Grayscale Investments, a digital currency asset manager, recently published a survey highlighting the sentiments surrounding Bitcoin in America. More investors seem to be jumping on the Bitcoin train, even with the price now trading above $13,000.
The result of the survey shows that about 55% of U.S investors are interested in Bitcoin investment, which is a significant increase compared to the 36% of investors who were interested in Bitcoin in 2019.
In addition to the survey results from Grayscale, other signs also contribute to the increase in Bitcoin interest. According to Google Trends, there has been a tremendous increase in searches for the term “Bitcoin.” Though these searches are still below their peak for the year, it shows that Bitcoin knowledge is also increasing.
The progress so far could be because Bitcoin is getting more mature as an asset class. The CEO of Galaxy Digital, Mike Novogratz, also thinks that Bitcoin (on a risk-adjusted basis) is a better bet today, as it is being de-risked daily.
Grayscale went further to highlight some of the factors that discourage people from plunging into digital assets. Some of the issues include high volatility, risk, scams, etc. The risk pendulum may be moving in the opposite direction, as JPMorgan confirms that Bitcoin is a better alternative investment to gold.
The source of Grayscale’s report
Meanwhile, the numbers from Grayscale’s report came from the data compiled by 8 Acre Perspective, a research company. The company inquired about Bitcoin investment interest from 1,000 U.S citizens within the range of 25 – 64 years, with minimum household earnings of $50,000 and a minimum of $10,000 of capital at their disposal for investment. Grayscale’s 2019 survey also focused on 1,100 Americans under the same monetary and age requirements.
Among those who reported interest in Bitcoin Investment, about 83% have made investments within the previous year, showing that cryptocurrencies are a vital component for modern investment portfolios. The survey result also shows that the market of potential Bitcoin investors has increased from 21 million investors in 2019 to 32 million investors this year.
Although the Covid-19 pandemic must have contributed to the increase in Bitcoin interest, many crypto investors are optimistic that cryptocurrencies will be regarded as mainstream by the end of the current decade.