Financial Uneducated: Majority Of Students Prefer One Dollar over One Bitcoin

Bitcoin is marking a stellar year in 2019 as its price more than doubled up Since January 1st. In times like this one would think that no one in their right mind would even hesitate to accept one Bitcoin over one US Dollar. However, a recent interview among students from CU Boulder might leave you amazed.

One Dollar or One Bitcoin? That’s The Question

In a recent interview with students from the University of Colorado Boulder, Youtuber Capital Creators finds out whether they would accept one US Dollar or one Bitcoin on the spot.

Amazingly, almost every single student immediately preferred the dollar, without even hesitating. Of course, there was a follow-up question asking why they made that choice. The answers were somewhat expected from people who don’t follow the cryptocurrency space.

Most of the students said that they would accept the dollar because it has well-known, established value and proven transactional utility. Of course, they didn’t phrase it exactly like this.

I’m hungry and I can buy something from the vending machine with a dollar. – said one of the students.

Another student showed a little bit more knowledge of Bitcoin, relatively speaking. She said that Bitcoin is protected by “something like a password” and that if you lose it, you won’t have your Bitcoin anymore.

Interestingly enough, one girl, willingly or not, touched upon a heated debate among the cryptocurrency community – whether Bitcoin is valuable because it represents a store of value or because of its transactional utility.

A Quick Change of Heart

While the overwhelming majority of students immediately chose the dollar, the interviewer did shed some clarity on the matter, especially when it comes to Bitcoin’s price.

He explained that, at the time of the interview, Bitcoin was worth around $5,400. Upon hearing this, most of the students changed their minds pretty quickly, switching up their answers and choosing the Bitcoin.

However, at that point, it turned out that not a single one of them actually knew how to accept Bitcoin or how to exchange it for USD.

In any case, this interview went on to display one simple truth – people, even these part of the younger generation, are far from being aware of Bitcoin and what it stands for. Of course, it’s important to note this experiment was held in between a very small group of people, but their lack of information on the matter remains somewhat concerning for the crypto space, in general.

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