Bitcoin Potential Investors’ Market Increases by 52% to 32 Million in 2020: Grayscale Survey
More than half of US investors are now interested in Bitcoin, up 19% from 36% last year, Grayscale's latest survey revealed.
Interestingly, 83% of these who invested in the digital asset did so within the last year.
The Bitcoin Investor Study for the eventful year of 2020, in which the global pandemic was a key driver of Bitcoin investments, revealed 38% of Bitcoin investors invested within the last four months. Two-thirds of these reported ramifications of COVID-19 to be a factor in their BTC investing decision.
The important driver of interest continues the perception of Bitcoin as an asset offering a large growth opportunity, at 59% this year up from 51% in 2019. Similarly, the ability to start with a small amount is another driver, among 65% of respondents.
82% of those who expressed interest in Bitcoin said they would pursue safe-haven investments during market volatility or economic downturn compared to 38% of those who were not interested in the leading digital currency.
The online survey of 1,000 US consumers between the ages of 25 and 64 was conducted between June 26, 2020, and July 12, 2020.
A Huge Opportunity
The survey further found that the market of potential Bitcoin investors has increased to 32 million compared to 21 million a year ago. Bitcoin is basically moving towards mainstream acceptance as familiarity with BTC increases from 53% in 2019 to 62%. Almost half of them believe it will be mainstream by the end of the current decade.
However, the common characteristics of investors interested in Bitcoin remain consistent with last year as “the more formal education an investor has, the more likely they are to invest in Bitcoin.”
Still, there are twice as many (31%) male investors as females (15%). However, female investors that would consider bitcoin investment are up 4%, with 66% of those women interested in BTC would be more open to investing if they see evidence of a strong performance track record.
“The fact that the majority of current and potential Bitcoin investors haven’t even reached their prime earning years yet, coupled with the $68 trillion wealth transfer set to take place over the next 25 years, reveals a potentially huge opportunity for those who see the possibility for long-term growth in Bitcoin,” concluded Grayscale.