We conducted a survey asking 2,500 British respondents about Bitcoin ownership. We used Google Surveys and targeted males and females between the ages of 18 to 65+ from throughout the United Kingdom. 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 British Investor Has Not Invested In Bitcoin, and Has No Plans To Do So In The Future, Especially Those 65+
The overwhelming response of UK citizens who responded to the survey, indicated that they neither owned, nor planned to invest in Bitcoin – at 67.5%.
Yet, compelling insight was discovered when demographic filters were applied to the results factoring specifically those in their retirement years, 65+. The percentage skyrocketed to an astounding 76.2% of respondents from this cohort. When gender was specifically factored for males, the percentage increased further to 77.9%.
Considering the growing uncertainty regarding what will transpire after Brexit, coupled with the teetering global economy at present, these percentages come as little surprise. Bitcoin is still a nascent asset class, which is highly volatile. The uncertainties apropos of Brexit, plus the wavering global economy has made British investors far less inclined to choose riskier investments. This especially rings true for UK citizens of retirement age who are risk-averse, where a safe nest egg is imperative.
However, the players behind Bitcoin must do a better job of conveying the many benefits its underlying blockchain technology offers to various industries and businesses alike.
Bitcoin Has Work To Do To Educate Investors, Especially British Males 25- to-34years-old
Of those UK citizens who responded to the survey, 20.3% indicated that they had never heard of Bitcoin before.
Yet interestingly, when demographic filters were applied to the results factoring solely males between 25 to 34-years-old, an astounding 25.5% indicated this response. Therefore, this is largest cohort who said they had never heard of the cryptocurrency.
The fact that over a quarter of British male Young Professionals who participated in the survey were unaware of Bitcoin in 2019, is indicative that the Bitcoin community has much work to do in order to educate investors, especially younger British male investors. Younger investors under the age of 45 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.
UK Citizens Are Planning On Investing in Bitcoin, Especially 35 to 44-Year-Olds
A small, yet very import group of respondents, 6.8%, indicated that they did not own any Bitcoin, but were planning on buying some.
However, interesting insight was discovered when demographic filters were applied to the results when focusing specifically on 35 and 44-years old. 8.9% of this cohort indicated that they were planning on investing in Bitcoin despite not owning any and the percentage increased even further to 11.8% amongst males from this demographic.
This is understandable, given generally speaking individuals from this age bracket are usually established within a career path and possess disposable income. Moreover, this 35 to 44-year-old demographic is far more inclined to shoulder investment risks for the potential massive appreciation of Bitcoin.
Younger British Investors Have Already Invested In Bitcoin, Especially 35 to 44 Year-Old-Males
The penultimate group of British respondents, at 3.3%, stated that they already had invested in Bitcoin, but were not planning on buying more.
When demographic filters were applied to the results, again targeting males aged 35 to 44, that percentage increased to 5.3%.
Again, this aligns with the findings from the previous aforementioned group who were interested in investing in the cryptocurrency. Younger investors recognize the potential for Bitcoin to massively appreciate, yet perhaps concerns and uncertainties surrounding Brexit have lead to a “wait and see” mentality regarding investing, especially in a highly volatile asset class such as cryptocurrency.
British Males Between 35 and 44 Own Bitcoin And Intent To Invest In More
Although small, the final group of respondents is perhaps the most compelling from the survey. 2% of respondents indicated that they already owned some Bitcoin and were planning on investing in more.
Yet curiously, when demographic filters were factored to the survey results, targeting 35 to 44 year-olds, it increased to 3.1%. That percentage increased even further when males from this age bracket were targeted, to 4.5%, thus more than doubling from the original group of respondents. Based upon the survey results, this cohort seems to be the British demographic least averse to the high volatility of Bitcoin, coupled with the disposable income to invest in the cryptocurrency.
Bitcoin represents a highly volatile asset class that deserves careful consideration and due diligence before being added to an investment portfolio. Based upon the results from the survey, younger, established British investors in their mid-thirties to mid-forties are the least risk-averse to shouldering the volatility of Bitcoin, for the potential of massive gains.
In addition, the onus is on Bitcoin to better educate British Young Professionals, especially males from this demographic, about the benefits of it as a currency, technology, and most importantly, an investment.
Details About The Study And RMS Score
Root mean square error (RMSE) is a weighted average of the difference between the predicted population sample (CPS) and the actual sample (Google). The lower the number, the smaller the overall sample bias.