Categories: Bitcoin Business

Bitcoin Survey Reveals Huge Price Growth Potential

Click here to view original web page at www.forbes.com
A smartphone displays the Bitcoin GBP market value on the stock exchange via the Yahoo Finance app. (Photo by Guillaume Payen/SOPA Images/LightRocket via Getty Images)

The bitcoin price has ticked up again recently on hopes a U.S. exchange-traded bitcoin fund and interest from institutional investors will mean a fresh wave of investment into cryptocurrencies.

Now, a survey from pollsters Gallup and commissioned by banking giant Wells Fargo has revealed just how few people in the U.S. have put their money into bitcoin and cryptocurrencies — highlighting how much the price could rise if bitcoin goes mainstream and attracts millions of casual investors.

According to the survey of almost 2,000 people, just 2% of investors say they currently own bitcoin, and less than 1% plan to buy it in the near future. While most investors say they have no interest in ever buying bitcoin, about one in four (26%) say they are intrigued by it but won't be buying it anytime soon.

There are millions of people who haven't considered investing in bitcoin.

"The price of bitcoin is back on an upswing after crashing earlier this year, causing some to say its bubble is again about to burst and others to argue that its value will only accelerate as more merchants inevitably adopt it," Gallup wrote.

MORE FROM FORBES

"For now, most investors are on the sidelines, knowing little to nothing about bitcoin. Few are already invested in it, and even fewer plan to jump in soon," the pollsters added. "Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream."

Bitcoin exchange volume has dipped this year after a massive surge throughout 2017. The price of a single bitcoin is now hovering just above the $8,000 mark, up from around $2,000 this time last year.

While bitcoin exchange volume is down on last year, the long term trend is rising. Blockchain.com

The pollsters found bitcoin has yet to make significant inroads into any major subgroup of U.S. investors. Just 3% of men, 1% of women, 3% of those aged 18 to 49 and 1% of those aged 50 and older report owning it.

While ownership is more common among wealthier investors, just 3% of those earning $90,000 or more report owning bitcoin, compared with less than 1% of lower-income investors.

Meanwhile, a study out earlier this year found some 8% — around 26 million people in the U.S. — have purchased cryptocurrency.

Those polled by Gallup were U.S. adults with $10,000 or more invested in stocks, bonds or mutual funds, either within or outside a retirement savings account.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Tim Draper: $250,000 Falls Short of BTC’s Potential

Tim Draper has made a real name for himself in the world of crypto given his consistent bitcoin price predictions… Read More

6 hours ago

Steve Schwarzman: I Don’t Have Much Interest in Crypto

As the CEO of investing firm Blackstone, CEO Steve Schwarzman says that he’s used to a world where currencies are… Read More

6 hours ago

Volatility for Bitcoin Hits Four-Month Low

At press time, you may not think bitcoin is doing much… And you’d be right. In fact, the currency has… Read More

6 hours ago

ECB Revives Plans for a Rival Coin to Libra & Bitcoin

Facebook feels the heat as the European Central Bank reels out plans to create a digital currency rivaling Libra and… Read More

6 hours ago

HyperCapital Announces Exciting Plans To Build The World’s Strongest Blockchain Community Alliance and Ecosystem

HyperCapital Hong Kong Community Meetup Event Hyper Capital announced the formal recruitment of 300 nodes to jointly promote POAR (Proof… Read More

6 hours ago

US Bookie Found Dead 1 Year After Wife Paid $1 Million Bitcoin Ransom

An American bookmaker kidnapped in Costa Rica has been found dead, even after a ransom of $1 million was paid… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More