The use of Bitcoin as a store-of-value asset and a means of payment is the trend in the United States. Twenty-six percent of 1,000 people consulted for a survey already have Bitcoin.
A recent report from Grayscale confirms that Bitcoin (BTC) has penetrated American society. It reveals that more than a fourth of investors already have BTC on their balance sheets.
The document indicates that 26% of 1,000 investors consulted have Bitcoin, a growth of 3 points compared to 2020.
At that time, the pioneering cryptocurrency was trading at around USD 30,000. The firm explains that the current growth in interest is also consistent with the price increase.
The way investors prefer to buy their Bitcoin has evolved in the last year, Grayscale highlights. They recall that more than three-quarters of investors chose to purchase BTC on exchanges in 2020. About two-thirds (59%) of investors currently buy through cryptocurrency brokers like eToro.
Therefore, only more than a third (35%) of the investors consulted express their preference to buy BTC directly on an exchange.
The firm notes that investors are also increasingly using FinTech apps to gain exposure to cryptocurrencies. They say that thirty percent of investors chose to buy Bitcoin with digital wallets or money apps like CashApp.
That leads them to consider the increase in those transactions a crucial factor for FinTechs like PayPal, which supports Bitcoin.
Choosing to Use Bitcoin as a Store of Value or as a Currency
Grayscale also described the perception of Bitcoin as an investment and as a currency among investors. US investors say that the two primary uses for BTC are as a store-of-value asset and as a payment method.
Financial institutions still grapple with the role of Bitcoin in the global economy, but investors prefer BTC as an investment. The latter know that they can accumulate long-term returns if they keep it instead of using it to make payments.
According to the firm, that has been a notable change since last year, when BTC was more relevant as a currency than a store of value.
Three times as many investors now consider holding Bitcoin as a store of value rather than as a currency. More than a third (37%) perceives BTC as a short-term investment to keep for less than a year to make quick money.
However, more than half (55%) of investors see Bitcoin as a long-term game, together with their general investment strategies.
A fifth of the investors surveyed that perceive BTC as a currency see it as a medium of exchange to pay for goods and services. Grayscale also noted that another 14% consider BTC a peer-to-peer method for money transfers.
The participants in the survey by Grayscale were people between 25 and 64 years old. All have invested at least USD 10,000 in assets and receive a minimum annual family income of USD 50,000.
The relevance of Bitcoin as a store of value is increasingly growing, of which the survey by Grayscale is only one example. Both individuals and institutions see it as a long-term store of value.
By Alexander Salazar
