Throughout this year, the interest of institutional investors has been increasing in the world’s largest digital currency by market cap Bitcoin (BTC). However, Bitcoin became even more attractive and appealing to the investors of the United States due to the COVID-19 pandemic, according to a new survey conducted by the cryptocurrency asset management firm Grayscale Investments.
Over half of the US Investors have an interest in Investing in Bitcoin
Grayscale Investments conducted an online survey between June and July 2020. In the survey known as “Bitcoin Investor Study”, around 1000 consumers from across the United States participated. The survey reveals that the interest of US investors in Bitcoin has been growing throughout the year 2020. According to the Grayscale Survey, 55 percent of the total respondents revealed their interest in investment products of Bitcoin. This shows that over half of the US investors have an interest in Bitcoin. This represents an increase of 19 percent from that of the 2019’s survey which noted that only 36 percent were interested in the top-ranked digital currency.
Also read:The COVID-19 pandemic is said to be the major driving factor behind this growth of investors in Bitcoin. As per the survey, 63 percent of the respondents said that their decision of making an investment in Bitcoin was impacted by the Coronavirus pandemic. On the other hand, 39 percent of the participant said that the global pandemic made Bitcoin more appealing to them.
Source: Grayscale Investments
83 percent of the respondents said that they made investments in Bitcoin within the duration of the past twelve months out of which 38 percent made allocations of Bitcoin within the time frame of the last four months. While on the other hand, 26 percent of them said to have bought BTC within five to six months ago.
It has also been unveiled in the survey that Bitcoin saw a significant increase in the number of US investors rising from 11 million to 32 million. In the year 2019, this number stood at 21 million. Another interesting finding of this survey was that over half of the investors said that the leading digital currency is now heading toward becoming mainstream and will achieve this milestone by the end of this decade.
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