Cryptocurrency News

6.2% of Americans Own Bitcoin but 21% Have Never Heard of it, New Study Finds

A recent study involving over 5,000 Americans collected interesting data on Bitcoin ownership. Over 21% of participants said that they had never heard of it, while 7.3% did not own any at the time but were planning to buy. 6.2% of all participants reported that they had already purchased some.

Results of the Study

Over 5,000 Americans aged 18 to 65 were asked about their stance on investing in Bitcoin. The possible answers were five, namely:

• I do NOT own any and am NOT planning to buy any.
• I have never heard of Bitcoin before.
• I do NOT own any but am planning to buy some.
• I own some and am NOT planning to buy more.
• I own some and am planning to buy more.

The first response was the most frequently selected. Over 64% of participants stated that they didn’t have any Bitcoin and did not plan to purchase any. However, it’s worth noting demographics as well. Most people answering this way were between 55 and 64 years old – almost 69%. That number goes to over 76% when only males are considered.

21.8% of all voters stated that they had never heard of Bitcoin. The number becomes higher when gender is considered. Almost 30% of females between 45 and 54 years old acknowledged a lack of knowledge of the largest crypto by market cap.

More people plan to invest in Bitcoin than already own some – 7.3% versus 6.2%. Those numbers also change when we separate out voters by their age and gender. The younger someone is, the more likely they are to invest or plan to invest in Bitcoin. 11.6% of males between 25 and 34 years old indicated as much. However, of the 6.2% of participants who claimed to already own some Bitcoin, 3.5% said that they were not planning to buy more.

Previous Crypto-Related Polls

CryptoPotato has covered other polls regarding people’s engagement in cryptocurrency investment.
A majority of voters in one survey claimed that less than 10% of their friends were holding any crypto. Considering the price surge in 2017 and all the media attention, that number was less than expected. On the other hand, it means there is plenty of room to grow.

Another Twitter poll from earlier this year showed that for almost half of all traders, at least 60% of their portfolios were comprised of altcoins. While this appears to be a riskier endeavor, the poll took place in April when altcoins were experiencing significant price increases. Historically, when Bitcoin’s dominance has increased, people tend to reallocate their holdings rather than hold on to their altcoins.

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