[2019-10-26] Crypto Owners in US Have Risen 81% YTD

[Jgilpulg]

Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

[ChrisPop]

Slowly more and more countries will FOMO into the cryptocurrency craze. In my opinion it's going to be something similar to the gold rush in the wild west, but a modern model

It is really encouraging to see such a growth in the US cryptocurrency adoption and I hope this continues to grow. As I've stated before in this room I'm keeping an eye on the African countries as they are the most interested in cryptocurrencies and the global expansion will probably be started by them.

[cr1776]

From the article: "[The United States] is the country that has the largest number of cryptocurrencies hodlers"

Interesting.

So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.

[Carlton Banks]

So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.

What a strange disparity: is it not supposed to be "by, for and of the people"? Or did that cease to be (at least in terms of owning assets) when the government threatened their so-called co-governors to sell their gold to them for a bad price in 1933, and then legalized owning gold again 40 years later?

[cr1776]

So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.

What a strange disparity: is it not supposed to be "by, for and of the people"? Or did that cease to be (at least in terms of owning assets) when the government threatened their so-called co-governors to sell their gold to them for a bad price in 1933, and then legalized owning gold again 40 years later?

I agree. I think most people want to be free while most in government want to control and they try to mislead people with promises of "free" stuff.  FDR's gold confiscation was reprehensible in a free society.

[PryptoMontreal]

From the article: "[The United States] is the country that has the largest number of cryptocurrencies hodlers"

Interesting.

So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.

This is the case with almost every government. My country's government is planning to impose and 10-year ban on anyone holding or trading bitcoins through exchanges, the law is yet to be passed by the judiciary. They have already taken down registered bitcoin exchanges, but dumbshit they don't know about P2P exchanges, it's impossible to stop someone from holding/trading coins anonymously! The main motive of Bitcoins is to have a decentralized currency, I wonder how they're gonna restrict people from using it and catching the ones who do!

[squatter]

Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

I'd be curious to see who they surveyed. All I can find is this:

...according to a survey of 2,068 participants commissioned by Finder.

14.4% of Americans seems awfully high to me. I wouldn't be surprised if the results are skewed because the respondents weren't representative of the population. Some demographics will definitely have a higher propensity to use Bitcoin -- Millennials, internet users, etc.

[sikke]

But what is the true percentage of ownership?

That is the question to ask, imo.

Just because the amount of crypto owners is increasing doesn't mean that adoption is actually increasing for bitcoin as a currency. If people are only treating bitcoin as a speculative asset, then this statistic is really pointless.

Even holding BTC in the long run is far greater than just speculating on price movement in the short term from an adoption standpoint.

[mobile4ever]

I also heard that Milennials are also more likely to think positively about Bitcoin than boomers. This should make adoption go through the roof at the next recession.

[stompix]

As a result, about 36.5 million Americans own some form of crypto asset.
The Profile survey also revealed that Americans holding crypto assets have an average of $5,447 in digital coins

Hmmm,  36.5m x5.447 $= 198 billion, total market cap of all coins is 234 billion, ...Satoshi owns another 10 billion...
Yeah, legit!

[squatter]

As a result, about 36.5 million Americans own some form of crypto asset.
The Profile survey also revealed that Americans holding crypto assets have an average of $5,447 in digital coins

Hmmm,  36.5m x5.447 $= 198 billion, total market cap of all coins is 234 billion, ...Satoshi owns another 10 billion...
Yeah, legit!

Good catch. Some respondents obviously overstated their holdings.

I also heard that Milennials are also more likely to think positively about Bitcoin than boomers. This should make adoption go through the roof at the next recession.

They are, but I'm not convinced that'll improve Bitcoin's prospects during a recession. Millennials are largely the people buying bitcoins. When they're losing their jobs because of the recession and can't pay their rent, what are they going to do -- buy more bitcoins? No, they'll probably be net sellers instead.

[hello_good_sir]

Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

I'd be curious to see who they surveyed. All I can find is this:

...according to a survey of 2,068 participants commissioned by Finder.

14.4% of Americans seems awfully high to me. I wouldn't be surprised if the results are skewed because the respondents weren't representative of the population. Some demographics will definitely have a higher propensity to use Bitcoin -- Millennials, internet users, etc.

Exactly what I was thinking - going through a sample size of 2,000 people isn't a lot at all and can easily be inaccurate with a lot of factors, age, location even (people in New York will probably be more interested in Bitcoin then in other cities) and I don't think anyone should be using this metric as something really accurate.

As a result, about 36.5 million Americans own some form of crypto asset.
The Profile survey also revealed that Americans holding crypto assets have an average of $5,447 in digital coins

Hmmm,  36.5m x5.447 $= 198 billion, total market cap of all coins is 234 billion, ...Satoshi owns another 10 billion...
Yeah, legit!

Lol, nice catch mate!

These statistics are very skewed and a more accurate survey that has people from all the regions if America, in different age groups and a fair range of internet users would be much more accurate and these previous studies are just estimates...

[stompix]

~

Good catch. Some respondents obviously overstated their holdings.

Actually I don't think the holdings are overstated that much, cut 25-40% maybe but not more, we would be talking about 1/3 of a bitcoin or less than the average wage as an investment, it might be possible

What is completely wrong is the number, 35 million or one in every 7 Americans.

