Number of Bitcoin investors under 50 quadrupled since 2018
A Gallup survey found that 13% of investors under 50 in the US now hold Bitcoin
In the US, 6% of investors now own Bitcoin – a threefold increase from 2018. That’s according to a poll by Washington, D.C.-based analytics company Gallup, who published the results yesterday.
The research was conducted in June as part of the second-quarter Gallup Investor Optimism Index survey and polled American adults with at least $10,000 invested in stocks, bonds or mutual funds.
The largest increase in Bitcoin investing was among the under 50s, 13% of whom now own Bitcoin, compared with 3% in 2018. There’s certainly more Bitcoin acceptance among younger investors, with just 3% of those over 50 currently holding it – up from 1% three years ago.
There is also a gender divide, with the proportion of men owning Bitcoin nearly four times higher than that of women.
On top of those who already hold Bitcoin, a further 2% said they would probably buy it in the near future, while just over a third admit to being intrigued by Bitcoin without plans to purchase anytime soon. What’s more, investors with no interest in ever buying Bitcoin have fallen from 72% in 2018 to 58% this year, and just 38% for the under 50s.
One of the biggest obstacles to adoption of this new asset class is its perceived risk, but the research shows that this too is falling. While three quarters of investors considered Bitcoin very risky in 2018, that figure is now 60%. However, less than half of investors under 50 hold this view.
Interestingly, the proportion of women who think Bitcoin is very risky is two percentage points lower than that of men, even though significantly fewer women have invested in it.
The trend of increasing interest in and adoption of cryptocurrencies isn’t confined to retail investors. Earlier this week, it was revealed that a survey by Fidelity Digital Assets had shown 70% of institutional investors anticipate investing in digital assets at some point in the future.
This rising institutional interest is likely a factor in the increasing confidence in Bitcoin among retail investors, especially with companies like Tesla hitting the headlines. The ease of access through the growing number of exchanges could also be important.
Although stocks, bonds, and mutual funds are still the dominant investment types, Bitcoin is inching ever closer to acceptance and young investors are leading the way.
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Alice Leetham, @KhareemSudlow