Interest in Bitcoin is Increasing
Happy Monday!
Grayscale this past week issues its third annual “Bitcoin investor study” report. Last August they conducted an online survey of 1,000 US consumers aged 25-64 and involved in personal investing in some capacity.
The survey found a marked increase in interest and adoption from prior years, starting most notably in 2020. This is likely due to the inflationary economic environment we find ourselves in and greater understanding of Bitcoin as an investment “store-of-value” asset rather than as a currency for payments.
More than half - 55% - of the survey respondents indicated they had started investing in Bitcoin just over the last 12 months. Of investors that purchased Bitcoin more than 12 months ago, 66% reported they are still holding.
The measured increase in interest was significant among multiple demographics. Notably, older investors (age 55 to 64) represented the single biggest jump in investing interest. They collectively showed a 16% year-over-year increase in the percentage of the audience who would “either definitely or probably consider Bitcoin investment products”. The second largest gain in interest among a demographic was for women, who showed a 6% increase in interest from the year before. Maybe the crypto gods have finally heard my prayers on that one.
While the survey mainly focused on investors’ appetites for Bitcoin, it also found that a significant percentage - 87% - own at least one or more other cryptoassets as well (Ethereum was #1 here, followed closely by Dogecoin…).
More than three quarters of investors - 77% - indicated they would be more interested in investing in Bitcoin if an ETF existed to do so. This puts even more emphasis on the continued fight to bring more ETF products into the US market!
Considering the steep increase in Bitcoin price this year, these survey results don’t come as much of a surprise. This has indeed been a landmark year for Bitcoin, and crypto more broadly - thanks NFTs and Defi! It also helps that crypto users tend to be very happy with types of products and services they can find in the growing crypto industry. Another survey I highlighted back in September found that an astounding 97% of crypto users are “very confident” in the future of digital assets. While overall interest in Bitcoin may be irrevocably tied to the market, users’ reported satisfaction and confidence in the networks themselves should be something with a lot stronger staying power.
Crypto News:
Crypto Chiefs go to Congress for Landmark Hearing (LEARN MORE)
FTX to Seek $1.5B in New Funding Round at $32B Valuation: Report (LEARN MORE)
JPMorgan Gave Away NFTs at an Event This Week. One Is Now Listed for 420 ETH (LEARN MORE)
Crypto Exchange BitMart Hacked With Losses Estimated at $196M (LEARN MORE)
Have a great week!
Shahar
This newsletter is meant for informational purposes only. It is not meant to serve as financial advice. If you are interested in financial advice, please schedule a personal consultation with me, and be sure to read the accompanying disclaimer.
