Investors do not use only Bitcoin but also altcoins like Ether, Cardano, and Dogecoin. DeFi has contributed to the flood of new tokens into the US cryptocurrency market.
Three-fourths of US investors could have exposure to BTC if there were an available spot exchange-traded fund (ETF), a recent survey by Grayscale reveals.
The study reveals that 77% of the 1,000 investors surveyed would be willing to consider BTC. However, they would only do it if the abovementioned cash instrument were an investment option.
The firm explains that this sentiment gained momentum after the US Securities and Exchange Commission (SEC) approved three Bitcoin futures ETFs.
Grayscale notes that the arrival of a Bitcoin futures ETF in the United States was a positive development psychologically. That helped the price of Bitcoin reach an all-time high of nearly USD 67,000 in October.
Although the Bitcoin community considers the approval of those ETFs positive, they prefer a spot one backed by real Bitcoin rather than futures. The market analysis firm added that a futures-based Bitcoin ETF is an excellent start to a broader possibility of adoption at scale.
They explain that many agree a Bitcoin spot-based ETF would offer more advantages to the average investor. It would allow monitoring the market price of Bitcoin, in contrast to a futures ETF.
US Investors Consider that Not Everything Is Bitcoin
The report from Grayscale highlights that Bitcoin is still the most popular cryptocurrency in the United States. However, they recognize that users also take into account other crypto assets.
They note that the rise of decentralized finance (DeFi) has contributed to driving the flood of the cryptocurrency market.
However, Grayscale insists that BTC remains the leader, with 99% of investors saying they are aware of the relevance of the pioneering cryptocurrency. Besides, sixty-eight percent of them state that they are already familiar with Bitcoin.
US investors are also aware of the other assets with profiles on the rise, including cryptocurrency meme Dogecoin (DOGE). That crypto asset started as a joke but has risen to fame thanks to comments from well-known figures.
Almost three-fourths of the people consulted (74%) said they already knew about DOGE, exceeding the level of awareness around Ether (56%). More than 25% of investors were already familiar with Litecoin (LTC), Tether (USDT), and Cardano (ADA).
In that sense, Grayscale reports that most investors who have Bitcoin also own other cryptocurrencies. They highlight that investing in cryptocurrencies is not a zero-sum game.
According to the firm, most investors who own Bitcoin (87%) also have exposure to one or more alternative currencies. The most popular altcoins include Ether (ETH), the Ethereum cryptocurrency, and DOGE.
Crypto assets have a strong presence in the United States now that it concentrates much of the global cryptocurrency mining. That situation has contributed to the growing interest in Bitcoin from US investors.
US investors know that Bitcoin offers considerable advantages as a store of value. Many agree that futures-based ETFs do not provide them with the opportunity to monitor the price of the cryptocurrency.
By Alexander Salazar
