Perhaps the most powerful statistic that illustrates BTC's rising popularity is this: 55% of current investors began purchasing crypto for the first time within the past 12 months.
Some 26% of Americans now own Bitcoin, according to a new report by Grayscale Research.
That's compared with 23% in 2020, and comes as demand for BTC "has risen tremendously" following a dramatic bull run.
Despite the world's biggest cryptocurrency being prone to wild price fluctuations and unexpected bouts of volatility, it seems many investors have been determined to ride out any downturns. The report says:
"Most of these investors are 'hodling,' with approximately 66% of those who purchased Bitcoin more than 12 months ago still owning it today. Of the investors who have sold, 91% have sold at least some Bitcoin at a profit."
Perhaps the most powerful statistic that illustrates BTC's rising popularity is this: 55% of current investors began purchasing crypto for the first time within the past 12 months.
All of this comes as perceptions of Bitcoin continue to change — with the digital asset shrugging its image as a fad.
As of 2021, 59% of investors say they definitely or probably would consider gaining exposure to Bitcoin, while 15% are against. But just compare that to 2019, when 36% were highly likely to invest in BTC, with 34% definitively saying that it wasn't for them.
However, Grayscale's research indicates that Bitcoin isn't being regarded as a currency for making everyday purchases — but a store of value.
And although influencers on Crypto Twitter regularly urge their followers to keep ahold of their BTC come rain or shine, 60% of investors told Grayscale that they have sold at least some of their crypto at one point — with a whopping 91% making a profit in the process.
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Fascinating Trends
Bitcoin is often regarded as a gateway that introduces investors to other cryptocurrencies — and indeed, 87% of those polled by Grayscale say that they have exposure to altcoins. Ether, Dogecoin, Litecoin and Cardano are the most popular choices.
The report also paints a picture of Americans being keen to learn more about how cryptocurrencies work. Interestingly, attitudes toward how risky BTC is haven't really changed over the past two years. On a scale of 1 to 10, with 1 being "very low risk" and 10 being "very high risk," BTC is given a score of 7.6 in Grayscale's 2021 report — exactly the same as in 2019.
Describing 2021 as a "pivotal year" for Bitcoin acceptance, Grayscale says the cryptocurrency has managed to remain in demand despite facing "seemingly insurmountable hurdles," adding:
"Investors have demonstrated not only a willingness but a desire to make room for Bitcoin in their portfolios. In addition, Bitcoin acceptance has become a cross-generational phenomenon, with baby boomers increasingly interested in gaining exposure to Bitcoin investment products."
A total of 1,000 American consumers were polled in August.
