Most people have heard of Bitcoin, but only a small portion has them.
According to a joint Global Blockchain Business Council and SurveyMonkey poll of almost 6,000 adults conducted this month, 60% of Americans have heard or read about the world’s largest cryptocurrency. From those, only 5% own the digital coin.
Bitcoin investors are of a consistent demographic. 71% of them are male. 58% are young, between the ages of 18 and 34 years old. Nearly half of them are minorities.
When asked why they bought bitcoins, they answered that a combination of a lack of trust and an opportunity for return were the main reasons. 1/3 of Bitcoin owners said it was a means to avoid government regulation. Interestingly, 24% also said they trust Bitcoin more than the U.S. government in a separate question. 20% saw it as a hedge against crashes in traditional assets. More than 60% also said that buying the digital coin was a growth investment.
Last year, the investment largely paid off. The cryptocurrency went up more than 1,400% in 2017, reaching a high of more than $19,500 last December. But much of that gain has been given back — Bitcoin has fallen by almost half since December, now trading near $11,000.
