New Research Reveals That Record Of Unemployment Has Contributed To A Striking Shift Toward Bitcoin

In the wake of the coronavirus pandemic, interest in bitcoin has grown and the unprecedented actions undertaken by governments to contain it while propping up the global economy.  

The bitcoin price crashed to under $4,000 during the broad March coronavirus and the price has bounced back to almost $10,000 per bitcoin.

New research has shown that now the extent public opinion has shifted toward bitcoin since 2017- with nearly half of millennials "likely" to buy bitcoin within the next five years. 

"With over 20 million Americans currently unemployed, the public narrative towards bitcoin has changed," researchers at financial information platform The Tokenistwrote, summing their findings.

"The results are striking. We found increased knowledge of, and growing confidence in, bitcoin among all age and gender groups surveyed. This effect was most pronounced in millennial respondents, 45% of whom would now preferentially invest in bitcoin overstocks, real estate, and gold."

The unemployment rate soared to almost 15% across the U.S. in April because of the coronavirus, it's the biggest level on record, with millennials among the hardest hit and in February the unemployment rate was at a half-century low of 3,5%.