Digital currency Asset Manager Grayscale Investments’ latest ‘Bitcoin Investor Study’ found in its survey that more than half (55%) of its US-based respondents are interested in investing in bitcoin in 2020 and that nearly half of those surveyed predicted that digital currencies were heading for mainstream adoption by the end of this decade. In fact, the market of potential bitcoin investors was said to be 32 million strong—compared to last year’s 21 million investors:
This year, 62% of investors reported that they are “familiar” with Bitcoin, compared to 53% in 2019.
Another important aspect of the study found that the coronavirus pandemic was a key driver of bitcoin investments this year. Covid-19 had driven 63% of respondents into buying BTC, according to the study. With regard to the influence of the pandemic on Bitcoin investment products among the respondents:
Three times as many investors indicated that COVID-19 had increased Bitcoin’s appeal as those reporting that the pandemic had diminished their interest in it.
Moreover, a majority of bitcoin investors made allocations within the last 12 months, with 38% of respondents investing in BTC in the last four months – 26% five to six months prior, and 19% seven to 12 months ago.
Image Source: Grayscale, Bitcoin Investor Study
Other than COVID-19 being a factor in BTC buying decisions, the Grayscale study suggested that digital currencies were an “increasingly” attractive component of “modern investment portfolios,” with 83% of respondents having made BTC investments within the last year.
The survey pointed out that among its respondents, the investors interested in bitcoin were younger with an average age of 42, and that the BTC interested investors “looked similar” to the “average” U.S. investor. On a specific note, the biggest proportion of bitcoin investors was between the ages of 25 and 34, a demographic “yet to enter their prime earning years.”
On the other hand, among respondents aged 55-64, 40% were familiar with bitcoin and only 30% would consider investing in the premium crypto. Furthermore, among older respondents, 81% thought bitcoin was too volatile, while 84% said it was too risky for their investment interests.
At the time of writing, BTC was worth $13,584.85 with prices being up 4.7% in the last 24 hours.
