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Only 2% of the people trust Facebook's Libra over public cryptocurrencies like Bitcoin.
77% of people say they do not trust Facebook with their personal data due to previous scandals.
According to a recent survey, people from the US trust Bitcoin more than Facebook's upcoming stablecoin, Libra. 1,799 adults took part in this survey, which started after Facebook's white paper launch in June. Consumer insights provider CivicScience revealed that only 2% of the people that expressed a view would trust Libra and its Calibra wallet more than Bitcoin.
By comparison, 40% of the participants said that they'd trust Bitcoin more while 19% said they'd trust both the cryptocurrencies about the same. It's noteworthy that less than 10% of the surveyed group has actually bought any crypto.
A staggering 77% of the people said that they do not Facebook with their personal data at all, while only 2% said that they trusted Facebook. The poll also revealed that there is also a significant lack of interest in the project. When asked if they were interested in Libra and the wallet, 86% replied that they weren't and 5% said that they were interested.
Regarding the age demographics, the survey showed that age groups between 18 and 24 showed more interest (30%) in Libra. The next biggest age group was the one between 25-29, of whom 18% showed interest. Only 7% of the 65+ age group had any interest in Libra.
Regarding the study, CivicScience said:
"Similar to when Bitcoin first mysteriously surfaced ten years ago and brought with it the cryptocurrency gold rush, no one really knows what to expect when some of the largest corporations in the world collaborate to create their own version. Regardless, it's definitely an exciting trend to watch unfold."
Rajarshi Mitra
FXStreet
