrencies that have emerged since the birth of bitcoin. Of those surveyed, 39% said there are fewer than 100 different cryptocurrencies. In fact, there are over 9,000 cryptocurrencies, and the number is still growing. Meanwhile, nearly a third of respondents, 31%, think a single bitcoin is worth more than A$100,000 (about $77,000), far more than its current market value. Another misconception shared by 31% of respondents is that you can’t buy things with bitcoins. In fact, thousands of businesses in Australia accept payments with cryptocurrency, notes Finder. There are bitcoin ATMs and debit cards that allow you to easily convert your bitcoins into cash and spend them like any other currency, the site said in a report. But even more surprisingly, a fifth of Australians (22%) think bitcoin is a physical currency. The study comes at a time when a Senate committee charged with examining options for introducing new financial technologies in the country is gearing up to complete a study that began in 2019. The Senate Select Committee on Australia as a Technology and Financial Centre plans to develop a comprehensive regulatory framework for cryptocurrencies and other digital assets, following the lead of similar jurisdictions such as Canada and the European Union. What do you think of the results of the survey? What do you think in the comment box below?
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