Most people know what bitcoin and cryptocurrencies, and can even explain it to others. However, true fans of bitcoin is mostly male from the millennial generation who live in big cities and annual earnings of more than $75 000. These are the findings of a recent survey, which involved more than 1,000 Americans.
The survey was conducted by Clovr — she is promoting blockchain technology. This is one of the first major studies designed to sketch a portrait of the typical owner of a cryptocurrency.
It is no news that the biggest supporters of bitcoin are representatives of youth. But still ardent followers of crypto-currencies may perceive the survey as a slap to their beliefs. The fact that the study shows that the main reason people turn to cryptocurrency — the probability of huge profits, not the belief that digital currency will become the future of money. In other words, people view bitcoin as well as securities of Internet companies at the time of the dotcom boom, or as any other too speculative investments.
The bitcoin boom is also similar to the epidemic: men know that their friends are investing in cryptocurrency, and are afraid to miss the opportunity. Note that this is a recipe for disaster: individual investors often go into the game too late. They are still buying, when the big mutual companies and hedge funds sell.
Co-founder Clovr Mike cribari admits he was a bit surprised that the pursuit of a quick profit — the main reason for the purchase of bitcoin. He says:
Many people involved in speculative investments with high risk rates, do not fall in high-yield group.
Will be a long time before people will start to think about cryptocurrency as the true replacement of the dollar, Euro, yen and other Vietnam money. For this to happen, bitcoin and other cryptocurrencies should be presented in a significant number of apps that people can use in everyday life. Cribari says:
It’s hard for people to understand things like private keys or transactions. They probably need to be able to pay cryptocurrency for lunch.
And it’s real. No wonder the owners of Starbucks, Microsoft, and ICE launched a startup Bakkt, which will allow people to convert bitcoins and other cryptocurrencies into dollars, and Goldman Sachs supports the project Circle, which allows people to invest in cryptocurrencies, trade them, and send digital payments through an application running like messenger.
Bitcoin is definitely not for everyone. According to cribari, the hacker activity is able to deter many from cryptocurrency.
Dizzying volatility also plays into the hands of recognition of bitcoin. Over the past 12 months its price has risen by 50%, and then decreased by the same amount. The main reason why people refuse cryptocurrency investment is high risk.
Cribari hoped that the wild swings over. After last year’s rise to $20 000 price of bitcoin has stabilized in the range of $6000 to $7000.
Other research suggests that the average investor is now close to the idea of using bitcoin for everyday purchases and conservation values. More than half of the millennial generation and over a third of older people said that cryptocurrencies will be as widely recognized as cash and credit card reports BitcoinIRA.com.
Almost 30% of elderly respondents admitted that they are considering to invest in bitcoin or other cryptocurrencies to ensure their old age.