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Survey- 46 million Americans now own Bitcoin
May, 15 2021
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A survey held by bitcoin financial services firm New York Digital Investment Group (NYDIG) has disclosed
that around 46 million Americans have invested in bitcoin. This was updated as
of 12, May’21. It is about 17% of the adult population.
In that survey, 53% of
participants said that they didn't own digital assets but 55% of participants
said they would consider adding cryptos to their portfolio.
The survey highlights the
increasing acceptance of cryptocurrencies, as shown by major investors such as
Tesla's Elon Musk and Twitter's Jack Dorsey. They were snapping up Bitcoin and
Wall Street firms proposing ways for top clients to join in in the market.
Do the survey outcomes recommend
a market boom?
People have a basic query
regarding this survey that the market goes up by this news. It is impossible or
at least tough and maybe imperfect, to measure market psychology. If large
numbers of people go into an investment without first checking it out does that
advise a smart strategy? Or else is it yet another indicator of FOMO, Fear of
Missing Out?
The survey has shown amazing
interest in Bitcoin. Around half the participants said they want to receive
some or all of their insurance benefits in Bitcoin. Just about 90% said they
had some interest in insurance or pension products that have at least some
secondary link to Bitcoin.
It is yet unclear how, or if,
this might affect the investment judgment of major insurance carriers.
Normally, insurance companies stick to the basics and diversify the risk across
numerous asset classes to make returns for the clients.
The survey inquired how
participants would feel if their insurance carrier invested less than 2% of its
cash in Bitcoin. 43% told that such an allocation would be suitable, while 42%
told it might be ok and only 15% told they didn't like the idea.
The survey involved a national
sample of 1,050 U.S. consumers with a yearly income of at least $50,000. Data
were weighted for race, age, sex, education, and geographic location. It
was applied by the Census Bureau's American Community Survey to track the
demographic alignment of the United States.
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Shivangi Mujumdar
CBW - External Analyst
INDIA
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