August 4, 2020

Americans invest in bitcoin: 15% of US residents own cryptocurrency

Americans invest in bitcoin: 15% of US residents own cryptocurrency

Finally, Bitcoin and the cryptocurrency market have blossomed after a long two-year wait. At the beginning of this week the main cryptocurrency broke resistance by $ 11,000, driving double-digit growth in the altcoin market.

Trading volume has also grown significantly, but who is buying cryptocurrencies worth billions of dollars? A recent poll provides an answer to this question.

Cornerstone Advisors' new study cameconcluded that 15% of American adults already own bitcoin or other altcoins, with half of new crypto investors arriving in the first six months of 2020.

On average, new investors brought to the marketbitcoin and other cryptocurrencies, more than $ 67 billion spent an average of $ 4,000 each. However, this figure is lower than last year - $ 111 billion and $ 7,000 per person.

The survey says that as of 2019, among the 10 countries in the Americas, investment penetration in digital assets was 15% (the numbers have changed since then).

Americans invest in bitcoin: 15% of US residents own cryptocurrency

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If we talk about sociodemographiccharacteristics, then these are people with a high level of income with higher education. As noted in the survey, nearly 10 out of 10 cryptocurrency buyers in 2020 are men with an average annual income of $ 130,000. Four out of ten have a master's degree or higher (70% have a bachelor's degree or higher).

Next come Millennials aged 25 to 40 (57%) and Gen X (30%):

"Overall, 27% of millennials and 21% of Gen Xs own a variety of cryptocurrencies, as opposed to 7% of Gen Z and 3% of so-called baby boomers."

There is another interesting characteristic: among the owners of cryptocurrencies - 21% of clients of Bank of America. This may be due to the bank's relatively friendly attitude towards cryptocurrencies, which allowed the use of credit and debit cards to buy cryptocurrencies earlier this year.

Americans invest in bitcoin: 15% of US residents own cryptocurrency

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According to Forbes, over 44% of Americans who have invested in cryptocurrency noted that since the onset of the COVID crisis, "their financial well-being has improved."

Americans invest in bitcoin: 15% of US residents own cryptocurrency

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The survey revealed one problem area - only 30% of possible future crypto investors consider themselves “financially literate enough” to purchase cryptocurrencies.

This means that most other people can fall prey to scammers, like during the 2017 ICO boom.

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