Digital asset management firm Grayscale Investments released its latest report on October 27, covering investor behaviour related to Bitcoin (BTC) investments.
- Titled ‘Bitcoin Investor Study’, the report analyzed the degree of mainstream adoption the market has experienced in 2020, as well as the impact of the COVID-19 pandemic on Bitcoin investments
- Among the highlights of the surveys conducted is that over half of US investors are now interested in Bitcoin, at 55% in 2020 compared to 36% in 2019; 83% of investors had invested in the past year
- Nearly two-thirds of respondents (63%) stated that the pandemic was a driving factor in their investment decisions
- Unsurprisingly, younger investors were more interested in Bitcoin, with an average age of 42; the average age of uninterested investors was 49; this is in line with JPMorgan Chase’s report that millennials would be driving adoption
- 65% of investors also displayed interest because Bitcoin could be bought in small, fractional amounts, as opposed to stocks and bonds; this, coupled with 59% incentivized by its potential growth, has spurred most respondents into considering the asset
- There are now 32 million Bitcoin investors in the US, up from 21 million in 2019
- Bloomberg thinks Bitcoin will reach ATH by the end of 2020