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Author Topic: Why only 6.2 percent of American citizens own Bitcoin?  (Read 1193 times)
Johnii
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November 10, 2019, 06:33:06 PM
 #1

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
 https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/
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November 10, 2019, 06:39:13 PM
 #2

It's simple, and there are some reasons, but I'll make short

BTC is not so easy to pay to use like a credit card for example, it require a few steps, but not so easy for people who are't into technology
BTC is in the hands of the most rich in US, people with high amounts of money and coins, it's not for the poor


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November 10, 2019, 07:16:17 PM
Merited by vapourminer (1)
 #3

Hey, 6.2% is not bad at all IMO.  That means there's lots of room for growth.

I've always thought that the reason most Americans (and most people in general) don't own bitcoin is because they don't see a real need for a replacement for fiat.  The USD is a very stable currency, inflation concerns aside, and American citizens don't feel the need to go way out of their way to buy another currency with their USD simply for the sake of spending it.  That's mainly why bitcoin doesn't get used as a currency.

Second, if someone in the US is looking to invest their money in something, it's usually stocks and more specifically 401(k) retirement plans, and if it isn't that it'll either be individual stocks or mutual funds.  Bitcoin is ten years old, but it's still a fairly new form of investment--and an extremely risky one at that.  An investor who doesn't have a big appetite for risk isn't going to be attracted to crypto at all, and there are a LOT of people who don't like taking big risks with their money.

I'm actually surprised that even 6.2% of Americans own bitcoin, if that number can be trusted.  It might sound low, but it's higher than I thought it would be.

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November 10, 2019, 07:23:49 PM
 #4

another study claimed that 14.4% of americans own cryptocurrency: https://bitcointalk.org/index.php?topic=5196823.0

6.2% sounds a lot more reasonable to me, though it might still be exaggerated. that's over 20 million people!

Hey, 6.2% is not bad at all IMO.  That means there's lots of room for growth.

yes sir! the lower the number, the earlier we are in terms of being "early adopters". not a bad problem to have if you ask me. Cool

Second, if someone in the US is looking to invest their money in something, it's usually stocks and more specifically 401(k) retirement plans, and if it isn't that it'll either be individual stocks or mutual funds.

if an ETF or other bitcoin security makes it possible to invest through 401(k) plans, things are gonna get interesting.

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November 10, 2019, 07:49:13 PM
 #5

Not a lot of people have enough money to be able to throw around in investments, for an advanced economy, it's actually surprising how many people lack any real savings and live paycheck to paycheck.

If you are living paycheck to paycheck, which looks like is around 78% of all US workers - it basically handicaps your financial options and it'll be impossible for you to produce actual savings.

I can guarantee that all of the 6.2% is from a wealthy background and are able to throw money like that around.

 
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November 10, 2019, 08:06:36 PM
 #6

It's simple, and there are some reasons, but I'll make short

BTC is not so easy to pay to use like a credit card for example, it require a few steps, but not so easy for people who are't into technology
BTC is in the hands of the most rich in US, people with high amounts of money and coins, it's not for the poor



 I am agree with words about credit cards. Too many people can't use crypto in everyday life because transactions and lots of nuances are difficult for their understanding. Lots of people would prefer to use ordinary credit card that do not need some manipulations yhat crypto still needs. But in case the government would decide to implement crypto into payment systems all over the country, it would not be a great problem i think...The other reason that this country has rich and poor clans like lots of other countries have, and rich people prefer to concentrate the crypto assets in their hands rather then allow to become masses rich))))) may be that's why this country is so strict as for to crypto?...
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November 10, 2019, 08:11:51 PM
 #7

It's simple, and there are some reasons, but I'll make short

BTC is not so easy to pay to use like a credit card for example, it require a few steps, but not so easy for people who are't into technology
BTC is in the hands of the most rich in US, people with high amounts of money and coins, it's not for the poor



It's not a problem. The majority of people use cryptocurrencies either as a speculative asset or a store of value.

The title says "ONLY", but this is subjective. See what I mean, in the US there are over 300 million citizens, 6%=20 million. Not bad I would say, it's even surprising consider all the low information voters there are there.

Quote
One interesting fact that popped from the study was that more women were entering into the cryptocurrency realm.
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November 10, 2019, 08:24:45 PM
 #8

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
 https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/


I am not an American citizen, I think people in america isn't so much interested in the new bitcoin as new form of money because they didn't understand well how bitcoin works in the new technology as future currency worldwide people of america focus what they now nit lookingbfor the future of the new era of technology, that's is only my own opinion.

