91 percent of surveys on Bitcoin and cryptocurrency are completely incorrect

<p>When Tony Richards, the Reserve Bank of Australia's (RBA) Head of Payments Policy, read the recent Finder's Crypto Report findings that nearly one in five Australians owned cryptocurrency, he was sceptical. However, the outcomes had already been widely distributed throughout the country, gracing features for an extended period of time. They even made it into the October report by the Senate Committee on Australia as a Technology and Financial Centre. Welcome to the statistically dubious world of digital currency reviews — an easy way for businesses to gain publicity by hawking study findings, but not a particularly effective method of staying informed.</p> <p>Is the depiction credible?</p> <p>Richards cast doubt on these figures in his Nov. 18 address to the Australia Corporate Treasury Association, calling them "somewhat implausible."</p> <p>According to an August Finder survey, 17% of Australians own at least one cryptocurrency — 9 percent own Bitcoin, 8% own Ether, and 5% own Dogecoin.</p> <p>"I can't help but wonder if the online surveys upon which they are based are representative of the population," he said.</p> <p>His assertion echoes Dr. Chittaranjan Andrade's in his 2020 report for the Indian Journal of Psychological Medicine, in which he asserts that online survey samples are frequently unrepresentative, regardless of the subject.</p> <p>He cited "critical segments of the population," such as the elderly, people living in rural areas, and those without reliable internet access, that online survey panels "do not adequately capture."</p> <p>Online surveys are only completed by respondents who are "sufficiently prejudiced to be interested in the subject; otherwise, why would they take the time and trouble to respond?" he composed.</p> <p>However, Graham Cooke, the Head of Consumer Research at Finder, defended the methodology, telling Cointelegraph:</p> <p>"Respondents are chosen based on their age, gender, and geographic location in order to create a sample that accurately reflects the results