A survey by Overbit has revealed that the vast majority of traders own bitcoin.
The survey was conducted in March on a sample of 3,000 traders, of which the majority (60%) were casual traders with around 1 to 2 years of experience. Only 10% said they were professionals in the industry.
In particular, 30% of respondents said they were beginners in the cryptocurrency industry.
It is worth noting that in a similar survey in 2020, 58% of respondents were beginners, so there has been a significant increase in confidence in cryptocurrency trading in just one year, thanks in particular to the explosion at the end of last year.
In addition, 56.1% of respondents said they would be buying cryptocurrencies in 2021.
One curious thing that emerged from this survey is that casual and novice investors say they trade crypto markets mainly on weekends, while professionals do so mainly during the week.
21% said they were willing to invest between 10% and 30% of their portfolio in cryptocurrencies, while 19.8% said they were willing to invest 90%.
Other answers to the survey covering Bitcoin and Ethereum
83% stated that they would hold bitcoin in their portfolio in 2021. This figure is similar to last year’s survey, but for Ethereum (ETH) there was an increase this year: 65% said they would hold bitcoin in their portfolio in 2021, whereas last year this figure was only 50%.
In addition, more than 85% of traders said they considered bitcoin to be a safe haven asset, and the vast majority were optimistic about the future trend of the price of BTC. However, the survey was conducted before the May crash, so the number of optimists may have changed in the meantime.
65% said they prefer to leave their tokens on an exchange, while only 25% use cold wallets. However, traders often don’t keep their tokens for the long term, but instead trade intraday or with short-term goals, so this huge difference should not come as much of a surprise.
Furthermore, 9% said they had lost some of their cryptocurrencies in the past due to hacking attacks or security breaches, while 11% admitted to losing them due to the loss of access to their private wallets.
Overbit CEO and founder Cheh Liu commented on the survey results saying:
“Awareness of the cryptocurrency market — and even traditional asset classes — are on the rise among retail traders. Meanwhile, in the face of rising inflation and falling interest rates, investors are increasingly looking towards growth assets such as Bitcoin. It is therefore no surprise that trader risk appetite has grown significantly over the past year”.