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Coronavirus Crisis Driving US Investors to Bitcoin, Survey Finds

Supply: Adobe/Liliia

The coronavirus pandemic seems to have had extra of an impact on the American bitcoin (BTC)-buying neighborhood than first thought, per a brand new survey.

In response to a Grayscale-commissioned on-line survey of 1,000 USA-based normal traders aged between 25 and 64 and performed between June 26 and July 12 this 12 months, 63% of respondents who “had invested in bitcoin inside the earlier 4 months (comprising 38% of all Bitcoin traders)” replied that “COVID-19 had impacted their resolution” to purchase BTC.

When requested if COVID-19 had had an impact on bitcoin’s enchantment, nearly 4 in 10 acknowledged that the well being disaster has made the token “extra interesting,” with simply 13% opining that the outbreak had really diminished BTC’s attract.

Coronavirus Crisis Driving US Investors to Bitcoin, Survey Finds 102
Supply: Grayscale

The Grayscale report authors added that the findings correlated with related findings from JPMorgan (reported by Bloomberg) again in August this 12 months, “some retail traders, significantly youthful traders, had deployed extra liquidity to bitcoin in response to the pandemic.”

The Grayscale report researchers additionally discovered that just about 40% of respondents who expressed an curiosity in bitcoin thought of the token to be a “secure haven funding,” and added that “the one largest age group of people that noticed BTC as a secure haven have been between the ages of 35-44.”

The authors famous,

“With religion in conventional secure havens being examined, traders are actively searching for appropriate options.”

Listed below are just a few different key findings from the survey:

  • 55% of respondents mentioned that they had an curiosity in bitcoin funding, up from 36% in 2019
  • Amongst those that reported investing in bitcoin, 83% made investments inside the final 12 months, with the vast majority of these investments coming up to now 4 months
  • 62% of respondents mentioned they have been “aware of” bitcoin, up from 53% in 2019
  • Over half (55%) of all traders mentioned they might take into account shopping for BTC “if their monetary advisor have been capable of present them instantly with an funding possibility”
  • 70% of all respondents mentioned that they thought BTC might be weak to cybersecurity-related threats

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Be taught extra:
Governments Cannot Cancel Pandemic Debt By Printing Extra Cash
The OECD Needs to Tax Your Crypto to Pay for COVID-19 Restoration Efforts
COVID-19 Spurs Crypto Adoption Says BRD Pockets because it Hits 6m Consumer Mark
COVID-19 Is Altering Our Relationship With Cash

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