87% Bitcoin holders regularly send or receive cross-border remittances: Survey

A survey revealed that 87 per cent of Bitcoin owners frequently engage in cross-border remittances, highlighting the cryptocurrency's role in international money transfers.

The survey, which was conducted by tech firm Block founded by Twitter founder Jack Dorsey, gathered data from 6,600 adults across 15 countries. It unveils insights into Bitcoin ownership, remittances, and global views on cryptocurrencies.

The survey's key finding is the strong link between Bitcoin and remittance activity. Among Bitcoin owners, 87 per cent are part of households involved in cross-border remittances. This underscores Bitcoin's appeal for cost-effective and efficient international money transfers compared to traditional services.

Additionally, individuals engaged in remittances are more likely to own Bitcoin, with 8.9 per cent of them reporting ownership. This suggests that Bitcoin is becoming a preferred option for economical cross-border transactions.

Notably, those involved in remittances are more optimistic about Bitcoin's future, with 56.2 per cent expressing optimism compared to 27.8 per cent among non-remittance participants. This implies that traditional banking's limitations, including data privacy and costs, are more apparent to those using it, making them open to Bitcoin.

The survey, spanning various countries, revealed consistent trends in Bitcoin ownership and remittance activity, emphasizing Bitcoin's growing role in facilitating cross-border money transfers.

As global connectivity increases, cryptocurrencies like Bitcoin are poised to play a more prominent role in cross-border remittances. Bitcoin's potential to offer faster, cheaper, and more private transactions aligns with the evolving needs of international money transfer participants.

Despite varying regulatory and economic factors worldwide, Bitcoin's appeal as a tool for remittances remains strong, making a compelling case for its continued global adoption.