A new survey from polling firm Gallup, on behalf of bank Wells Fargo, has shown that only a small number of individuals in the U.S. have invested into cryptocurrency and Bitcoin. Despite a limited sample size, the findings highlight the rise in price potential if Bitcoin becomes mainstream and sees millions of new investors.
Americans staying cool on bitcoin
The survey revealed that, from almost 2,000 people, only two percent of investors said that they presently own Bitcoin. Under one percent said that they intend to buy it in the near future. While the majority of investors said they are uninterested in ever purchasing Bitcoin, 26 percent confessed that they are intrigued but not enough to buy it anytime soon.
However, people may become more interested in investing in the digital currency rather than buying Bitcoin stocks outright, as it’s an option that fewer people will be aware of. Some individuals have become millionaires and even multi-millionaires thanks to having invested in certain Bitcoin-accepting companies at the right time, such as Microsoft Corporation, PayPal, and Square. The latter sold $34 million worth of Bitcoin in this year’s Q1 alone.
Gallup said that Bitcoin is enjoying an upswing after this year’s crash, causing some people to say that its bubble will burst, while others argue that its value is bound to accelerate, as it’s almost inevitable that it will be adopted by a greater number of merchants.
The volume of Bitcoin exchange has fallen in 2018 after last year’s massive surge. A single Bitcoin price now sits at just over $8,000, approximately a $6,000 rise from this time last year.
Yet to make its mark with key investors
Gallup found that Bitcoin has failed to make any significant stride with any of the major subgroups of U.S. investors. Only three percent of men, one percent of women, three percent of those aged from 18 to 49, and one percent of those age 50 and above are reported to own it.
While it’s more common for wealthier investors to own Bitcoin, only three percent of those on a salary of at least $90,000 report owning bitcoin. Less than one percent of lower-income investors claimed to have bought the digital coin.
Those who took part in the Gallup poll were adults in the U.S. with at least $10,000 invested in either mutual funds, bonds, or stocks, and within or outside from a retirement savings account.
A separate study published earlier in 2018 from Finder.com found that eight percent (approximately 26 million people) in the U.S. have bought cryptocurrency.
JPMorgan Chase & Co believes that Bitcoin exchange-traded funds (ETFs) are the main ingredient that could lead to millions of casual investors showing an interest in Bitcoin. Bitcoin ETFs would result in greater integrity for digital assets, easier access, and higher liquidity.