Gallup says the world's biggest cryptocurrency is inching closer to general acceptance among U.S. investors.
The number of U.S. investors who own Bitcoin has trebled over the past three years, according to new research.
Gallup says 6% of adults who have $10,000 or more invested in stocks, bonds or mutual funds now have exposure to the cryptocurrency, compared with 2% in 2018.
This rise has been fueled by younger investors aged 18 to 49. Over this time, ownership among this age group has risen by 10 percentage points.
Men are more likely than women to have bought Bitcoin, something that chimes with the state of the cryptocurrency sector overall.
According to Gallup, the potential market for Bitcoin among existing investors has also expanded over the past three years.
Beyond the 6% who already own BTC, a further 2% say they’ll probably buy it in the near future. Meanwhile, 34% say they are intrigued by this asset class but have no plans to buy it any time soon.
All of this means that 58% of U.S. investors currently have no interest in buying Bitcoin. Although this figure is high, it’s worth noting this is down from 72% in 2018.
Times Are Changing
Bitcoin’s dramatic three years, including the recent bull run, has helped contribute to rising awareness about cryptocurrency.
Some 38% of investors now say they know something about BTC or other cryptocurrencies, compared with 29% in 2018. Gallup concluded:
“Three years ago, a very small percentage of investors reported owning Bitcoin, most reported having little knowledge of it, and majorities regardless of gender or age — expressed limited interest in ever buying it. Since then, the price of Bitcoin has grown by over 300%, well outpacing the market's roughly 40% increase over the same period.”
It said Bitcoin is now inching closer to general acceptance among U.S. investors, but serves as a complementary investment to traditional securities rather than a replacement.