21 million Americans would consider investing in Bitcoin, says Grayscale survey 🚨 This article is 5 years old...
21 million Americans would consider investing in Bitcoin, says Grayscale survey
2 min read
Updated: Oct. 19, 2021 at 3:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A recent survey conducted by Grayscale found that more than a third of U.S. investors are interested in Bitcoin.
Bitcoin investors
Since its release in 2009, Bitcoin’s popularity has steadily increased. Over the years, it has been able to reach mainstream media outlets and expand into a broader audience. CNBC’s Squawk Box, for instance, now even has a Bitcoin advocate in their team who is constantly challenging even the strongest skeptics about the value behind the pioneer cryptocurrency.
Are you saying cash has never been used for illicit purposes, @joesquawk asks in response to Mnuchin's concerns about #btc
"We are going to make sure that bitcoin doesn't become the equivalent to swiss numbered bank accounts" says @stevenmnuchin1 pic.twitter.com/EnBsteTHzU
— Squawk Box (@SquawkCNBC) July 18, 2019
As the interest for this cryptocurrency rises, the popular belief that it is a “niche investment” fades. According to Grayscale Investments and Q8 Research, more than 21 million U.S. investors would consider investing in Bitcoin.
The research found that those considering investing in Bitcoin “fit the average profile” of U.S. investors. They share the same political views, income levels, and careers. However, Bitcoin-interested investors tend to be more experienced, more risk-tolerant, and to some degree younger than the average investor.
When it comes to gender, it was revealed that the difference between males and females who consider Bitcoin as an investment is narrow. Actually, 43 percent of the Bitcoin-interested investors were women and 93 percent of the women in the entire pool would be open to investing in the pioneer cryptocurrency if they had “better educational resources” and if their financial advisor recommended the cryptocurrency.
Moreover, those interested in Bitcoin appear to be driven by similar upsides:
- 83 percent are strongly motivated by position sizing.
- 79% are influenced by Bitcoin’s growth potential.
- 75% appreciate the scarcity.
Attracting more investors
Out of the entire surveyed pool, only 36 percent stated they would consider Bitcoin as an investment. 30 percent were neutral, and 34 percent were not interested. The fact is cryptocurrency is much different from other asset classes. BTC’s unique characteristics provide diversification beyond basic portfolio allocation, which can be combined with traditional portfolios for ever greater returns.
Nonetheless, in order to bring more interest to the industry, there are still common concerns that need to be addressed. There needs to be greater educational channels for covering the investment risks, better regulatory oversight, and clarification of the misconception cryptocurrency is only used for digital crime.
RT’s Keiser Report recently produced a 10 part series focused on Bitcoin and Netflix is reportedly working on another cryptocurrency documentary. Hopefully, more media outlets will broadcast informational resources that are meant to educate newcomers into the space, opening the gate for more investors.
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Bitcoin
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
