A Report From Grayscale Says That Interest in BTC Investing Has Increased by 19%
On Oct 30, 2020
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Grayscale Investments, the world’s largest digital currency asset manager, recently published its “2020 Bitcoin Investor Study.” The result of the study stated that more than half of US investors are interested in Bitcoin (BTC). The report used data from a digital survey conducted between June and July 2020.
Released Tuesday, the study also revealed that the COVID-19 global pandemic has made BTC even more attractive to investors.
Investors’ Growing Interest In Bitcoin
On October 27, crypto investing firm Grayscale Investments released the firm’s second annual report of investor perceptions, interests, and reservations about investing in Bitcoin. The figures in the Grayscale report come from data compiled by research firm 8 Acre Perspective. Grayscale and the 8 Acre Perspective collaborated to study the impact of the pandemic on investors’ attitudes towards BTC. The study revealed that more than half (55%) of US investors are interested in buying Bitcoin in 2020. Compared to the previous year, the results increased by 19%, showing a “significant increase”.
The study summarized the views of 1,000 American investors about Bitcoin. The surveyed group were individuals aged between 25 and 64, with a minimum annual household income of $ 50,000 and a minimum capital of $ 10,000 for investment. Similarly, Grayscale’s 2019 report used data from a survey conducted with 1,100 Americans with the same income and age parameters.
This year, 62 percent of investors reported being ‘familiar’ with Bitcoin, compared to 53 percent in 2019. According to the report, university-degree participants are more likely to invest in Bitcoin.
COVID-19 Has Made Bitcoin More Attractive
The survey by the Grayscale Investments indicates that the COVID-19 pandemic has made Bitcoin even more attractive to investors. According to report, the global pandemic was a key driver of Bitcoin investment in 2020. The study reveals that 83% of respondents have invested in Bitcoins in the past year. Almost half of them predicted that digital currencies would be mainstream by the end of the year.
“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. 38% 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 study stated.
The report’s findings show that Bitcoin is growing in popularity in the US. The total number of BTC investors has increased by 11 million compared to 2019. The market for potential bitcoin investors is nearly 32 million in 2020. 65% of research participants said that having the option to purchase small amounts of BTC made them feel more confident to enter the market. This figure has increased by 6 points since 2019 (54%).