Cryptocurrency

67 billion dollars for Bitcoin and cryptography: New study reveals the biggest Digi-investors

Bitcoin and the crypto market has blossomed after a long wait of two years. The crypto-currency burst in the beginning of this week, their resistance of 11,000 USD and led to double-digit Win with a wider range of Altcoins.

Companies such as Coin Metrics (a provider of crypto-market data and investment) are of the view that should be maintained the rates of this growth, the current daily volume of Bitcoin “would be less than 4 years of growth, the daily volume of all U.S. exceed shares, and less than 5 years, the daily volume of all of US to surpass bonds”.

But who’s buying all crypto-currencies to the value of billions of dollars? A recent survey has the answer.

67 billion dollars for crypto-currencies

A new study by Cornerstone Advisors, comes to the conclusion that 15 percent of American adults now own Bitcoin, or other Altcoins, with half of the investors who are investing for the first Time in crypto, came in the first six months of the year 2020.

The new investors purchased in the year 2020, an average of Bitcoin and crypto-currencies in the value of over 67 billion US dollars – the equivalent of 4,000 US dollars per Person. However, this number is still lower than the 111 billion dollars or $ 7,000 per Person from last year.

Also in the case of the crypto-adaptation of the United States is the leader. According to the survey, America had among the ten leading countries from 2019, a 15 percent penetration with investment in digital assets and a corresponding consciousness (the Numbers could have changed since then).

The United States are among the ten countries with the highest crypto-proliferation. Figure: Cornerstone

Who actually buys crypto-currencies?

The Top group of buyers has a high income, well-educated men. Almost eight out of 10 of the crypto-buyer to 2020 were men, with an average annual income of $ 130,000. Four out of 10 have a Master’s degree or higher, 70% have a Bachelor’s degree or higher, the survey finds.

Then, Millennials follow between the ages of 25 and 40 years of age and “Gen Xers”. The two groups are represented with over 57 per cent, while the Generation X accounts for 30 per cent of them. For this purpose, the survey:

“A total of 27% of Millennials and 21% Gen Xers now hold some Form of crypto-currency, in contrast to 7% of the Gen Dec and 3% of Baby boomers.”

Then a rather surprising demographic development: customers of Bank of America comes in. 21 percent of people have a BoA account, have crypto-currencies.

This may be due to the relatively crypto friendly attitude of the Bank – it enables the customers since the beginning of the year, with credit and debit cards, crypto.

BoA Credit Card Communication. Picture: Reddit

Other demographic factors

Among the other demographic groups, women accounted for 22 percent of all respondents Cryptocurrency investors, and minorities such as African Americans and Hispanic Americans, with 23 percent of the current crypto-investors.

While to prove which, even though difficult, that the Keeping of crypto-currencies, the reason for this is to explain, according to Forbes, about 44 percent of the crypto-invested by Americans, that “its financial health since the beginning of the COVID-crisis “much better”. This is in contrast to only 5% of all U.S. consumers, the report added.

Holders of American crypto-currencies, saying their financial health is better than Non-owners. Image: Cornerstone Advisers

An area of concern, however, remains. Only 30 percent of the emerging crypto-investors referred to in the survey as “very financially savvy” compared to 54 percent of those who already own crypto-currencies.

This could could be harmful under unfavorable circumstances, perhaps, that these people are deceived – which, in turn, the Image of the industry.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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