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The number of investors in the U.S. interested in Bitcoin is rising. In fact, a recent study reveals that more than half of investors have expressed interest in the cryptocurrency.
A recent study reveals that 55 percent of U.S. investors are interested in investing in Bitcoin, according to Bitcoin.com. The figure is 19 percentage points higher than last year’s figure.
“This marks a significant increase from the 36% of investors who said they were interested in 2019,” the authors of the report, titled “Bitcoin Investor Study October 2020,” wrote. The study was jointly conducted by Grayscale Investments and 8 Acre Perspective, which investigated the impact of the coronavirus pandemic on the attitudes and perspectives investors have on cryptocurrency.
“Among those who reported investing in Bitcoin, 83% have made investments within the last year, indicating that digital currencies are an increasingly attractive component of modern investment portfolios,” the report said. The finding is consistent with the results of other studies that noted increased cryptocurrency adoption and its acceptance as an investment option.
The study also noted that there was an increase in Bitcoin buying among investors within the past four months, which coincides with the start of the lockdowns ad the social distancing regulations put in place to slow down the spread of the virus.
Based on the study’s findings, 38 percent of those who bought Bitcoin made the acquisition within the past four months. Meanwhile, only 26 percent bought the tokens 5 to 6 months ago and the figure is even lower for those who bought between 7 and 12 months ago at only 19 percent.
“Thirty-eight percent 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,” the report said. The study noted that 63 percent of those who bought BTC were Covid-19 impacted decisions while only 37 percent said that the pandemic was not a factor in their decision to buy the cryptocurrency.
The study also noted that Bitcoin has moved from being a “niche asset class that appealed to a narrow pool of investors” to being a mainstream investment option. “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,” the report explained. “This year, 62% of investors reported that they are ‘familiar’ with Bitcoin, compared to 53% in 2019.”
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