Bitcoin has emerged as a new investment front. Although accepting Bitcoin is a work in progress, it has numerous uses. Some investors hold Bitcoin for profit, others use cryptocurrency for online transactions.
A new survey by Buckett now gives us a bird’s eye view of the state of bitcoin adoption in the United States. Bucket is a financial services company that focuses on cryptocurrencies. According to the survey, most people have invested in Bitcoin and cryptocurrency for long-term benefits. In this article, we will explore the results of the survey in detail. Let’s search properly
About the survey
The study was commissioned by Buckett and conducted in July 2021 through an online tool. It sought feedback from 2,000 consumers across the United States. The survey aimed at trending the adoption of bitcoin and cryptocurrency over the past six months and the next six months. The researchers used the Census Bureau’s American Community Survey to determine education, gender, age, geography and race.
Bitcoin and cryptocurrency investments
According to the study, %% of respondents have invested in Bitcoin and cryptocurrency in the last six months. A significant number (19%) of investors have invested less than 100 100. Those who have invested more than $ 1,000 make 5%. %% of respondents below %%, which means that most investors in the United States are relatively young.
Most investors in all age groups have invested less than 100 100 in Bitcoin and cryptocurrency. For example, 45% of people aged 45-60 have their own bitcoin and cryptocurrency worth less than 100. The 18-29 age group came in second at 38% and the 30-44 age group came in third at 36%. Only 32% of people over the age of 60 have invested less than 100. .
Interesting features of Bitcoin and Cryptocurrency
Bitcoin and cryptocurrency have different uses. According to the Buckett survey, 58% of Americans have bought Bitcoin or other cryptocurrencies in the last six months as a long-term investment. However, 43% of investors expect short-term returns.
In addition to investing, people have also bought Bitcoin for online transactions. According to the Buckett survey, 24% of respondents said cryptocurrency would enable them to make purchases online. Similarly, 12% of investors personally plan to use cryptocurrency to purchase products and services. Only 11% buy cryptocurrency for the purpose of transferring it to someone else, for example, to pay a friend or family member.
Using cryptocurrency for long-term investments and collecting value is the main reason for investment by all age groups. Long-term cryptocurrency investors aged 18 to 29 and 30 to 44 bought 35% and 36%, respectively, while only 21% of 45- to 60-year-olds bought cryptocurrency for long-term investments. In addition, the survey shows that long-term cryptocurrency investments only appeal to 14% of Americans over the age of 60. Looking at the long-term forecast of popular Bitcoin given by TradingBest, the price of Bitcoin is forecast to reach a maximum of 77 77,221.06 by the end of 2024. Given this fact, young investors may be smarter when it comes to investing in Bitcoin than the older generation.
Despite the frenzy for the huge growth potential of Bitcoin and cryptocurrency, many are not interested in investing in crypto. According to the survey, 25% of people are not interested in investing in Bitcoin and cryptocurrency in the next six months. Crypto investments only apply to 32% of the entire sample. About 43% of respondents have a mild heating approach to this contemporary investment path, but 10% of respondents are “very interested”.
The survey broke the interest in crypto investing by different ages. Crypto investments are most appealing to people between the ages of 18 and 44. However, Americans between the ages of 45-60 show the least interest, with 33% not interested in investing in bitcoin and cryptocurrency.
The most attractive reason to invest in Bitcoin and cryptocurrency is the possibility of long-term return on investment. Lack of fees accounts for 16% of appeals. Other factors, including ease of access, fear of getting lost, lack of centralized control, and so on, have equal application. Investors cite long-term returns on investment as a major factor for crypto investments in all age distributions. Specifically, 34% of people between the ages of 18 and 29 have invested in cryptocurrencies for long-term profits. According to the Buckett survey, the fear of missing out on cryptocurrency investments is a motivating factor for people over the age of 0 missing.
High volatility is a major challenge
Like other investments, bitcoin and cryptocurrency investing is not without its challenges. According to the Buckett survey, too much instability is the biggest challenge, with 2% of respondents combining the problem. Lack of knowledge about where to start is second. Other challenges include high prices and third-party exchanges and a lack of trust in brokers.
In the case of sex, excessive instability was the biggest challenge for men. Women, on the other hand, said where to start is the biggest hurdle. Higher instability was the biggest barrier among all age groups for those over 60 years of age. Veterans claim that not knowing where to start is the biggest barrier to crypto investing.
The level of knowledge of bitcoin and cryptocurrency in the United States
When it comes to investing in bitcoin, people have different understandings. Some people are enthusiastic and follow the Bitcoin news with great interest. As a result, they became well versed in the industry. Others wander in the dark. The Buckett survey sought to find out how engaging Americans are in investing in bitcoin and cryptocurrencies.
According to the Buckett survey, 35% of respondents said they knew nothing about Bitcoin and cryptocurrency. The good news is that 6% of respondents “know a lot.” The rest fall with inadequate knowledge about the industry.
In terms of sex, men are more adept at investing in bitcoin and cryptocurrencies than women. % Of men who “know a lot” are%% more than women.
According to the survey, people between the ages of 30 and 44 know a lot more about Bitcoin and cryptocurrency than all other age groups. On the other hand, 54% of people over the age of 60 know nothing about Bitcoin and cryptocurrency. Therefore, senior citizens are at least informed about crypto investing.
How confident are Americans in investing in cryptocurrencies?
Now, the confidence of investors in investment assets is quite interesting. Although many are not confident, their faith is not shaky. In fact, 39% of respondents are confident about investing in cryptocurrency with different levels of confidence. This means that people in the United States are still unsure where the crypto industry is heading.
The age bond between 18 and 29 is the most confident in cryptocurrency. On the other hand, Americans over the age of 60 have the highest number of people who do not trust cryptocurrencies. Perhaps it relates to the inequality of technical knowledge between the two foundations.
The main factors when choosing a cryptocurrency exchange platform
When it comes to buying Bitcoin, there are numerous exchange platforms to choose from. Indeed, numerous factors play an important role in selecting an ideal platform. According to the survey, the main considerations when choosing a suitable platform are fees and costs. To be precise, consider a 27% transaction fee when selecting a crypto exchange platform. Other considerations include ease of use and whether the platform is controlled. Some people consider different types of currencies and the speed of transactions.
Although fees and costs are the landing factor that determines the choice of platform among men, women choose a platform largely based on ease of use. Currently, Bitcoin is trading at just 50,000. However, you don’t have to buy a complete coin. Crypto exchanges allow people to buy a fraction of bitcoin, depending on the amount you are willing to invest.
Surprisingly, according to the Buckett survey, 39% of respondents do not know that you can buy a portion of Bitcoin, especially women. Although 63% of respondents know that bitcoin is available in part, only 54% of women have this information. Similarly, almost half of respondents over the age of 60 do not know that you can buy part of Bitcoin. This may point to the need to spread awareness about bitcoin investing.
Young Generation is well known in crypto investment and knowledge
The survey sheds light on how the public perceives Bitcoin and cryptocurrency. Surveys show that men are more likely to invest in cryptocurrencies than women. Similarly, the younger generation shows high interest in Bitcoin and other cryptocurrencies. The situation may change for the better depending on how Bitcoin is accepted.
This is a guest post by Jerry Goddard. The opinions are entirely their own and BTC Inc Bitcoin Magazine.