We conducted a survey asking 5,000 US respondents about Bitcoin ownership. We used Google Surveys and targeted males and females between the ages of 18 to 65+ from coast to coast. We asked the following question with several possible responses:
What’s your stance regarding Bitcoin investing?
- I do NOT own any. NOT Planning to buy any.
- Never heard of Bitcoin before.
- I do NOT own any. Planning to buy some.
- I own some. NOT planning to buy more.
- I own some. Planning to buy more.
The Average American Hasn’t Invested In Bitcoin, and Has No Plans To Do So In The Future, Especially Those 55+
Unsurprisingly, the overwhelming response of Americans who participated in the survey indicated that they neither owned, nor planned on investing in Bitcoin. A full 64.8% stated that this was their stance on investing in Bitcoin.
When demographic filters were applied to the results factoring specifically those either approaching retirement or in their retirement years, the percentage increased further. Regarding the respondents between 55 and 64 years old, 68,8% chose this response. When gender was specifically factored for males, the percentage soared to 76.3%.
Of the respondents to the survey who were 65+, a full 74.3% stated that they neither owned, nor planned to invest in Bitcoin.
Considering the growing uncertainty regarding the global economy at present, these percentages are unsurprising. Bitcoin is still a nascent asset class, coupled with its high volatility. The wavering global economy has made older American investors far less inclined to choose riskier investments. This is especially true for those Americans either approaching retirement or in their retirement years who are risk-averse, where a safe nest egg is imperative.
However, the powers that be at Bitcoin must do a better job at conveying the many benefits its underlying technology offers to various industries and businesses alike, especially amongst the elderly and female audiences.
Bitcoin Has Some Work To Do To Educate Investors, Especially Women
Of those who responded to the survey, 21.8% indicated that they had never heard of Bitcoin before.
When demographic filters were applied to the results factoring solely female respondents, 24.6% selected this response. Middle-aged women between 45 and 54-years-old were the largest cohort who said they had never heard of the cryptocurrency at an astounding 29.6%.
The fact that nearly a quarter of all women who participated in the study were unaware of Bitcoin in 2019, is indicative that the Bitcoin community has much work to do in order to educate investors, especially female investors. Younger investors under the age of 55 represent an enormous market for the cryptocurrency, given that this demographic is generally less risk-averse and more willing to shoulder volatility for the potential of massive gains.
Growing % of Americans Are Planning On Investing in Bitcoin, Especially Young Professionals
A small, yet very import group of respondents, 7.3%, indicated that they did not own any Bitcoin, but were planning on buying some. Essentially, more people are planning to invest in BTC than those that already own Bitcoin.
Compelling insight can be discovered when demographic filters were applied to the survey results when focusing on young professionals between 25 and 34. 8.8% of this age bracket indicated that they were planning on investing in Bitcoin despite not owning any and the percentage increased even further to 11.6% amongst males aged 25 to 34 years old.
This is understandable, given that young professionals are usually established within a career path and possess disposable income. Moreover, this age bracket is far more inclined to shoulder investment risks for the potential massive appreciation of Bitcoin.
Young Investors Have Already Bought Into Bitcoin, Especially 18 To 24-Year-Olds
The penultimate group who participated in the study, 3.5%, stated that they already had invested in Bitcoin, but were not planning on buying more.
Curiously, when demographic filters were applied, targeting specifically young people between 18 to 24 years old, the percentage leaped to 6.1%. It increased even further amongst males from this age group, to 6.4%.
This is perhaps best explained by the fact that young investors recognize the potential for Bitcoin to massively appreciate, yet have limited resources to invest. It would seem that especially very young investors, have bought Bitcoin with the limited disposable income that they possess, and are willing to ride the high volatility.
Young Professionals Own Bitcoin And Plan To Invest In More
Although small, the final group of respondents is perhaps the most compelling from the study. 2.7% of respondents indicated that they already owned some Bitcoin and were planning to buy more.
Yet, when demographic filters were applied specifically to young professionals between 25 and 34 years old, the percentage increased to 4.3% and soared even further for males of this age group to 6.3%, more than doubling from the original group of respondents. Therefore, this was the fourth most popular response amongst this cohort. Curiously, 2.3% of females from this age bracket stated that they already owned Bitcoin and planned on investing in more, thus still making it the fourth most popular response for Young Professional women. This seems to be the demographic least averse to the high volatility of Bitcoin, with the disposable income to invest in the cryptocurrency.
Suffice to say, Bitcoin represents a highly volatile asset class that deserves careful consideration and due diligence before being added to an investment portfolio. Based upon this study, Young Professionals are the least risk-averse to shouldering the volatility of Bitcoin, for the potential of massive gains.
Additionally, the onus is on Bitcoin to better educate older investors, especially female investors, about the benefits of it as a currency, technology, and most importantly, an investment.