64% Believe Virtual Asset Law Will Help Economy

August 9, 2018 | 20 Comments

64% of residents “believe that introducing legislation which will recognise businesses dealing in virtual assets will improve Bermuda’s economic future,” while 16% disagree that virtual currency legislation will yield economic benefits, and 20% are uncertain.

This is according to the Bermuda Omnibus quarterly survey of public opinion in Bermuda which is based on a telephone sample of 400 adults.

In releasing these survey results, TRA said, “Residents’ perceptions were explored surrounding Premier Burt’s eager approach in seeking economic opportunities with virtual currencies.

“Specifically, residents were first asked to evaluate their own level of familiarity with virtual currencies [also known as cryptocurrencies], and to then indicate their support or opposition to the Government’s proposed initiative to introduce regulatory legislation that will recognise businesses dealing with virtual assets.

“General awareness of virtual currencies is low, with only two in ten stating any degree of familiarity with the technology [23%].

“Six in ten are unfamiliar with the technology [57%], including three in ten residents who are not at all familiar [29% rating a score of ‘1’ out of 10, where 1 is not at all familiar and 10 is extremely familiar].

Virtual Currency General Awareness Bermuda Aug 2018

“With that said, two thirds of residents believe that introducing legislation which will recognise businesses dealing in virtual assets will improve Bermuda’s economic future [64%].

“Fewer than two in ten disagree that virtual currency legislation will yield economic benefits [16%], and a similar percentage are uncertain [20%]. Optimism about the economic potential of virtual currency legislation for Bermuda increases with familiarity of the technology.

“Those who support this initiative [n=239] believe it would be good for the economy and would provide economic opportunities [30%], while a similar number believe it is new and innovative and is the way of the future [27%].

“Conversely, the small portion who oppose the initiative [n=72] largely believe that it is too risky [33%], while fewer state that more research is needed [17%] or that there are security risks with this type of currency [14%].

Economic Potential of Virtual Currency Legislation Bermuda August 2018

“These results are part of TRA’s Bermuda Omnibus, a syndicated quarterly survey of public opinion in Bermuda, and are based on a telephone sample of 400 adults [18 years of age or older], conducted from April 4th to April 12th, 2018.

“Overall results are accurate to within ± 4.9 percentage points, in 19 out of 20 samples.”

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Comments (20)

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  1. redrose says:

    Good spin!

    Do the maths here: “Conversely, the small portion who oppose the initiative [n=72] largely believe that it is too risky [33%], while fewer state that more research is needed [17%] or that there are security risks with this type of currency [14%].

    it equals 64 percent say it is either too risky, needs more research or there are security risks! But still – 64 percent also say its great!

  2. sandgrownan says:

    So, in other words, people who openly admit they don’t understand something also think it will be a good thing.

    This, folks, is why we can’t have nice things.

    • Toodle-oo says:

      Like the sugar tax survey .. worded to get a predetermined result.
      No other explanation for it whatsoever.

  3. Cha says:

    400 adults is hardly 64% of residents..

  4. archie says:

    LOL! 86 percent of people haven’t got a clue about the technology but 64 percent still say it is going to be good for the economy!
    This is a very funny survey (and I don’t mean funny, odd, I mean funny, hilarious)

    • Wahoo says:

      Funny also that the majority thought that the plp would be a good thing. All of this proves education is broken.

  5. Do it says:

    Oh shut up! All you drama queens need to go hug a person and leave Bermuda’s future to the rest of us!

  6. puzzled says:

    I’ll stick with cash.

  7. Gustav says:

    If the PLP sayes it is good, the Majority think the same.
    Thats the way a Government want their citicens

  8. Ring Ring says:

    what survey? no one called me

  9. facts of the rock says:

    Bermudians as usual know everything!

  10. aceboy says:

    Fake news.

  11. Redamtibi says:

    I’d much rather tangiable assets as components of my portfolio; call me old fashioned.

    • The Original Truth™ says:

      Agreed!

      Legal cannabis stocks these days have far better short gain potential than these cryptos. Canadian cannabis stocks will skyrocket come october when they legalize. They’ve got massive greenhouses & tons & tons of product growing in them as assets. These cryptos are nothing more than a blip in a blockchain.

  12. The Original Truth™ says:

    Virtual asset law? LOL

    Maybe if you live in a virtual reality you’ll see virtual profits.

    These bulls are being fattened up to get fed to the bears & they don’t even know it yet. Big pump & dumps going on in crypto world & there’s no way on this planet to regulate them.

    I’ll stick with the stock market where SEC has my back.

  13. De scientist says:

    57% don’t know what it is and 64% are for it ???? I’m no scientist but these figures aint addin up

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