70% of Americans know about Bitcoin, Net Inflow BTC at Exchanges drops and PayPal chooses Paxos for crypto trading

2 min readJul 22, 2020
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Survey about American Knowledge of Bitcoin

The Federal Reserve has published its annual “Survey of Consumer Choice”. According to the results of the “Payment Choices”, many people still don’t have the knowledge of bitcoin.

The survey records data for 2019 and it suggests that more than 70 percent of participants at least knew what bitcoin is.

However, this number only reflects whether people have heard the word “bitcoin” or not. The people that hodl Bitcoin is much smaller. And it also does not suggest that their knowledge of the asset is particularly strong.

More than 87 percent of people selected “slightly” when asked how familiar they were with the currency and how it worked. Of the 3,363 survey participants queried about bitcoin in the 2019 SCPC, just 35 respondents (or 1.0%) reported owning bitcoin.

Net Inflow Bitcoin on Exchanges drops Enormously

Since the start of 2020, the Bitcoin industry is facing an noticable trend. More and more traders are taking their Bitcoin away from exchanges.

According to Glassnode, this trend started just before the huge selloff in March.

At the 8th of July, all exchanges together set a record of (negative) net inflow. Traders took away more than 20.000 BTC (in total) away from the platforms that one single day.

‘PayPal Picks Paxos to Supply Crypto for New Service’

PayPal plans to bring crypto trading to its massive user base. According to CoinDesk they have chosen Paxos to handle the new service’s supply of digital assets.

The offering would make PayPal one of the most prominent mainstream companies to offer cryptocurrency. They would join payments provider Square (from the Cash App) and stock brokerage Robinhood.

A formal announcement of the PayPal relationship could come as soon as this week, one source said.

The new Paxos brokerage allows cryptocurrency buying, selling, holding and sending capabilities . It is an API-based solution for making crypto services easy for businesses to roll out, while handling all regulatory compliance aspects.

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