A recent survey has revealed Bitcoin has gained traction with younger U.S. investors in terms of awareness, interest, and ownership over the past three years.
The study conducted by global analytics and advice firm Gallup revealed that the number of investors in the U.S. holding BTC has jumped from 2% in 2018, to 6% as of June 2021. The research defines “investors” as adults with $10,000 or more invested in stocks, bonds, or mutual funds.
It also reported that Bitcoin ownership among investors surveyed aged under 50 has more than trebled over the past three years to 13% from 3% in 2018. Unsurprisingly, it revealed ownership was much lower at just 3% for the over 50s group of investors, though this has also increased three-fold from 1% in 2018.
The researchers noted that Bitcoin’s relatively modest ownership can be contrasted with more mainstream investments. The survey revealed that 84% of the investors polled reported having invested in stock index funds or mutual funds, while 67% said they owned individual stocks, and 50% have bonds.
“At 6%, Bitcoin ownership is more akin to gold, which 11% of investors say they own.”
The results of the poll come from the Gallup Investor Optimism Index survey conducted between June 22 and 29, 2021, among 1,037 investors in America aged 18 and older. The sample for the study was weighted to be demographically representative of the U.S. adult population with a maximum margin of sampling error of ±5%.
Other findings reveal that the risk perception associated with Bitcoin has declined over the three-year period. Nearly all investors surveyed perceived BTC to be a risky investment, however, the percentage calling it “very risky” has declined from 75% to 60%. Most of the remaining 35% now consider it to be “somewhat risky,” while just 5% think it carries no risks.
Gallup concluded that large investments in Bitcoin by well-known companies such as Tesla, Square, and Morgan Stanley may be giving it more mainstream credibility.
A similar survey that polled institutional investors in May and June revealed that more than 80% of hedge fund executives and wealth managers surveyed that are already holding crypto assets intend to increase their holdings.