Fun

Report: 55% of US Investors Show Interest in Bitcoin Investment, Covid-19 Catalyst to Changing Preferences

News Feed - 2020-10-29 11:10:05

Report: 55% of US Investors Show Interest in Bitcoin Investment, Covid-19 Catalyst to Changing Preferences


A recent survey study reveals that more than half of U.S. investors (55%) have an interest in investing in bitcoin, a figure which is 19 percentage points higher than that of last year. This translates to a potential U.S. market of nearly 32 million bitcoin investor households. According to the study’s findings, this increase reflects the impact of the Covid-19 pandemic on attitudes and perspectives around the digital currency. Covid-19 Spurs Bitcoin Interest


Jointly conducted by Grayscale Investments and 8 Acre Perspective, the study details the extent of the pandemic’s influence on investors’ decision making. To illustrate, the report says, “among those who reported investing in bitcoin, 83% have made investments within the last year.”


However, when breaking down the data further, the study — conducted between June 26 and July 12 — shows that 38% of those acquiring bitcoin did so “within the past four months.” This is the period coinciding with the start of the lockdowns as well as the enforcement of social distancing regulations.


Meanwhile, the figure is lower for those investing in bitcoin five to six months ago (26%), presumably because Covid-19 was still under control. The figure is even lower for those investing between seven and 12 months ago (19%).



Asserting that the pandemic is the main driver for this upsurge in bitcoin investing, the study states: 38% of bitcoin investors had invested within the last four months, and nearly two-thirds of those reported that the ramifications of Covid-19 were a factor in their decision to do so.


Consequently, the study infers that bitcoin is no longer seen as “a niche asset class that appeals to a narrow pool of investors.” Instead, bitcoin is gravitating towards becoming a mainstream investment asset as the report explains:


“Based on this year’s survey, the market of potential bitcoin investors is 32 million strong—compared to 21 million investors just one year ago. This year, 62% of investors reported that they are ‘familiar’ with Bitcoin, compared to 53% in 2019.” Digital Currencies Going Mainstream


The study also reveals that nearly half of those surveyed believe that “digital currencies will be regarded as mainstream by the end of the current decade.”




In the meantime, the study’s data suggests the demographics of bitcoin interested investors are not substantially different from investors overall. The only notable exception seems to be the fact that investors interested in bitcoin tend to have “an average age of 42 while those lacking interest in bitcoin average 49 years.”



Furthermore, the study provides information on the educational background of those investing in bitcoin. According to the findings, 29% of bitcoin investors are graduate degree holders while 17% do not possess a college degree. With respect to their motivations for investing in bitcoin, the study finds that 65% of respondents chose or considered bitcoin due to the small investment amounts involved. This is slightly higher than the figure for 2019 which is 59%.


The online survey study elicited comments from 1,000 US consumers aged between 25 and 65 that share responsibility for household financial decisions.


What are your thoughts about the survey findings? Share your views in the comments section below. 5,000 Bitcoin ATMs Add Cash-Out Option: Libertyx Sees Strong Adoption NEWS | 13 hours ago JPMorgan Praises Bitcoin Then Pushes JPM Coin, Sets Up Dedicated Crypto Unit NEWS | 17 hours ago Tags in this story 8 Acre Perspective, Bitcoin, Bitcoin Investing, COVID-19, Digital Currencies, grayscale, Mainstream Adoption, mainstream investment, personal investing, retail investors


Image Credits: Shutterstock, Pixabay, Wiki Commons, Grayscale Investments Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

DOJ Tells FBI and Others: ‘Stop Signing Appreciation Notes for Binance’
DOJ Tells FBI and Others: "Stop Signing Appreciation Notes for Binance" The U.S. Department of Justice (DOJ) has requested federal agencies stop signing apprecia
Bank of Russia Proposes Wide Ban on Cryptocurrency Use, Trade, Mining
Bank of Russia Proposes Wide Ban on Cryptocurrency Use, Trade, Mining True to its hardline stance on decentralized digital money, the Central Bank of Russia is now pushing for a wi
Tristan Greene5 hours agoBitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflowsBlockchain equities inflows reached a recent high of $15 million as well. However, total trading volume
Trump reelection campaign raised $3M in crypto for Q2 2024
Turner Wright6 hours agoTrump reelection campaign raised $3M in crypto for Q2 2024The most significant contributions came from Gemini co-founders Cameron and Tyler Winklevoss, who announced their support for the Republic
David Attlee48 minutes agoCentral Bank of Nigeria: eNaira no threat to financial stabilityNigeria’s central bank issued a press release in response to “news items on some media platforms,” suggesting that the eNair
Bitcoin’s Risk Factor Remains High, Crypto Analyst Notes
Este artículo también está disponible en español. A crypto analyst believes that Bitcoin remains a very risk-on asset that is linked to the shifts in the macroeconomic la
Crypto Investors in Thailand to Pay 15% Capital Gains Tax, Report Unveils
Crypto Investors in Thailand to Pay 15% Capital Gains Tax, Report Unveils Crypto-related profits, such as those resulting from the trading of digital currencies, will be taxed at a
Presidential Candidate Brock Pierce Served With Lawsuit for Alleged ICO Fraud
Presidential Candidate Brock Pierce Served With Lawsuit for Alleged ICO FraudFormer Disney child actor and U.S. Presidential candidate, Brock Pierce, was served with a lawsuit durin
Belarus Has Seized Millions of Dollars in Crypto, Chief Investigator Claims
Belarus Has Seized Millions of Dollars in Crypto, Chief Investigator Claims Authorities in Belarus have mastered the seizure of cryptocurrencies, the head of the country’s I
Turner Wright6 hours agoNishad Singh says there is ’a lot’ he doesn’t remember about FTX in 2022 — SBF trialSam Bankman-Fried’s defense team cross-examined former FTX engineering director Nishad Singh following
Elon Musk Promises to Make ‘Significant Improvements’ to Twitter — Calls Crypto Spam Bots ‘Single Most Annoying Problem’
Elon Musk Promises to Make "Significant Improvements" to Twitter — Calls Crypto Spam Bots "Single Most Annoying Problem" Tesla and Spacex CEO Elon Musk has joined Twitter’
MicroStrategy Q1 net loss hits $53.1M but Bitcoin buying spree continues
Brayden Lindrea7 minutes agoMicroStrategy Q1 net loss hits $53.1M but Bitcoin buying spree continuesMicroStrategy has yet to adopt the new accounting standard that would have taken the billions of dollars in paper gains