Between 2018 and 2021, the number of Americans holding bitcoin and other forms of cryptocurrency tripled. This is good news in the sense that bitcoin is becoming more well known and popular. Sadly, so many of these individuals still view bitcoin as a high-risk asset.
Bitcoin Ownership Is Growing Every Day
Over the past year or so, bitcoin has taken on new form in that many began to see it not as a speculative asset, but as a potential hedge tool. With inflation rising and the governments of the world printing more money as a means of keeping their economies stable during the coronavirus pandemic, several traders and investors began to view bitcoin as something that could potentially keep their wealth stable during times of economic strife.
While bitcoin is being viewed through this lens by some people, many others have failed to join the crowd. However, despite the feelings of alleged fear and worry that come with investing in BTC for many new traders, the fact remains that bitcoin ownership has increased by more than 13 percent among users between the ages of 18 and 49. In addition, the number of people over the age of 50 that now invest in BTC has jumped from one to three percent.
A recent Gallup poll explains:
Three years ago, a very small percentage of investors reported owning bitcoin. Most reported having little or no knowledge of it, and majorities – regardless of gender or age – expressed limited interest in ever buying it. Since then, the price of bitcoin has grown by over 300 percent, well outpacing the market’s roughly 40 percent increase over the same period.
There is also good news in that while the number of individuals who see bitcoin as high risk remains solid, the figure has fallen during this same three-year period. Initially, those who saw BTC as a “dangerous” asset for lack of better terms stood at around 75 percent, while today, that number has fallen to about 60 percent. There is also much more understanding surrounding BTC, with male investors currently boasting the highest amount of knowledge according to the poll.
Approximately 55 percent of men taking part in the survey said they understood bitcoin. This is up 17 percent from three years ago. Only 24 percent of women claimed to understand BTC, while back in 2018, that number stood at 20 percent.
Young People Have Taken the Lead
The biggest jump came amongst young people, with approximately 62 percent of younger generations saying they understood BTC. This is a 14 percent jump from three years ago. The poll states:
Perhaps as a result, bitcoin is inching closer to general acceptance among US investors, particularly with those under age 50. Not only do 13 percent of these relatively young investors own it, but their familiarity with it and willingness to buy it have risen to majority levels.
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