50 million Americans are now on the Bitcoin train according to a new report from NYDIG
This is welcome news to those who have championed the asset as a widely accepted store of value, but it has not thwarted critics who feel we are in a classic market bubble.
The last several months have seen widespread adoption of the coin, as individual investors and institutions flock to the largest and most highly valued crypto asset.
Concerns over transactional cost, and transaction speeds are still holding the coin back from being used as a mainline medium of exchange like The U.S. Dollar, and has relegated the coin to the status of “digital gold.”
It remains to be seen whether the Bitcoin protocol will change in order to move towards a more day to day payment system, or remain the same and embrace the “digital gold” status.
Here is more on the story:
— Bitcoin IRA (@Bitcoin_IRA) May 12, 2021
Nearly 50 Million Americans Own #Bitcoin, NYDIG Estimates (cryptopys)
— CRYPTONEWS.WATCH (@crypto_news24) May 15, 2021
A survey compiled by the New York Digital Investment Group (NYDIG) estimated nearly 50 million of Americans currently own bitcoin. Interestingly, the majority of poll participants also noted that they would store their digital tokens at banks if they had such services.Compiled earlier this year but shared just recently, NYDIG’s report outlined the rapidly growing adoption curve of bitcoin. The paper touched upon the surging prices since October 2020, which, somewhat expectedly, has caught the attention of the masses.
Moreover, many newcomers have entered the stage not only from the institutional world but retailer investors as well. Consequently, NYDIG partnered with SurveyMonkey and asked over 2,000 US citizens what are their views on the cryptocurrency industry and about their approach towards allocating funds in BTC or other digital assets.
The results were quite positive as both parties’ estimations “suggest that 46 million Americans own bitcoin today. That’s more than 22% of adults over the age of 18.”
Bitcoin has already succeeded. 1 trillion dollar market cap. 12 years running with 200% annualized returns. Approx 50 million Americans are participating in it, an open source yet immutable monetary network. If you don’t ‘get it’ at this point, you never will.
— gmsm (@LycanthropeHowl) May 15, 2021
— Bitcoin Info VIP (@BitcoinInfoVIP1) May 14, 2021
The Nasdaq stock exchange had this to say:
In fact, the survey asked how respondents would feel if their insurance carrier invested less than 2% of its cash in Bitcoin:
43% said such an allocation would be acceptable
42% said it might be okay
Only 15% said they didn’t like the idea
The survey included a national sample of 1,050 U.S. consumers with an annual income of at least $50,000. And it used the standards of the Census Bureau’s American Community Survey to weigh its data based on the demographic composition of the United States.
The future adoption rate seems to rely on education. The data is undeniable that people are extremely open to using cryptocurrency, but a bulk of people want to understand it better.
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