In the US, 46 million people are users of bitcoin
In the US, 46 million people are users of bitcoin
Bitcoin

In the US, 46 million people are users of bitcoin

By Eleonora Spagnolo - 5 Jul 2021

Chevron down
Listen this article
download

There are 46 million people in the United States who hold bitcoin. This is recalled by the Twitter profile Documenting Bitcoin.

The news is actually old: Newsweek reported on it on 11 May.

According to the famous magazine, 17% of the population hold at least a share of bitcoin.

Newsweek also reported that this large group of people would be prepared to include bitcoin in their financial plans, even for life insurance purposes.

This data comes from a survey conducted by the New York Digital Investment Group (NYDIG).

The survey in particular focused on the aspect of bitcoin insurance and discovered a great deal of interest in the cryptocurrency. Of course, the survey had been carried out at the time of the bitcoin hype so Newsweek found it surprising that respondents would accept a volatile asset like bitcoin to be included in their insurance.

Why has bitcoin grown in popularity in the US

Bitcoin possession in the US has probably increased with the Covid-19 pandemic. In fact, the crisis has led many people to look to invest in a different safe-haven asset. The fear of the devaluation of the dollar, coupled with the large injection of liquidity and the availability of easy-to-use trading apps have increased purchases of even small amounts of cryptocurrencies.

This has also contributed to the popularity of apps like Robinhood. The rest was reported by a MagnifyMoney survey according to which 62% of crypto investors think they will become rich. 

Of course, since the survey, the price of bitcoin has dropped significantly, from $65,000 last April to $35,000 today, with lows below $30,000 (which is the price BTC had between late December 2020 and early January 2021).

But despite the panic selling that mainly involves small (and large) investors who have entered during a moment of hype, there is a lot of confidence around bitcoin and cryptocurrencies in general.

Technical data suggests that this could be a Wyckoff accumulation phase that could lead to a new bull run. And great experts like Cameron Winklevoss (founder of the Gemini exchange) argue that the coming crypto winter might not be so cold after all.

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.