55% of Grayscale Investments respondents are ready to invest in the first cryptocurrency. A year ago the share of investors positive about Bitcoin stood at 36%, according to a new study by the management company.
In the survey conducted from 26 June to 12 July, 1,000 US investors aged 25 to 64 participated, with a household income above $50,000.
Our new study shows that 55% of U.S. investor survey respondents are interested in investing in #Bitcoin in 2020, which marks a significant increase from the 36% of investors who said they were interested in 2019. Read our study here. $BTC https://t.co/9fyRIxJXfD pic.twitter.com/DXYzav8qYx
— Grayscale (@Grayscale) October 27, 2020
83% among those who have already decided to buy Bitcoin have carried out this intention in the past year. Of them, almost two-thirds say that the main motive was the consequences of the COVID-19 pandemic
Source: Grayscale Investments.
Over the last year, the share of those familiar with the first cryptocurrency rose from 53% to 62%. Half of respondents believe that cryptocurrencies will become an independent asset class by the end of this decade.
Source: Grayscale Investments.
For two-thirds of responders showing an interest in Bitcoin, the motivating factor is the ability to purchase in small amounts. 58% in this group noted a certain psychological discomfort due to lack of specialised knowledge about cryptocurrencies.
The positive sentiment among respondents is driven by Bitcoin’s similarity to other assets that are perceived as “safe havens”.
Among the attributes cited are scarce supply, verifiable nature, lack of correlation with global markets, and lack of government oversight. Grayscale Investments notes that the highest share of positive responses came from respondents aged 35 to 44, who have lived through three recessions.
Source: Grayscale Investments.
70% of Grayscale Investments respondents believe that the first cryptocurrency is vulnerable to hacking. 62% believe that Bitcoin is not under the supervision of government authorities. 63% of respondents expressed concern about the uncertain regulatory status of the first cryptocurrency.
In Coin Metrics’ latest report, based on on-chain metrics indicated the prospects for Bitcoin’s largest rally in history.
Earlier, the University of Cambridge estimated 100 million cryptocurrency users worldwide.
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