The Digital Currency Council (DCC) found last week that American consumers have a wide array of reactions when confronted by the Bitcoin logo. When asked for one word that conveyed their feelings about the image, more than 9% reported feeling “puzzled” or “confused” by the image, while nearly 7% said they felt “nothing.” About 5% of respondents recognized the image as having to do with “money” or “wealth,” while roughly 3% noted the image represented “bitcoin”, 2% expressed indifference and 1% did not know what the symbol means.
What does this mean for Bitcoin as a brand? Quite simply, the diversity in response means that the brand doesn’t yet stand for much of anything. Mainstream America doesn’t know much about Bitcoin yet, so there is plenty of room for its (re)introduction. That said, this is also evidence that past outreach and educational efforts have yet to establish a meaningful and common understanding amongst most consumers.
The DCC conducted this research via Google Insights polling among a representative sample of 504 people in the United States in March 2015. This is the second in a series of DCC Pulse Reports on public perceptions of digital currency.