Bitcoin, Blockchain & Cryptocurrency News

Categories: Bitcoin

Research: Investors’ Interest in Bitcoin (BTC) has Surged in 2020 Amid COVID-19 Crisis

Grayscale’s latest “Bitcoin Investor Study” has shown that the number of people interested in pumping in their hard-earned money into bitcoin (BTC) has increased significantly in 2020, as compared to last year.

Bitcoin Getting Closer to Mainstream Adoption

It’s no news that 2020 has been a relatively good year for bitcoin (BTC), the world’s flagship cryptocurrency, as a plethora of institutional investors, including global payments giant PayPal, and others have joined the movement.

However, if the latest reports are anything to go by, bitcoin may just be on its way to attaining mainstream adoption, as more and more investors are now seeing the super volatile digital asset in a positive light and are willing to buy bitcoin with their hard-earned money.

Per sources close to the latest development, Grayscale, a leading cryptocurrency asset management firm, has revealed the result of its Bitcoin Investor Study, which shows that bitcoin has become the preferred investment vehicle for the majority of investors due to COVID-19 induced economic uncertainties.

Specifically, the firm has revealed that 55 percent of its survey respondents residing in the United States expressed their interest in buying bitcoin in 2020. The data also shows that the total number of bitcoin investors in the U.S. alone increased to 32 million this year, an 11 million increase as compared to last year’s 21 million investors.

Interestingly, almost half of respondents said they are optimistic that bitcoin and other cryptocurrencies will gain mainstream adoption by the end of the decade.

Educated People More Likely to Buy Bitcoin

Notably, the survey also found out that individuals who had attended college or have a university degree are more open to investing in bitcoin, with 59 percent of investors interested in the digital asset due to its low barrier to entry, as well as its potential as a growth asset.

While bitcoin is fast gaining popularity among the younger generation, the survey shows that only 40 percent of people between the ages of 55 to 64 are familiar with bitcoin and just 30 percent of those in that age bracket would consider investing.

81 percent of those between ages 55 and above said bitcoin is too volatile, while 84 percent stated that the digital asset is too risky for them.

At press time, the price of bitcoin is up by 3.63 percent in the 24-hour timeframe, trading at $13,636, with a market capitalization of $253 billion, as seen on CoinMarketCap.

Published by
Ogwu Osaemezu Emmanuel

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