Three times more Americans are holding bitcoin than three years ago, a recent Gallup survey found. But while 75% of those surveyed called bitcoin "very risky" in 2018, that number has fallen to 60% in 2021.
"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," Gallup said. "Since then, the price of bitcoin has grown by over 300%, well outpacing the market's roughly 40% increase over the same period."
Gallup found that 6% of U.S. investors –– defined as adults with $10,000 or more invested in stocks, bonds, or mutual funds –– say they own 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 diffused among older investors, aged 50 and older, with 3% now saying they own it up from 1% three years ago.
Gallup also found other demographic differences. Male investors are over three times as active as female investors in the bitcoin market, with 11% and 3% now owners, respectively. They also claimed to understand Bitcoin more, the survey found, with 55% of male investors compared to 24% of female investors reporting familiarity.
"Perhaps as a result, bitcoin is inching closer to general acceptance among U.S. investors, particularly with those under age 50," the report said. "Not only do 13% of these relatively young investors own it, but their familiarity with it and willingness to buy it have risen to majority levels."
This may be the case because younger people are usually quicker to adopt new technology. However, Bitcoin also has such a steep learning curve that studying and understanding it is commonly referred to as "falling down the Bitcoin rabbit hole." Naturally, it takes time for new entrants to fully grasp what Bitcoin is, how it can improve humanity, and the things it can––and cannot––fix. But as more people fall down the Bitcoin rabbit hole, more will society come to understand the benefits of holding onto the best form of money ever created because, after all, holding Bitcoin is saving.