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Younger investors are becoming increasingly interested in bitcoin, new polling shows.
Among U.S. adult investors with $10,000 or more invested in stocks, bonds or mutual funds, 6% currently own bitcoin – up from 2% in 2018, according to Gallup polling results published Thursday.
Meanwhile, 13% of young adult investors between 18 and 49 own bitcoin compared to just 3% in 2018 while only 3% of those over 50 own the cryptocurrency compared to 1% three years ago.
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U.S. investors are also putting more into Bitcoin, with 8% investing more than $100,000 in the digital coin compared to 2% in 2018 and 6% investing less than $100,000 compared to zero percent in 2018.
Bitcoin is used by nearly 25 million people worldwide and is largely believed to be the most popular cryptocurrency in the world.
Additionally, male investors are three times more active in the bitcoin market (11% ownership) than female investors (3% ownership).
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“Bitcoin ownership can be contrasted with the more mainstream investments U.S. investors rely on,” Gallup director of social research Lydia Saad wrote. “For instance, 84% of investors report having money invested in stock index funds or mutual funds, 67% say they own individual stocks, and 50% have bonds. At 6%, bitcoin ownership is more akin to gold, which 11% of investors say they own.”
A larger percentage of American investors – particularly those between 18 and 49 – are familiar with bitcoin, while female and investors over 50 are not as familiar.
The cryptocurrency has become increasingly popular over the past decade due to its major price bubbles and celebrity recognition. It really caught investors’ attention when it reached about $20,000 value in December of 2017. The coin reached an all-time high of more than $60,000 in April. The coin’s current value sits at more than $32,000, according to Coindesk.
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El Salvador in June became the first country to accept bitcoin as legal tender.
Gallup’s survey of 1,037 U.S. investors, aged 18 and older, was conducted between June 22 and 29. The maximum margin of sampling error is ±5 percentage points with a 95% confidence level, according to Gallup.
