COVID-19 Makes BTC More Attractive To US Investors: Report

COVID-19 makes BTC an even more attractive investment for US investors according to a new Grayscale report that we have in our latest Bitcoin news.

The number of US-based investors that are interested in Bitcoin continued to increase according to the new Grayscale Investment report on cryptocurrency. The leading digital asset manager also noted that COVID-19 makes BTC a more attractive investment for investors. The “Bitcoin Investor Study” by Grayscale, aimed at shedding some light on the US investors’ perception of Bitcoin and how it changed in one year. The expanding interest is among the key points of the report. Grayscale noted that 36% of all surveyed participants in 2019 expressed interest in purchasing BTC while the percentage grew to 55% this year.

83% of the participants said that they previously bought Bitcoin and made their purchase in the past year. The most significant percentage was in the past four months which is 38%. About two-thirds of the particular BTC investors reported that the “Ramifications of COVID-19 were a factor in their decision to do so.” Furthermore, three times as many investors said that the pandemic increased Bitcoin’s appeal as those reporting that it decreased the interest in the asset. The data also suggested that “bitcoin is moving towards mainstream acceptance” as 62% of the 1000 participants said they were familiar with the number one cryptocurrency.

The percentage last year was about 50%. Apart from listing the COVID-19 as a motivation to buy Bitcoin, the participants listed a few other reasons. Being the best performing asset in the past decade, Bitcoin’s potential growth became even more alluring to new investors as about 80% named this as the main aspect of investing. The other reasons why people became attracted to the asset is the ability to start small. Many investors believe that they have to purchase about one bitcoin to start, but this is not true. People can buy small fractions.

65% answered that having the option to buy less than one BTC made them feel safer towards entering the space. The percentage increased by 6 points since 2019. Despite the increasing data, most people still believe that they need more comprehensive educational materials before investing. They explained that the regulator investor cannot find decent information on crypto but there’s a huge number of reports that cover crypto scams.