New Genesis Mining Study Finds 29% of Americans Believe the US Dollar is Still Backed by Gold

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Genesis Mining

Oct 30, 2019, 05:00 ET

TORTOLA, British Virgin Islands, Oct. 30, 2019 /PRNewswire/ -- The world's leading hash power provider Genesis Mining has released the findings of a new study titled the "Perceptions of Money and Banking in the United States 2019."

The objective of the study was to determine how well the average American consumer understood the Federal Reserve, banking, and fiat money. The study took place on Sept. 19, 2019, with 1,000 respondents answering a series of 23 questions.

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Genesis Mining
Genesis Mining

Key findings: 

  • 24% of respondents believe that the Federal Reserve is responsible for securing U.S. gold reserves, while 50% responded that they are responsible for overseeing U.S. monetary policy. 
  • 54% of respondents believe that the Federal Reserve Banks are owned solely by the U.S. government. 
  • 29% of respondents believe that the U.S. dollar is still backed by gold. 
  • 26% of respondents believe banks are required to keep 100% of the money deposited by customers in the bank while 52% responded that banks do not need to keep 100% in reserves.
  • Of those that said no, banks do not need to hold 100% of customer deposits in reserve, just 9% believed that banks must hold 1-10% at all times.
  • 67% of respondents prefer to use debit or credit cards for payments.
  • 30% of respondents reported that they hardly ever used cash while 37% reported that they used cash just 1-2 times per week.
  • 76% of people oppose the idea of the U.S. government replacing paper money with digital-only money.

To download a full copy of the report, please click here.

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SOURCE Genesis Mining