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November 10, 2019, 08:32:27 PM
 #9

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
 https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/

 - The community is relying on Americans for mass adoption? Says who? I think many people don't realize that they could very easily pull the rug out from under America and effectively remove her from a position of dominance, simply by using Bitcoin. America is not that big... if Europe and China decide to use Bitcoin for international settlement and trade, instead of US dollars, then America is fucked!!!
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November 10, 2019, 08:37:38 PM
 #10

It may look small but 6.2%  is around 20.2 million US citizens using cryptocurrencies, trading it, or even mining it. That kind of number is something to be comfortable as a crypto enthusiast because really we are in the millions in the country of USA alone what more if we count the total users/hodlers of BTC around the world? I'm sure that will be more than double especially we have crypto friendly countries like Japan and Korea leading the way. That 20.2 million US citizens can also be considered as demand and I don't think big companies will deny the opportunity to take advantage of it, we've seen companies like Steam previously take advantage of it in the early phase and I don't think it will stop there.

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November 10, 2019, 09:22:56 PM
 #11

My first answer would be because all of us can't be rich. When Apple or Microsoft were entering the market only a very small number of people were buying their shares. There's always a degree of uncertainty when dealing with new things.

You're reluctant to try out new food or go to a foreign country and you're naturally reluctant to put money into new things even when deep down you feel they could become big.

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November 10, 2019, 10:13:18 PM
 #12

So, you want to say that over 20 millions people is small number? Uh, don't know... It depends how you see glass of water - it's half empty or half full...
It's difficult to analyse this survey, because this number is hanging alone in the air. It would be interesting to compare it with other countries, how much % of their population own Bitcoin.
And all these surveys don't allways reflect real situation, there many factors why, but  I'm lazy to go deep into details about it. If surveys would be 100% correct, Hillary would be US president and UK would had voted to stay...




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November 10, 2019, 10:29:46 PM
 #13

It's simple, and there are some reasons, but I'll make short

BTC is not so easy to pay to use like a credit card for example, it require a few steps, but not so easy for people who are't into technology
BTC is in the hands of the most rich in US, people with high amounts of money and coins, it's not for the poor
To topic author, don't write whole post content in bigger font/color. Its against common good behaviour on forums.
About topic itself, i agree BTC is in early stage and demand some knowledge still to be able to maintain it and use it properly. It will get easier in time, and it will be less viable to invest then, but will be more viable to use it on daily basis.
We are still early adopters.

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November 10, 2019, 10:33:42 PM
 #14

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
 https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/
This is as a result of cryptocurrency regulations in the US, it restricts citizens from participants in cryptocurrency related projects, before you can participate in a permit
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November 10, 2019, 10:40:02 PM
 #15

At least it has grow as compare to this survey, US Gallup Poll Shows Only 2% of American Investors Own Bitcoin, which was done in 2018.

So Americans are slowly getting into the picture, and perhaps because the price is bitcoin is way below it's all-time-high, majority is still keen on putting their money on the market as of now.

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November 10, 2019, 11:08:03 PM
 #16

It's not unreasonable, it's reasonable to be honest. And it's an amazing percentage considering that bitcoin has been not so old kind of investment and has been told with so many bad stories everywhere and mostly on the states and yet, there's that amount of people that owns bitcoin. What are you expecting?
100% of them will be into bitcoin? not everyone would be using or investing in bitcoin and the same goes for other kinds of investing instruments where many are sharing.

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November 10, 2019, 11:46:36 PM
 #17

Bitcoin is still largely associated with risk and volatility, so it's not surprising that adoption is low, though I agree with all the above posters who say that 6.2% is a decent number. I once saw a youtube video where a guy offered random people on the street a small bet that gave them an edge, and most people still refused to take it, even though it had positive expected value. It demonstrates that people tend to minimize their risks, even at the cost missing good opportunities.

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November 11, 2019, 12:30:31 AM
 #18

6.2% still sounds high to me. I mean half of Americans don't even participate in the stock exchange at all and I'm guessing most are from their retirement programs.

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November 11, 2019, 12:44:50 AM
 #19

6.2% still sounds high to me. I mean half of Americans don't even participate in the stock exchange at all and I'm guessing most are from their retirement programs.
What's been stated in the article is reasonable. The same if we calculate in terms of the numbers comparing with other countries it is big. The 6.2% is more than 20 million people. If USA has got such a userbase in its population other countries with big population will have almost similar number of bitcoin users. This means there is growth, maybe the same can reach 10% soon. One in ten person holding bitcoin is simply good.




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November 11, 2019, 01:00:04 AM
 #20

One reason might be the media in these countries. It's not just about whether it's a developed country or not. Other factors include public portrayal, and government stance on these cryptocurrencies. As far as I know, President Trump is still against cryptocurrencies, which with the respect to him by the public as one who knows what he says, have an impact to public's mindset about cryptocurrencies. In addition, media in this country shows negative news to crypto, such as those being scammed, which adds up to public's uninterest.

 
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