With all the news surrounding cryptocurrency lately, most people have at least heard of Bitcoin by now. However, out of those who are in the know, a very small percentage is actually investing in the digital money.
According to a joint Global Blockchain Business Council and SurveyMonkey poll, around 60 percent of Americans have either heard or read about the world’s biggest digital currency. Over 5,700 people participated in this survey, which was conducted back in January. Interestingly, only 5 percent of those who participated in the survey admitted to actually owning any Bitcoin.
Out of the people who had invested in Bitcoin, there was a consistent demographic. A majority of the Bitcoin owners were male, making up 71 percent of the group, and 58 percent of that group was young, with their ages ranging from 18 to 34 years old. Minorities made up almost half of the group of Bitcoin owners.
When questioned about their reasoning for purchasing the digital money, the investors shared that a lack of trust in the government, combined with opportunity for return were the main factors. Around one-third of Bitcoin owners said that they purchased the digital currency as a way to avoid government regulation, with 24 percent stating that they trusted Bitcoin more than the U.S. government. Two in 10 viewed it as a hedge against the collapse of traditional assets. Futhermore, over 60 percent believed that buying the digital currency was a growth investment.
That Bitcoin investment ended in a big payoff last year, with the currency rising in value over 1,400 percent. However much of Bitcoin’s gains in value from last year have fallen off since the start of the new year. Bitcoin now sits closer to $11,500, according to Coinmarketcap.com.
Lastly, around 70 percent of the people surveyed felt that the value of Bitcoin would continue to rise considerably in the next five years, and 41 percent of the Bitcoin investors agreed with this statement.