A survey conducted by digital asset manager Grayscale Investments suggests investor interest in bitcoin is on the rise and the top cryptocurrency by market cap is well on its way toward mainstream adoption.
Compared to the previous year, the results mark a “significant increase,” the company said, with a rise of 19%.
The data also showed the majority of bitcoin investors made allocations within the last 12 months, with 38% investing in the last four months, 26% five to six months prior, and 19% seven to 12 months ago.
The strongest stated driver for bitcoin investments was the coronavirus pandemic, which spurred 63% of respondents into investing, the research showed.
The total number of bitcoin investors in the U.S. also rose to 32 million, up 11 million from the previous year’s 21 million.
Almost half of respondents said they believe digital currencies would become mainstream by the end of the decade.
Among other interesting finding, the survey indicated if you’d gone to college or university and got a degree you were more likely to invest; the demographic was split, with twice as many males as females.
Investors were drawn to bitcoin for its low cost to entry and potential as a growth asset, cited as a motivating factor by 59% (up from 51% in 2019).
The study was not without its negative insights, however, finding that, of people aged 55-64, only 40% were familiar with bitcoin and just 30% would consider investing.
Common concerns among survey respondents who were not interested in investing in bitcoin tended to reflect the views of older investors generally, the study showed.
Among the older age bracket, 81% thought bitcoin was too volatile, while 84% said it was too risky for their investment appetite and profile.
Grayscale is owned by CoinDesk’s parent firm, Digital Currency Group.