The crypto version of the American dream. In a context where the potential approval of a spot Bitcoin ETF in the United States opens the door to institutional investment, a study from asset provider Unchained highlights a positive trend: one in four Americans now own BTC.
This finding demonstrates a change in investors’ attitudes towards bitcoin, which continues to strengthen its presence on the global financial scene. Mentalities are changing, and BTC, once perceived as a curiosity, is becoming an essential asset in the financial market.
Bitcoin, conquering the West
The study, conducted from October 26 to 28, 2023, questioned 402 American investors during a period when the bitcoin price ranged between $33,610 and $34,977. Investors in the case of the study are those with at least one investment account between the ages of 18 and 78.
For this small group of investors, the figures that were obtained are quite optimistic since, according to the conclusion of the survey:
- one in four Americans and 55% of investors surveyed own bitcoins;
- 95% of Bitcoin holders plan to increase their stake in cryptocurrencies in 2024.
Paradoxically, almost half of non-Bitcoin holders are tempted by the crypto adventure, a phenomenon stimulated by clearer regulatory prospects and the potential approval of a Bitcoin ETF. Added to this, the various predictions regarding a future bitcoin bull run, also driven by the approach of halving in April 2024.
Bitcoin changes behavior
Now recognized as a safe haven, 79% of investors predict that BTC will exceed its historic high of $69,000. More optimistically, more than half of investors surveyed (55%) predict a new all-time high for BTC in 2024, and a third believe BTC will outperform cash, gold and the S&P 500.
Furthermore, the study notesgrowing integration of Bitcoin into retirement portfolios, which reflects a change in attitude towards this digital currency, now seen as a viable long-term investment. This development suggests broader adoption of Bitcoin beyond traditional investor circles.
Also note that almost half of current BTC owners have BTC in their retirement accounts, and an additional 35% plan to add it in 2024. Among non-BTC owners willing to invest in the asset, 23% have expressed interest in including BTC in their retirement accounts.
“At Unchained, we are seeing an influx of newcomers to Bitcoin who now understand that the asset has longevity (…) As reflected in both Unchained’s survey results and our customer activity, US investors are eager to acquire or expand their exposure to bitcoin »
Joe Kelly, co-founder and CEO of Unchained
Despite its merits, it is worth noting a certain drawback to this study. Indeed, drawing definitive conclusions about the behavior of American investors from a sample of only 402 people may seem limiting. Nevertheless, it is undeniable that, in the context of increasingly assertive regulation and in the face of growing anticipation around the potential approval of a spot Bitcoin ETF, the trend is emerging with more and more clarity. It seems the titans of Wall Street are just waiting for a go signal, ready to launch fully once the green light is given.