YouTube channel, Capital Creators, performed an experiment offering students the choice of one dollar or one bitcoin. The overwhelming majority chose the dollar.
So this is the part where I mercilessly mock the US education system and berate US students for being so dumb, right? Well actually, no. It would seem far more productive to address why the students valued the dollar more, and help them to make the right choice next time.
Reasons One Might Choose $1 Over 00
Well, actually around $5400 when the video was shot, but you get the idea. Why did the majority of CU Boulder students want a dollar rather than a bitcoin?
One of the most common answers given was that the dollar was there and physical, and the respondent knew the value of it. So did the students think the value of a bitcoin was less than a dollar? Surely the majority must have been aware of bitcoin when it hit $20,000 and mainstream media? Did they really think it had dropped to nothing?
In reality, those asked simply didn’t understand or know enough about Bitcoin to assign it a value. The mainstream media’s generally negative or non-existent coverage meant that Bitcoin just wasn’t on their radar anymore.
Bitcoin Is Risky, But A Dollar Gets Me A Snack
One respondent vaguely knew that bitcoin is password-protected, and forgetting the password would mean losing her bitcoin. However, she reasoned that she wasn’t going to lose a dollar… because of course, nobody’s ever lost a dollar.
Many people reasoned that a dollar could get them immediate gratification in the form of a snack from the vending machine. This point is hard to argue… except of course a bitcoin is worth eight thousand of these dollars!