A New study estimates that roughly 46 million Americans now own at least some share of Bitcoin – or roughly 17% of the adult population. In addition, a high percentage of these people are open to adding cryptocurrency to their personal financial plans.
The New York Digital Investment Group conducted the study and found that around 75% of respondents said they knew more about Bitcoin annuities and Bitcoin life insurance. Almost 90% said they were interested in insurance or pension products that have at least an indirect connection to Bitcoin.
This poll is an eye opener and shows how many Americans have embraced cryptocurrency during its recent surge and general popularity. The survey asked how respondents would feel if their insurance carrier invested less than 2% of their 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 makeup of the United States.
What’s stopping more Americans from adopting cryptocurrency?
The future rate of adoption seems to be educational. There is no denying that people are very open to using cryptocurrency, but a large proportion of people want to understand it better. A typical example: On May 4th, credit card giant Mastercard published a survey of over 15,000 people from 18 different countries entitled “Consumer Appetite for Digital Payments Takes Off”. And the results were instructive. The study showed that millennials are most active in the cryptocurrency. But three quarters of them wanted to understand how cryptos work before using them.
Here are the two notable statistics from Mastercard’s study:
- Almost 80% of millennial consumers are interested in learning about cryptocurrency in order to better understand them.
- 75% of respondents said they are more open to using cryptocurrency when they understand more about it and how it works.
This report came just a few months after Mastercard switched to crypto adoption. Mastercard will support digital currency payments at more than 30 million merchants and stores around the world.
The adoption rate has increased in the past two years, and ongoing public education about cryptocurrency will be a major initiative over the next decade.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.