That would mean that 4 of your colleagues in school or high school would hold crypto, each family would have at least one member holding crypto, in every bar you enter there would be at least 2-3 holders...
Neh, it's impossible.

2,3 even 4% yeah, 14%, simply no!

[Kakmakr]

The Chinese has for the first time in history surpassed the amount of millionaires that has existed at a specific time. So the American elite is decreasing and the Chinese millionaires are increasing. Do you think this happened for no reason?

The American economy is getting a lot of pressure under Donald Trump's trade wars with China and I think people in the USA are looking for ways to hedge against this and they are turning to Bitcoin for this. The average American can see the writing on the wall and they are realizing that they will have to do something to protect their wealth, before the house of cards collapse. 

[Theb]

I have a feeling that if that number hits triple digits (north of 100 million people) we might start to see some more pro-bitcoin voices in the legislative assembly both in the congress and the senate floor. Because that's how politics work, if the politicians sees a group rising it's numbers they will find its way to support it to gather some votes in the upcoming election, some might care about the crypto industry in the country but of course the number of potential voters is what attracts them in the first place. It's just like that's how politics work, find an oppress group to promote and be an advocate for it.

[Lucius]

2,3 even 4% yeah, 14%, simply no!

There is no doubt that this is a targeted sample of people, obviously those between the ages of 20-40 who understand technology, who somewhat understand what is Bitcoin and why it is worth having it as a long-term investment. Different studies show different results, so we have information that about 5% of Americans own some crypto, but also that 20% of Americans aged between 18-34 years own Bitcoin.

I think all these numbers are relative, and it is impossible to get accurate figures on such a small sample of people in country that has almost 330 million inhabitants. What fascinates me a lot is the fact that the rate of adaptation is almost always measured by something coming from the USA, which would mean that if Bitcoin fails there, it will not succeed anywhere in the world.

In the following links we can see examples of different research on this topic:

https://www.prnewswire.com/news-releases/largest-bitcoin-ownership-survey-reveals-6-2-of-americans-own-bitcoin-while-7-3-are-planning-to-buy-some-300928651.html
https://www.cryptoglobe.com/latest/2019/05/20-of-americans-age-between-18-34-own-bitcoin-recent-survey-reveals/
https://www.cnbc.com/2018/03/16/why-just-8-percent-of-americans-are-invested-in-cryptocurrencies-.html
https://beincrypto.com/1-in-12-americans-own-cryptocurrency-finds-new-market-study/
https://www.rttnews.com/2997766/9-of-americans-own-bitcoin-survey.aspx

[stompix]

~

If I would count all the so-called people that are holding cryptos in every country according to those surveys we would en with 42 million BTC

But, this has given me an idea, If I have time I'll try to run a survey here, although with all the shitposting I doubt we would get real numbers from other countries but at least some data from serious members. Of course, it will be very biased since from the start the people questioned will be crypto holders but I'm genuinely interested in the people they know and if those hold cryptos, and what's the percentage.

In my case, it's pretty simple, none out of the 8 and 14 former colleagues from middle school and high school are holding any crypto.
One colleague (out of probably 11-20) to whom I usually talk hold some...coins  ....none when it comes to 1-2 degree relatives, 2 when it comes to other friends.

I'll try to run this survey on B&D, I wonder if even biased from the start it will get close to the 14% some claim.

What fascinates me a lot is the fact that the rate of adaptation is almost always measured by something coming from the USA, which would mean that if Bitcoin fails there, it will not succeed anywhere in the world.

Of course, because with all the China, Venezuela, Africa and other 3rd wold countries embracing bitcoin, the money and the buyers are still in the US. Same as the nodes, ATMs, shops, ....

[rodel caling]

Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

Great news meaning american people are interested about the capability of the this new form of miney came from the new technology. We know the government  of united states is not totally banned bitcoin but the government want to control it as regulated crypto currency. Therefore people is understand well what is new technologies so not surprise they increase a bitcoin users in that country.

[CryptoBry]

Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

In USA, at least Bitcoin is not declared to be a "persona non grata" unlike in China where the stand of its government is quite firm though of course we know that many Chinese are still into cryptocurrency. China is however more interested with developing the advantages and benefits of the blockchain technology and soon can be the big leader in this field where USA seems not that so greatly interested of (that is, compared to China).

In case this is true that there is a significant uptick in cryptocurrency users in USA then at least this is good news for the industry though we have to admit that we still have to eat tons of hamburgers before the widespread adoption and use that we all dream of can come true. Anyway, there is no deadline for that so slowly but surely is much better than nothing at all. That article above is citing many good and encouraging figures, it is a good read.

[bbc.reporter]

Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

I'd be curious to see who they surveyed. All I can find is this:

...according to a survey of 2,068 participants commissioned by Finder.

14.4% of Americans seems awfully high to me. I wouldn't be surprised if the results are skewed because the respondents weren't representative of the population. Some demographics will definitely have a higher propensity to use Bitcoin -- Millennials, internet users, etc.

Also, what type of owners are they? Real users that use their bitcoins as currency or are they only speculating that the price will increase next year and sell to hold fiat?