Three times more Americans hold bitcoin than three years ago, according to a recent Gallup poll. But while 75% of those polled called bitcoin “very risky” in 2018, that number has dropped to 60% in 2021.
“Three years ago, a very small percentage of investors reported owning bitcoin, most said they had little knowledge of it, and the majority – regardless of gender or age – expressed limited interest in it. ‘buy it,’ Gallup said. “Since then, the price of bitcoin has risen by over 300%, far exceeding the market increase of around 40% over the same period.”
Gallup found that 6% of U.S. investors – defined as adults with at least $ 10,000 invested in stocks, bonds, or mutual funds – report owning bitcoin. That figure was only 2% in 2018. But for investors aged 18 to 49, the move was steeper, more than quadrupling to 13%. Bitcoin is much less common among older investors, aged 50 and over, with 3% of them stating that they own it compared to 1% three years ago.
Gallup also found other demographic differences. Male investors are more than three times as active as female investors in the bitcoin market, with 11% and 3% respectively now owners. According to the survey, they also claimed to have a better understanding of Bitcoin, with 55% of male investors versus 24% of female investors reporting familiarity.
“Perhaps as a result, bitcoin is moving closer to general acceptance among US investors, especially those under the age of 50,” the report says. “Not only do 13% of these relatively young investors own it, but their knowledge and willingness to buy it has reached majority levels.”
This may be the case because young people tend to adopt new technologies more quickly. However, Bitcoin also has such a steep learning curve that its study and understanding is commonly referred to as “falling into the Bitcoin rabbit hole”. Naturally, it takes time for new entrants to fully understand what Bitcoin is, how it can improve humanity, and the things it can – and cannot – fix. But as more people fall into the Bitcoin rabbit hole, society will understand more about the benefits of holding onto the best form of money ever created because, after all, holding Bitcoin is saving.