Americans Bullish on Bitcoin Investments

Julija A. Image
ByJulija A.
October 02, 2019

Despite recent plunges in value, Americans are still looking to invest in Bitcoins.

According to a recent Crypto Radar survey, 6.2% of Americans already own Bitcoins, and 7.3% are planning to buy it in the future. 

Crypto Radar conducted the survey online, collecting responses from 5,000 people aged between 18 and 65. This is what they asked:

What's your stance regarding Bitcoin investing?

  • I do NOT own any. NOT Planning to buy any.
  • Never heard of Bitcoin before.
  • I do NOT own any. Planning to buy some.
  • I own some. NOT planning to buy more.
  • I own some. Planning to buy more.

In response, 64.8% said that they neither own nor plan to invest in Bitcoin. When demographic filters are applied, the number increases for members of older generations — 68.8% of respondents aged between 55 and 64 don’t own or plan to own Bitcoin, and 74.3% of those aged over 65 aren’t crypto fans.

Given the volatility of digital currencies, a lot of people are still very reluctant to invest in Bitcoin. Given the troubles and economic instability brought on by the US China trade war and impending global recession, Americans are looking for investments that are less risky, not more. Those who are in their golden years are unlikely to purchase Bitcoin without knowing what the future will bring. 

The survey also indicates that 21.8% of people have never heard of Bitcoin in the first place. The number is slightly higher for female respondents: 24.6% of women say they have never heard of Bitcoin. For women between 45 and 54 years of age, the number is even higher — 29.6%. 

This is bad news for the crypto world. If they want to draw in more female investors, they will have to educate women about the benefits and drawbacks of cryptocurrencies. 

Out of everyone surveyed, 7.3% stated that they plan to buy Bitcoin in the future even though they don’t own any at the moment. The number rises to 8.8% among those aged between 25 and 34. Exclude women and the number is even higher: 11.6%. Given that this is a very young demographic with disposable income and established careers, it’s normal for them to be more willing to make risky investments compared to other age groups. A highly volatile investment like Bitcoin has a lot of potential to pay off in the long run even if current trends are downward. 

"Despite its enormous volatility, Bitcoin is a very attractive investment for those investors, especially younger investors, who are willing to ride the volatility to potential future gains," stated Terry White, head editor at Crypto Radar.

You can find the rest of the numbers here.
About author

Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.

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