New Clovr Crypto Survey: “Average American Bitcoin Enthusiast is a Young, Rich Man”

According to a fresh survey released by Clovr, a blockchain oriented research firm, the average American Bitcoin investor/ enthusiast is a “rich, young male” who most likely lives in an “affluent neighborhood”. Not only that, the survey also claims that most of these individuals are “well off” and earn an annual salary of more than $75,000.

The aforementioned study was carried out with the help of 1000 volunteers residing within the various regions of the U.S. The findings clearly show that the blockchain market is dominated by “young men” as well as a lot of millennials who believe that cryptocurrencies are primarily “short-term profit avenues”.

Other key findings of the survey include:

  • Most young investors still don't see cryptocurrencies as being viable mediums for daily transactional purposes.
  • Only 75% of the thousand interviewed people said that they knew about the “technical side” of Bitcoin and its underlying technological framework.
  • 70% of the surveyed population said that they feel quite uncertain about the future of cryptocurrencies— especially since this domain is subject to so much daily economic volatility and price swings.

Lastly, as per the study, nearly 40% of the interviewed investors said that they entered this market space (irrespective of the volatility situation) because of the Fear-of-Missing-Out (FOMO). Not only that, the survey also points out that the main reason why this market is so male dominated is because “women are less willing to take risks”.

Final Take

Even though the aforementioned survey clearly shows a rising interest from the masses towards the crypto sector, for currencies like Bitcoin, Ethereum to really thrive today, it is of great importance that people start see these altcoins as viable replacements for traditional fiat assets.

In relation to this matter, Mike Cribari, the co-founder of Clovr previously stated in an interview:

“It’s hard for people to understand things like private keys and transfers. People need to be able to use cryptocurrencies more for things like buying their lunch.”

With the launch of Bakkt and ErisX now on the horizon, it would not be surprising if Bitcoin adoption/use increases substantially in the coming few years.

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