We all have heard about the cryptocurrency phenomenon and how Bitcoin’s market cap had increased in value by 1,400% in 2017. There was madness everywhere and some experts claim it can keep going up to $50,000 this year despite the recent bearish market that has affected the whole market cap.
How many Americans own Bitcoin?
According to a recent survey by SurveyMonkey and Global Blockchain Business Council (GBBC) has provided us with a report on what the average American thinks about Bitcoin, in addition to what type of person decides to make the digital currency part of their portfolio. 5,761 adults were polled about their attitudes toward Bitcoin. According to the survey, more and more people are starting to realize Bitcoins potential, but not many people have taken the action to dive into the world of cryptocurrency investments.
Only 6% of Americans own Bitcoin.
Of the 5,761 people who took part in the survey, nearly 58% said they had heard or read about bitcoin, which is up significantly from a similar survey in 2013, which found that roughly 25.3% of Americans were somewhat familiar with the digital currency back then.
The majority (71%) of the bitcoin holders from the survey were male, while a significant number (58%) of them were between the ages of 18 and 34 (millennials).
How do the surveyors use Bitcoin?
63% see it as a growth investment
40% want to support the development of blockchain technology
33% use it to avoid government regulation
28% see it as a store of value
22% use it as hedge against potential price crashes in traditional assets
What is interesting about the survey is that more people trust the Bitcoin protocol (24%) then their own government (17%). Bitcoins whole purpose is to create a decentralized entity without a central ban. If people are putting their trust more on the blockchain than their own government, Bitcoin is headed right towards their mission.
As the market stabilizes and more people start to learn about Bitcoin, will we start witnessing more bitcoin purchases from the average American?