Reasons Why the Majority of People Who Purchase Bitcoin Choose to Hold on To It for A Long Time
By Space Coast Daily // October 22, 2021
Bitcoin has risen to prominence as a new investment opportunity. Even though bitcoin usage is still in its early stages, it has a wide range of applications. Some investors keep bitcoin to generate money, while others utilize bitcoins for online activities such as shopping.
According to a recent study by Bakkt, we now have a bird’s eye perspective of the current status of bitcoin acceptance in the United States. Let’s get started straight now but before we move ahead, we should understand bitcoin scams and learn all the latest trends in digital currency.
What The Survey Is About
Bakkt commissioned the research, which was carried out online in July 2021 using an internet application. The survey’s goal was to track the trends in bitcoin and cryptocurrency acceptance during the previous six months and over the next six months.
Investment In Bitcoins and Cryptocurrencies
According to the survey’s findings, 48 % of those who took part in it had made investments in bitcoin and other cryptocurrencies in the last six months. The vast majority of investors across all age categories have made investments in bitcoin and cryptocurrencies totaling less than $100.
Consider that 45 % of individuals between the ages of 45 and 60 have bitcoin or cryptocurrency worth less than $100, according to the Pew Research Center. Only 32 % of individuals over the age of 60 have made investments of less than $100.
However, 43 % of the investors are hoping to earn a profit shortly. People have also purchased bitcoin for use in online transactions, in addition to investing in it. According to the results of the Bakkt poll, 24 % of respondents believe that cryptocurrencies would allow them to make online purchases.
Similarly, 12 % of the investors want to utilize cryptocurrencies for in-person purchases of products and services. Only 11 % of those who purchased cryptocurrencies did so to transfer it to someone else, such as to pay a friend or family member.
The primary motivation for investing in cryptocurrencies is to accumulate wealth over a lengthy period. In comparison, just 21 % of investors in the 45 to 60 age group have purchased cryptocurrencies for long-term investment Additionally, according to the study, just 14 % of Americans over the age of 60 are interested in long-term bitcoin investing.
Approximately 43% of those who answered the survey had an apathetic attitude regarding this modern investment opportunity, while 10% of those who answered the survey were “extremely interested.” 25% of those who took part in the poll said they were not interested in putting their money into bitcoins or other cryptocurrencies in the next six months. Only 32 % of the whole group is interested in cryptocurrency investments.
On the other hand, Americans between 45 and 60 exhibit the slightest interest, with just 33% of those aged 45 to 60 expressing no interest in bitcoin or cryptocurrency investing. A total of 16 % of the appeals are due to a lack of funds. Other reasons, such as ease of access, the fear of missing out, the absence of centralized authority, and others, are also attractive.
In particular, 34 % of individuals between 18 and 29 have made long-term investments in cryptocurrencies to benefit from them.
The Most Significant Challenge Is High Volatility
Like any other kind of investment, Bitcoin and cryptocurrency investing come with their own set of difficulties. The second most common problem is a lack of information about where to begin. In terms of gender, males were confronted with the most dilemma when there was too much instability.
High volatility was also the most challenging obstacle to overcome across all age categories, except those over 60. According to the older adults, the most significant barrier to cryptocurrency investing was not knowing where to begin. The issue of investor trust in investment assets is very intriguing right now. While many individuals do not have a strong sense of self-assurance, they do not have faith.
Thirty-nine % of those who answered the survey were confident in their bitcoin investments, with varying degrees of trust. People between the ages of 18 and 29 are the most confident when it comes to cryptocurrency.